Daily Digest — 12 May 2026

The UK’s political system faces potential collapse as more than 70 Labour MPs and senior cabinet ministers call for Keir Starmer’s resignation, with Home Secretary Shabana Mahmood among those urging the Prime Minister to consider his position. The pound slipped 0.3% against the dollar as political uncertainty grips Britain.

Middle East tensions continue escalating, with Israel approving controversial legislation allowing public trials and the death penalty for October 7 detainees, sparking warnings from rights groups about stripped fair trial protections. Oil surged near $99 as markets price in regional instability, while

Asian markets powered ahead despite global uncertainties, with Taiwan’s Taiex and South Korea’s Kospi hitting records driven by AI chip giants like TSMC and Samsung. However, this concentration poses risks as trillion-dollar tech titans increasingly dominate these markets.

Crypto markets showed mixed signals as Bitcoin briefly touched $82,000 while “Big Short” investor Michael Burry warned of a looming stock crash. US senators unveiled the Clarity Act ahead of hearings on crypto market structure.