Can Starmer ‘keep calm and carry on?’
Prime Minister Keir Starmer issued a statement regarding the Manchester Synagogue attack, which took place in Downing Street on October 2, 2025, in London, England.
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Hello, I’m Katie Foley, writing to you from London, where Downing Street is in the spotlight.
British Prime Minister Keir Starmer faces a tough cabinet meeting this morning. His premiership appears to be on a knife’s edge after a day full of the kind of intrigue that British politics has perfected in recent years.
What you need to know today
British Cabinet ministers – reportedly included Interior Minister Shabana Mahmood – I told Keir Starmer to draw up a plan to leave No 10. Moreover, More than 70 own MPs I told him to resign and several deputy ministers resigned; Starmer’s “make or break” speech yesterday failed to quell the growing rebellion.
London mayor Sadiq Khan told CNBC that he was not calling for a change of Prime Minister but “we haven’t been brave enough, we haven’t been courageous enough. We are in danger of losing the next general election quite badly.” On Europe, Khan said Labor must commit to rejoining the EU at the next general election, calling Brexit “the greatest act of economic self-harm ever committed by any country”.
The timing of all this is strange; The King’s Speech sets out the government’s priorities for the state opening of parliament on Wednesday.
Oil prices rose after US President Donald Trump said the ceasefire with Iran was on “life support” after rejecting Tehran’s counter-offer to end the war, signaling that the conflict in the Middle East could continue. Trump told reporters the ceasefire situation was “incredibly tenuous” and called Iran’s counterproposal to end the conflict “garbage.”
President Trump will travel to China tomorrow evening with a number of CEOs. According to a White House official, the guests include Tesla CEO Elon Musk, Apple CEO Tim Cook, BlackRock CEO Larry Fink and Boeing CEO Kelly Ortberg.
While Asian stocks differ from each other in the markets, European futures contracts indicate serious declines. But Wall Street continues its steady rise, with both the S&P 500 and Nasdaq posting new records.
—Katie Foley
And finally…
‘Haters gonna hate’: Dan Ives predicts Nasdaq to 30,000 as AI rally widens
Nasdaq will rise to 30,000 points next year as the high earnings season continues to fuel interest in AI stocks, Wedbush Securities managing director Dan Ives told CNBC’s Squawk Box Europe on Monday.
A solid tech earnings season has given way to investor jitters earlier this year with bullishness about building AI infrastructure. At Friday’s close, the Nasdaq Composite index ended at 26,247.08, up 12.93% so far this year.
“These gains confirmed the bullish thesis of artificial intelligence,” Ives said. “Supply and demand for chips are 10-1. We’re still in the early days of the AI revolution. Haters are going to hate, and we know it.”
— Kai Nicol-Schwarz
