Daily Digest — 9 May 2026

Labour suffered a devastating electoral defeat across the UK, losing control of Wales for the first time in a century as Plaid Cymru emerged as the biggest party in the Welsh Parliament, while in Scotland the SNP comfortably won despite falling short of a majority. The scale of the rout has triggered coordinated pressure on Keir Starmer, with most Labour members now believing he cannot revive the party’s fortunes and Andy Burnham emerging as the preferred replacement leader.

Markets rallied on mixed economic signals from the US, where payrolls jumped more than expected but contained several red flags, leading analysts to conclude the Federal Reserve is running out of reasons to cut rates. Bitcoin held above $80,000 as altcoins surged and Coinbase rebounded, boosted by SEC Chair Paul Atkins’ support for blockchain finance rules.

Tensions in the Strait of Hormuz escalated as the Pentagon released footage of strikes on Iranian oil tankers, with oil climbing 0.6% to $95.42 amid reports of clashes in the strategic waterway. The US awaits Tehran’s response to a peace proposal as regional violence continues, with Israel killing 31 people in southern Lebanon on Friday.

Tech stocks saw a changing of the guard in AI as Intel, AMD, and Micron surged double digits while Nvidia lagged, reflecting investor bets on CPU makers and memory companies powering AI’s next phase. Meanwhile, Oracle faced criticism for refusing to negotiate better severance with laid-off workers who discovered they lacked WARN Act protections.