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Starmer Quits as Labour Revolts

Keir Starmer announced Monday morning outside No. 10 Downing Street that he will resign as Britain’s Prime Minister, ending weeks of mounting pressure from within his own Labour Party and setting the country on course for its sixth prime minister in a decade.

Starmer said he will remain in office until the Labour leadership contest concludes. He asked his party to open nominations on July 9 and ensure a new leader is in place before Parliament returns in September. Starmer became emotional at the close of his remarks, telling the gathered press that leaving “the biggest job in the country” would mean spending more time being a husband to his wife Victoria and a father to his children — his voice breaking as he said it.

You can read more on the matter here.

What’s going on?

• Canada Acquires Australian Over-the-Horizon Radar in Record A$2.5 Billion Deal (theDeepDive)

• Hundreds of ships wait outside Gulf for full opening of Hormuz Strait (FT)

• China Hits 56 US Companies With Export Controls and Procurement Bans in Retaliation for Pentagon Blacklist (theDeepDive)

• Federal plan aims to boost nuclear sector with up to 10 new reactors, expand international footprint (Globe)

• US Official Pitches Greenland Annexation as a Way to Save Red Lobster’s Endless Shrimp (theDeepDive)

• U.S. Allows Iran to Sell Oil in Dollars for First Time in Decades (WSJ)

• Washington Post: Documents Show Tulsi Gabbard’s Congressional Career Was Directed by Her Spiritual Guru (theDeepDive)

• Senate poised to advance housing bill to limit private equity purchases of single-family homes (CNBC)

• On the Reflecting Pool, the White House Has an Explanation: Vandals Did It! (theDeepDive)

What’s the latest?

• Real Estate: GTA new home sales rose to 1,023 units in May, more than triple the 310 sales recorded a year earlier, helped by the temporary HST rebate program. Low-rise homes accounted for 830 sales, while the condo market remained weak with only 193 transactions, leaving total sales still 57% below the 10-year average. The federal and Ontario HST rebate offers up to $130,000, but uncertainty around eligibility and construction deadlines appears to be keeping some buyers on the sidelines. Benchmark prices stood at $1.43 million for single-family homes (down 5.2% year over year) and $1.03 million for new condos, which developers increasingly view as a price floor.

• Markets: Canada’s S&P/TSX rose 154 points to 35,011.68, supported by gains in the financial and utility sectors. In the U.S., the Dow gained 120 points, while the S&P 500 fell 29 points and the Nasdaq dropped 304 points, reflecting continued weakness in technology stocks. The Canadian dollar strengthened slightly to 70.62 U.S. cents, while commodities declined, with crude oil falling to US$73.74 per barrel and gold dropping to US$4,214.20 per ounce. The divergence between Canadian and U.S. markets highlights strength in defensive sectors while growth and technology stocks remain under pressure.

• Energy: Canada unveiled a new nuclear strategy aimed at making the country an energy superpower, with goals to build up to 10 new large-scale reactors, have 2 under construction by 2035, and 5 more planned or under development by 2040. The government also wants a modernized CANDU reactor design available by 2030 and plans to expand uranium production, nuclear fuel capabilities, and reactor exports. Officials estimate required investment could exceed $100 billion, though no specific funding commitments were announced. The strategy highlights nuclear power as a reliable, low-emission energy source, while critics argue the plan currently lacks concrete projects and execution timelines.

• Economy: Canada’s inflation rate rose to 3.2% in May from 2.8% in April, the highest level since late 2023, driven mainly by gas prices (+33.2%), grocery prices (+4.3%), and airfares (+7.4%). Food inflation has now exceeded headline inflation for 16 consecutive months, with fresh vegetables up 5.5% and tomato prices surging 45.2% year over year. Despite the spike, economists expect falling oil prices and the reopening of the Strait of Hormuz to ease inflation pressures in coming months. Markets assign roughly a 93% probability that the Bank of Canada will keep interest rates unchanged at its July meeting, with many economists expecting no rate changes through the rest of 2026.

• Politics: U.S.-Iran talks in Switzerland continued despite weekend tensions, with Vice President JD Vance saying both sides made “great progress.” Iran reportedly agreed to allow IAEA inspectors back into the country, which the U.S. views as an important step toward limiting Iran’s nuclear program. Discussions remain focused on maintaining a regional ceasefire, reopening and securing the Strait of Hormuz, and establishing mechanisms to prevent future escalation between Iran, Israel, and Hezbollah. While officials describe the negotiations as encouraging, key issues—including nuclear oversight, shipping security, and the handling of frozen Iranian assets—still need to be resolved before a final agreement can be reached.

The Canadian Dream Is Leaving Canada

The stock market and stuff

• Google Investing in ‘Backrooms’ Studio A24 (WSJ)

• Newmont Clears Permitting Hurdle For Red Chris Expansion (theDeepDive)

• Alphabet paces for worst day in a year on AI concerns after high-profile exits (CNBC)

In the juniors

• Generation Mining Lands $200 Million From Canada Infrastructure Bank Days After Senior Debt Approval (theDeepDive)

• Mirasol Resources Provides Exploration Update on Sobek Copper-Gold Project in the Vicuña District, Chile (JMN)

• This New Gold Stock Comes With A Mill, A Camp, And High Grades | Blue Jay Gold (theDeepDive)

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