Section
Economy
Big Tech AI capex now drives three-quarters of US GDP growth
Capital expenditure on AI infrastructure by Amazon, Microsoft, Alphabet, Meta and Oracle is now responsible for roughly 75 per cent of all US economic growth in Q1 2026, according to estimates compiled this week. Stop the AI build-out and you print a recession headline within two quarters.
UK 30-year gilt yields hit 28-year high as Iran war and election jitters collide
The yield on 30-year UK government bonds climbed to 5.78 per cent on Tuesday, the highest level since 1998, as the Iran war drove up energy prices and traders weighed a possible leadership challenge to Sir Keir Starmer after Thursday's local elections.
Wall Street closes at record highs as oil eases and US hiring surges
US stock markets closed at fresh record highs on Tuesday after a sharp pullback in oil prices and another wave of better-than-expected earnings reasserted Wall Street's ability to look past the Iran war. The S&P 500 rose 0.8 per cent to 7,259.22, a fresh all-time high.
UAE's exit from OPEC redraws the global oil order
The UAE's withdrawal from OPEC, made effective May 1, has knocked the third-largest producer out of the cartel and tilted Gulf geopolitics toward Washington. ADNOC accelerated $55 billion in project awards as it pushes capacity to 5 million bpd by 2027.
Brent retreats below $111 as UAE exit eases supply jitters
Brent crude prices fell 3.6 per cent to $110.4 a barrel on Tuesday as traders weighed the UAE's departure from OPEC against the war in Iran and another round of Iranian missile and drone strikes against Gulf shipping.
Powell hands divided Fed to Warsh as 'integrity' speech caps tumultuous chairmanship
Federal Reserve Chairman Jerome Powell, in what was almost certainly his last press conference at the helm, said 'integrity is priceless' and warned the Trump administration's 'illegal attacks' on the Fed risked compromising monetary policy. He will stay on the Board of Governors after his May 15 term ends.
