British Prime Minister Keir Starmer leaves Downing Street in London, England, on February 2, 2026.
Alicia Abodunde | Getty Images News | Getty Images
Hello, my name is Leonie Kidd and I’m from London. Welcome to another edition of CNBC’s Daily Open.
It’s also a difficult time to go vote. That’s what British Prime Minister Keir Starmer is realizing today that his Labor Party has lost control of key parliaments across the country.
He faces grievances on both domestic and foreign issues. But will today’s results be enough to launch a serious leadership challenge?
What you need to know today
Although the results are not yet in, Britain’s ruling Labor party is bracing for a crushing defeat in the local elections, increasing pressure on Starmer.
The party has already lost a number of key seats in England’s 136 parliaments, 129 in Scotland and 96 in Wales. So far, Nigel Farage’s right-wing Reform UK Party has made the biggest gains, while the Greens and Liberal Democrats have also benefited from the loss of confidence in Labour.
Loud voices within the party, including former shadow chancellor John McDonnell, insist a leadership change needs to be “on the table”, while energy secretary Ed Miliband has been forced to deny claims he advised Starmer to plan his exit.
Britain’s borrowing costs hit their highest level since 1998 as the vote progresses, increasing market pressure on the political agenda.
Meanwhile, the European Union is once again in the White House’s sights. “I agree to hand her over until the 250th anniversary of our country’s birth. Otherwise, unfortunately, the tariffs will jump to an even higher level very soon,” US President Donald Trump told Truth Social after a phone call with European Commission President Ursula von der Leyen.
Tensions in the Middle East continue to rise. The United States and Iran opened fire in the Strait of Hormuz, with each side claiming the other had launched the attack.
As President Trump and Chinese President Xi Jinping prepare for a landmark meeting next week, the Iran war threatens to slow progress on other agenda items.
US Treasury Secretary Scott Bessent has already said he will discuss Iran at the May 14th and 15th summit. And earlier this week, China hosted Iran’s foreign minister for the first time since the war began in late February, raising hopes for a peace deal, lowering oil prices and spurring stock market gains.
— Leonie Kidd
And finally…
France is popular with FIFA World Cup fans, but AI is backing another country in search of glory, says BofA
France has emerged as fan favorites for this year’s FIFA World Cup in North America, according to a Bank of America survey.
Around 40% of fans surveyed by BofA are betting on Les Bleus to win the World Cup this summer, with France international and Real Madrid forward Kylian Mbappé expected to win the Golden Boot as the tournament’s top scorer.
However, Microsoft’s artificial intelligence tool Copilot favors another champion, saying Spain is likely to lift the trophy as well.
— Sauda Baimiya
