The British government is in flux, with a new Prime Minister, Andy Burnham, taking office and making some surprising appointments. John Healey, previously Defense Minister under Keir Starmer, has been named as the new Chancellor of the Exchequer, a move that has caught commentators and markets off guard. Healey's appointment is an interesting development for Britain's contentious defense budget, as he has consistently called for the government to set a date to spend 3 percent of GDP on defense. Other key appointments include Ed Miliband as Foreign Secretary and Wes Streeting as Defense Secretary, while Shabana Mahmood will stay at the Home Office. The U.S. has announced it will impose an additional 50% tariff on certain Canadian goods, a move that comes in retaliation for alleged trade discrimination against U.S. products. JPMorgan CEO Jamie Dimon has warned investors are complacent about the risks posed by geopolitical tensions, and vessel traffic through the Strait of Hormuz has continued to slump as fighting between the U.S. and Iran intensifies. 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. Finally, weight-loss drugs may be coming for overweight pets, with owners considering the potential for weight loss drugs to help their feline friends.
