Section
Economy
Rubio's India trip makes Iran's oil shock a diplomatic test
Rubio's India energy talks show how the Iran oil shock is forcing US diplomacy, Russian waivers and Gulf supply risk into one negotiation.
Consumer sentiment hits record low as price fears spread
Consumer sentiment hit a record low in May as Americans braced for higher fuel and food costs, sharpening the Fed's inflation dilemma.
Japan exports beat forecasts as chip shipments lift trade
Japan exports beat forecasts in April as semiconductor shipments drove 14.8 per cent growth and helped deliver a 301.9 billion yen trade surplus.
White House says China to buy $17bn of US farm goods
The White House said China will buy at least $17 billion of US farm goods a year through 2028, though Beijing has not publicly endorsed the figure.
China's tariff account clouds Trump summit trade claims
Beijing's account of the Trump-Xi summit suggests tariffs were discussed and perhaps partially bargained, raising questions about what trade terms were actually settled.
Trump returns from China to renewed inflation pressure
Trump returned to Beijing to a hotter inflation reading, leaving a thin summit outcome to compete with higher prices and tariff doubts at home.
Student loan defaults return as 2026 repayment reset nears
Student loan defaults are rising in 2026 as pandemic relief ends and July rule changes force millions of borrowers into new repayment plans.
UAE fast-tracks second oil export pipeline around Hormuz
The UAE is accelerating a second export pipeline to Fujairah, turning Gulf chokepoint fears into a concrete bid to harden oil flows against Hormuz disruption.
OPEC cuts 2026 oil demand forecast as Brent crude nears $106
OPEC slashed its 2026 global oil demand growth forecast by roughly 200,000 barrels per day, but supply losses from the Strait of Hormuz closure pushed Brent crude near $106 a barrel as cartel production fell more than 30 percent since the Iran war began.
Warsh confirmed Fed chair as US inflation hits 3.8 per cent
The Senate confirmed Kevin Warsh as chair of the Federal Reserve in a 54-45 vote, the most divisive in the institution's history, as April consumer prices rose 3.8 per cent — the fastest pace since May 2023.
Gilt yields hit 1998 high as Streeting quits to challenge Starmer
UK 30-year gilt yields surged to their highest level since 1998 on Wednesday after Health Secretary Wes Streeting resigned to launch a leadership challenge against Prime Minister Keir Starmer, rattling bond markets already strained by the Iran war and a global energy crunch.
US consumer prices rise 3.8% in April, dimming Fed cut hopes
Headline inflation hit 3.8% in April, the highest since May 2023, with core prices also running above forecasts as the Iran war keeps energy costs elevated and markets push back expectations for Federal Reserve rate cuts.
Bessent tells Congress oil prices will drop after Iran conflict
Treasury Secretary Scott Bessent told lawmakers he expects oil and gasoline prices to fall sharply once the U.S.-led conflict with Iran concludes, pointing to the Strait of Hormuz as the main price driver.
Oil climbs as Trump warns Iran truce on life support
Brent crude closed at $107.77 a barrel Monday after Trump dismissed Iran's ceasefire offer and warned the truce was on "life support," prolonging Hormuz closure.
OPEC Oil Output Sinks to 26-Year Low as Iran War Chokes Hormuz Traffic
OPEC crude production fell to 20.04 million barrels per day in April, the lowest since 2000, as the Iran war shut down tanker traffic through the Strait of Hormuz and left Gulf producers unable to ship barrels to global markets.
Trump moves to suspend gas tax amid Iran war
Trump plans to suspend the 18.4-cent gas tax as Iran war pushes prices to $4.52. The proposal requires Congress and drains $500 million weekly.
US CPI seen at 3.7% in April amid Iran war
The consumer price index is forecast to show a 0.6% monthly increase, pushing the annual rate to 3.7% — the highest since September 2023 as energy costs from the Iran war persist.
Basrah crudes lead global gains as oil prices climb on Iran ceasefire uncertainty
Basrah crude grades surged nearly 5 percent on Monday as fading optimism over an Iran ceasefire refocused markets on supply risks through the Strait of Hormuz, with Brent topping $106 and OPEC output hitting a 26-year low.
Fed inflation tracker warns prices accelerating as Iran war fuel shock persists
Cleveland Fed nowcast shows headline PCE at 3.73 per cent in April and a Q2 pace above 5 per cent, narrowing the path to any 2026 rate cut. Goolsbee says cuts may slip to 2027.
Powell to stay on Fed board after chairmanship, breaking 75-year norm
Federal Reserve Chair Jerome Powell said he will stay on the Board of Governors after his term as chair ends 15 May, citing an open criminal inquiry into the central bank's $2.5bn building project. The decision breaks a 75-year tradition.
Warsh nomination as Fed chair raises bull-market unwind risk, analysts warn
Kevin Warsh's arrival as Federal Reserve chair on May 15 sets in motion forces that could unwind the equity rally. His agenda to shrink the $6.7 trillion balance sheet and negotiate a new Treasury-Fed accord collides with Trump's demand for rate cuts.
Voter Disapproval of Trump Economy Hits 58 Per Cent in FT Poll
A Financial Times poll finds nearly 58 per cent of US voters disapprove of Donald Trump handling of inflation and cost of living, with majority disapproval also registered on his management of jobs, the economy and the Iran conflict six months before the midterm elections.
US Trade Court Rules Trump Global Tariffs Unlawful in Narrow Ruling
The US Court of International Trade ruled 2-1 that President Trump's 10 per cent global tariffs are unlawful under a 1974 trade law, but limited immediate relief to just three plaintiffs. The decision marks the second major judicial setback for the administration's tariff agenda in three months.
Aramco Q1 profit rises 26pc as pipeline offsets Hormuz closure
Saudi Aramco reported a 26 per cent rise in first-quarter adjusted net income to $33.6 billion, beating analyst estimates. The crude price surge that followed the closure of the Strait of Hormuz flowed through to the state oil giant's bottom line.
African oil producers face revenue risk as UAE quits OPEC
African oil exporters face a revenue squeeze while import-dependent economies stand to gain from lower fuel costs after the UAE exited OPEC on 1 May, ending 59 years of membership in the producers' group.
