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British Prime Minister Keir Starmer fights for his job as a rebellion against him spills into markets,
plus another midterm setback for Democrats,
and a new acronym makes the rounds on Wall Street, the so-called nacho trade.
The idea with not a chance Hormuz opens is essentially this all-important waterway that we 've all been watching so closely
wo n't open until there 's enough economic pain inflicted that there needs to be some sort of resolution to the conflict.
It's Tuesday, May 12th.
I'm Luke Vargas for The Wall Street Journal,
and here is the AM edition of What 's News, the top headlines and business stories moving your world today.
We begin in the UK where the pound is falling and borrowing costs have surged to their highest level since 1998.
The turmoil in markets is being triggered by a political crisis as Prime Minister Keir Starmer faces rising pressure
to step down after his Labour Party suffered one of its worst performances ever in local elections last week.
This morning, a cabinet member resigned, saying the country faces enormous challenges and that Starmer
can not deliver the changes needed.
Nearly one in five labor lawmakers have made similar statements, urging Starmer to quit.
The U.S. Supreme Court has greenlit Alabama's efforts to redraw its congressional map,
likely leading to the elimination of a majority black district currently held by a Democrat.