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- U.K. Prime Minister Andy Burnham names John Healey as his Chancellor of the Exchequer in the new cabinet lineup.
- Other appointments include Ed Miliband as Foreign Secretary and Wes Streeting as Defense Secretary.
- President Donald Trump imposes 50% tariffs on certain Canadian goods.
- JPMorgan Chase CEO says markets are underestimating geopolitical risks.
- Renewed tension in Iran sees shipping traffic through the Strait of Hormuz slump.
- U.S. futures are little changed as investors switch their focus to earnings season.
Secretary of State for Defence John Healey arrives in Downing Street to attend the weekly Cabinet meeting in London, United Kingdom on June 02, 2026. Wiktor Szymanowicz | Future Publishing | Getty Images
Hello, this is Leonie Kidd coming to you from London.
New day, new faces in the British government.
And the freshly appointed Ministers to the top spots of the U.K. cabinet will be of interest to those both inside and outside the country…
What you need to know today
It’s all change at Downing Street.
Britain’s new Prime Minister Andy Burnham has marked his first day in government with a surprise appointment to the role of Chancellor of the Exchequer. John Healey has been named as finance minister in a move that has caught commentators and markets off guard, as his name was absent from speculation before the appointment.
Healey was Defense Minister under the previous government under now-former Prime Minister, Keir Starmer. He was one of the first to resign from his role, following a row over defense spending, helping to trigger the leadership challenge. Healey was a minister in the Treasury under then-Chancellor Gordon Brown back in the early 2000s.
His appointment is an interesting development for Britain’s contentious defense budget. Healey has been consistent in his call for the government to set a date to spend 3 percent of GDP on defense.
Other key appointments include Ed Miliband in the role of Foreign Secretary and Wes Streeting as Defense Secretary, while Shabana Mahmood — who had been tipped to be named Chancellor — will stay at the Home Office.
Time for tariffs, again
The U.S. has announced it will impose an additional 50% tariff on certain Canadian goods. The move comes in retaliation for alleged trade discrimination against U.S. products, according to a senior White House official.
On Monday, President Donald Trump signed three proclamations targeting Canadian imports, saying that U.S. vehicles, alcohol and dairy had been unfairly treated.
Dimon thinks markets are complacent
JPMorgan CEO Jamie Dimon has warned investors are complacent about the risks posed by geopolitical tensions.
Speaking to “The Master Investor Podcast with Wilfred Frost”, Dimon said the “risks are probably bigger than other people think,” adding that he would not buy either equities or long-dated U.S. Treasurys at current prices.
Get a sneak peek of that interview here.
Ships shun the Strait
As fighting between the U.S. and Iran intensifies, vessel traffic through the Strait of Hormuz has continued to slump.
Lloyd’s List Intelligence recorded just 53 vessel transits in the week through July 20, down 66% from 157 the previous week.
Here are the five things you need to know amid the resumption of hostilities.
Stocks across Asia are broadly higher, while futures in Europe are mixed and the U.S. looks set for a positive open on Tuesday. Traders are shifting focus to earnings, with big names including Apple, IBM and Tesla coming up this week.
— Leonie Kidd
And finally…
Fat cat? Weight-loss drugs may be coming for your overweight pet
Felix is five years old, loves food, and refuses to lose weight.
His owner, Amy in Dallas, has tried cutting back on meals, but with two cats in the house, “he just gobbles down all the food,” she said. The extra pounds worry her because she knows obesity can shorten a cat’s life and strain its joints and heart.
“I’ve actually thought about it,” she said of the potential of weight loss drugs for pets. “If they can make one for my cat, that would be great.”
— Elsa Ohlen, Carolin Roth
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