UK Turmoil Hits Pound, Trump-Xi Play Nice, Powell’s Term Ends, $100k A Day Wealth Tax

Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) A potential challenge to UK Prime Minister Keir Starmer’s leadership from one of the nation’s most popular Labour Party politicians sent the pound tumbling by casting doubt on the future of his government and its efforts to rein in the national debt.

(2) US President Donald Trump signaled China is willing to support negotiations with Iran, as he pushes for a diplomatic resolution to end the war and reopen the Strait of Hormuz, after a commercial vessel was apparently seized near the United Arab Emirates.

(3) Governing Council member Yannis Stournaras warned that the European Central Bank could be forced to hike borrowing costs if the price of oil maintains its current level, according to Athens News Agency.

(4) Federal Reserve Governor Stephen Miran said he will resign from the central bank effective once incoming Chair Kevin Warsh is sworn into office, or shortly before.

(5) Nvidia shares rose on Thursday, extending a 20% rally over the past seven days as investors plow into the chipmakers profiting from a flood of investment spending on artificial intelligence.

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