Prime Minister Keir Starmer releases a statement on October 2, 2025, in Downing Street, London, England, regarding the Manchester Synagogue attack.
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Hello, this is Katie Foley from London, where Downing Street is at the center of the conversation.
British Prime Minister Keir Starmer will face a tense Cabinet meeting this morning. His premiership appears to be in jeopardy after a day of intrigue of the kind that British politics seems to have perfected in recent years.
What you need to know today
British ministers, reportedly including Home Secretary Shabana Mahmoud, have told Keir Starmer to make plans to resign as No 10. Moreover, Mr Starmer’s “make or break” speech yesterday failed to quell the growing rebellion, with more than 70 of his own MPs telling him to resign and several cabinet aides quitting.
London Mayor Sadiq Khan told CNBC that while he was not calling for a change in prime minister, “we are not bold enough, we are not courageous enough, and we are at risk of a pretty big defeat in the next general election.” On Europe, Mr Khan said Labor should commit to rejoining the EU at the next general election, calling leaving the EU “the biggest act of economic self-harm that any country has ever committed”.
The timing of all this is troubling as the King’s Speech at the opening of State Parliament, scheduled for Wednesday, will set out the government’s priorities.
Oil prices are rising after US President Donald Trump rejected Tehran’s counter-offer to end the war, saying a cease-fire with Iran was “on life support” and suggesting the Middle East conflict could be prolonged. President Trump told reporters that the ceasefire situation is “incredibly weak” and that Iran’s counteroffer to end the conflict is “garbage.”
President Trump is scheduled to arrive in China tomorrow evening with a number of CEOs in tow. Invitees include Tesla CEO Elon Musk, Apple CEO Tim Cook, BlackRock CEO Larry Fink and Boeing CEO Kelly Ortberg, White House officials said.
In the market, European futures are steadily declining while Asian stocks are diverging. However, Wall Street continues to rise steadily, with the S&P 500 and Nasdaq both hitting record highs.
— Katie Foley
And finally…
‘Haters are going to hate’: Dan Ives predicts Nasdaq to 30,000 as AI rally grows
Wedbush Securities managing director Dan Ives told CNBC’s Squawk Box Europe on Monday that he expects the Nasdaq to rise to 30,000 points next year as a bumper earnings season fuels even more enthusiasm for AI stocks.
A strong tech earnings season has replaced investor jitters earlier this year with bullish views on AI infrastructure development. As of Friday’s close, the Nasdaq Composite Index ended at 26,247.08, up 12.93% since the beginning of the year.
“These gains confirmed AI’s bullish theory,” Ives said. “The supply and demand for chips is 10 to 1. We are still in the early stages of the AI revolution. Haters will hate, and we know it.”
— Kai Nicole Schwartz
