London ( UKX ) -0.78%. The British pound fell below $1.34, reaching its lowest level since early April and heading for a near 2% weekly loss against the U.S. dollar ( DXY ). Investors are closely watching the possibility of a leadership challenge after Andy Burnham moved closer to a potential bid for prime minister. Germany ( DAX:IND ) -1.01%, halting a two-day advance and tracking broader Europea...
London ( UKX ) -0.78%. The British pound fell below $1.34, reaching its lowest level since early April and heading for a near 2% weekly loss against the U.S. dollar ( DXY ). Investors are closely watching the possibility of a leadership challenge after Andy Burnham moved closer to a potential bid for prime minister. Germany ( DAX:IND ) -1.01%, halting a two-day advance and tracking broader European weakness. France ( CAC:IND ) -0.89%. In other parts of Europe, The Czech Republic’s current account surplus narrowed sharply to CZK 5.9B in March. The Bulgarian economy grew 2.9% Y/Y in Q1. The annual inflation rate in Poland rose to 3.2% in April. The pan-European Stoxx 600 ( STOXX) traded 0.75% lower to 611.4, as investors refocused on inflation risks and the prospect of higher interest rates. The mounting evidence of economic damage from the Iran war leads investors to expect faster interest rate hikes and weaker growth. Euro fell below $1.165, hitting its lowest level since early April and tracking toward a weekly loss of over 1% against the U.S. dollar ( DXY ). In the bond market, the yield on the US 10-year Treasury was up 8 basis points to 4.56%. UK's 10-year yield was up 12 basis points to 5.11%, their highest since July 2008, and are on track for a nearly 20-basis-point weekly rise. Germany's 10-year yield was up 5 basis points to 3.10%, nearing its highest level since May 2011. Currencies: ( EUR:USD ) ( GBP:USD ) ( CHF:USD ) ETFs: (NYSEARCA: EWG ), (NYSE: GF ), (NYSEARCA: EWI ), (NYSEARCA: EWQ ), (NASDAQ: FGM ), (NASDAQ: DAX ), (NYSEARCA: FLGR ), (NYSEARCA: FXB ), (NYSEARCA: EWU ), (NASDAQ: FKU ), (BATS: EWUS ), (NYSEARCA: FLGB ), (NYSEARCA: GREK ) More on Euro / US Dollar, New Germany Fund Inc., etc. EUR/USD, GBP/USD And Dollar Index Overview - The U.S. Dollar Rallies Back After CPI, Is The Correction Over? GBP/USD Potential Bullish Reversal Above 20-Day Moving Average GBP/USD Potential Trade Setups: Two Opportunities On The Bullish Retest And Breakout Play Eur...
Beata Haliw/iStock Editorial via Getty Images Oil major BP ( BP ) is considering selling some of its natural gas assets in Egypt, as new CEO Meg O'Neill restructures the group to cut debt and refocus on more profitable projects, people close to the matter told Reuters . BP has invested more than $35B in Egypt over six decades, producing about 60% of the country’s natural gas through joint ve...
Beata Haliw/iStock Editorial via Getty Images Oil major BP ( BP ) is considering selling some of its natural gas assets in Egypt, as new CEO Meg O'Neill restructures the group to cut debt and refocus on more profitable projects, people close to the matter told Reuters . BP has invested more than $35B in Egypt over six decades, producing about 60% of the country’s natural gas through joint ventures in the East Nile Delta and BP-operated fields in the West Nile Delta. No final decisions have been taken, the sources said. The West Nile Delta development includes five gas fields across the North Alexandria and West Mediterranean Deepwater offshore blocks in the Mediterranean. BP ( BP ) produced 518 million cubic feet per day of natural gas in Egypt last year, down about 40% from 2024 and nearly 60% from 2023. More on BP p.l.c. BP p.l.c.: Risks Are Now To The Upside BP: The Market Still Underestimates This Turnaround BP p.l.c. (BP) Q1 2026 Earnings Call Transcript BP to resume Whiting refinery labor talks with union next week BP acquires 40% interest in Uzbekistan oil and gas blocks
Getty Images By Ivan Castano The Iran war has sent aluminum prices higher this year, unnerving a slew of global industries that rely on the base metal to manufacture cars, canned goods and aircraft. Before the conflict began in late February, prices were hovering at $3,200 per metric ton (tonne) but rose to a four-year high of $3,500 per tonne a fortnight later as fears of supply shocks hit the ma...
Getty Images By Ivan Castano The Iran war has sent aluminum prices higher this year, unnerving a slew of global industries that rely on the base metal to manufacture cars, canned goods and aircraft. Before the conflict began in late February, prices were hovering at $3,200 per metric ton (tonne) but rose to a four-year high of $3,500 per tonne a fortnight later as fears of supply shocks hit the market. Wood Mackenzie had already predicted a 200,000-tonne deficit for this year, possibly rising to 800,000 tonnes by 2028. This was sharply higher than the roughly 50,000-tonne shortage expected as of late 2025, when electric vehicles (EVs), renewable energy (mainly solar panels) and AI data centers were taking demand to new heights. Crucially, the war triggered the closure of the Strait of Hormuz, a vital waterway through which Middle East output – which accounts for 9% of the world's total – reaches ports in Europe and the United States. Simultaneously, Aluminium Bahrain (Alba), which operates the globe's largest smelter, announced it would cut output by 19% due to the maritime disruption. "The closure of ports and plants is likely to cause significant turbulence in the aluminum market," according to a Wood Mackenzie report, which also noted that the loss of the Gulf States' outflows "would significantly tighten the balance over the next 6-12 months." There are no viable ways of offsetting the loss from interrupted shipping or prolonged shutdowns. Some carmakers, particularly EV manufacturers who use around 25% more aluminum than combustion models, have also announced they will cut production until there is greater clarity about the supply chain's future. Regional Disparities in Aluminum Pricing While the rising flat price of aluminum is in focus, current events are further widening regional price differentials. So-called physical premiums (a markup to the global price that reflects the regional fundamentals, cost of shipping and tariffs) are sharply above their pre-war...
Nvidia CEO Jensen Huang was spotted eating Beijing’s famous fried bean sauce noodles. Huang, who is in Beijing as part of Donald Trump’s state visit to China, seemed perfectly content relishing the local staple right on the sidewalk. (Source: Bloomberg)
Nvidia CEO Jensen Huang was spotted eating Beijing’s famous fried bean sauce noodles. Huang, who is in Beijing as part of Donald Trump’s state visit to China, seemed perfectly content relishing the local staple right on the sidewalk. (Source: Bloomberg)
"Pushed Into Poverty": Somalia’s Currency Crisis Leaves Traders Holding Worthless Cash For decades, Muse Omar Jama made a living swapping currencies in Mogadishu’s Bakara market, where customers once lined up to trade Somali shillings for dollars and mobile money. Now his office sits mostly silent, and the safes around him are stuffed with cash no one wants, according to The Guardian . The problem...
"Pushed Into Poverty": Somalia’s Currency Crisis Leaves Traders Holding Worthless Cash For decades, Muse Omar Jama made a living swapping currencies in Mogadishu’s Bakara market, where customers once lined up to trade Somali shillings for dollars and mobile money. Now his office sits mostly silent, and the safes around him are stuffed with cash no one wants, according to The Guardian . The problem began when traders in Somalia stopped accepting worn-out shilling notes, saying the bills were too damaged to use. The boycott quickly spread to shops, buses, and businesses across the country, wiping out the value of savings held in local currency. Jama describes the shock bluntly: “It’s like we went bankrupt overnight.” He can no longer exchange the piles of shillings stacked in his office for US dollars, and many former customers leave empty-handed. “I have to turn them away because my safes, shelves and tables are already full of Somali shillings,” he says. Photo: The Guardian The Guardian writes that the crisis reflects Somalia’s long shift toward a dollar-based economy. The country hasn’t printed new banknotes since dictator Siad Barre was overthrown in 1991, when the central bank collapsed. Since then, US dollars, remittances sent through hawala networks, and mobile payments have increasingly replaced local currency. The fallout has hit poor households hardest. Prices for essentials like food, medicine, and transport have risen sharply—one small bag of powdered milk reportedly doubled in price. Jama now walks five kilometers to work because buses no longer accept shillings. Vegetable seller Asha Ali Ahmed says the change has also hurt small traders. Farmers in Afgoye now demand mobile payments, driving up produce costs in Mogadishu markets. With drought already devastating crops, many customers can no longer afford basic groceries. According to the World Food Programme, about 6.5 million people in Somalia face severe hunger, while 2 million children under five are s...
Crypto billionaire goes straight into top 10 on Sunday Times list, with Noel and Liam Gallagher among other first-timers Business live – latest updates UK politics live – latest updates Christopher Harborne, the crypto billionaire who controversially gifted Nigel Farage £5m , has been named in the list of the UK’s wealthiest people for the first time. Other first-timers include Noel and Liam Galla...
Crypto billionaire goes straight into top 10 on Sunday Times list, with Noel and Liam Gallagher among other first-timers Business live – latest updates UK politics live – latest updates Christopher Harborne, the crypto billionaire who controversially gifted Nigel Farage £5m , has been named in the list of the UK’s wealthiest people for the first time. Other first-timers include Noel and Liam Gallagher and Emily Eavis, the daughter of the Glastonbury festival founder, Michael Eavis, according to the latest Sunday Times Rich List published on Friday . Sanjay and Dheeraj Hinduja and family : £38bn David and Simon Reuben and family : £27.971bn Leonard Blavatnik : £26.852bn Idan Ofer : £24.481bn Guy, George, Alannah and Galen Weston and family : £18.939bn Christopher Harborne : £18.177bn Nik Storonsky : £16.411bn Alex Gerko: £16.006bn Jim Ratcliffe : £15.194bn Igor and Dmitry Bukhman : £14.26bn Continue reading...
Making a long career as a bear at a sell-side institution is tough. Generally financial markets have done quite well which means forecasting doom and gloom is, usually, only tenable for so long. Which is why we wanted to talk to one of the most successful bears out there. Société Générale has let Albert Edwards out of the bear cage for today's episode. Edwards knows his reputation as a bear is wel...
Making a long career as a bear at a sell-side institution is tough. Generally financial markets have done quite well which means forecasting doom and gloom is, usually, only tenable for so long. Which is why we wanted to talk to one of the most successful bears out there. Société Générale has let Albert Edwards out of the bear cage for today's episode. Edwards knows his reputation as a bear is well deserved: He believes, among other things, double-digit inflation is in the offing. We also talk about the attention span of readers on the buy-side, what success looks like for a bear, and how a bear avoids getting fired. (Source: Bloomberg)
⚽ All the latest heading into a busy weekend ⚽ Ten things to look out for | Mail Dominic Manchester United under-18s manager Darren Fletcher has launched a fresh complaint over the staging of the FA Youth Cup final, describing the post-match trophy celebration as a “Man City parade”. United were already deeply unhappy that the game, which City won 2-1 last night, was played at the Joie Stadium, ho...
⚽ All the latest heading into a busy weekend ⚽ Ten things to look out for | Mail Dominic Manchester United under-18s manager Darren Fletcher has launched a fresh complaint over the staging of the FA Youth Cup final, describing the post-match trophy celebration as a “Man City parade”. United were already deeply unhappy that the game, which City won 2-1 last night, was played at the Joie Stadium, home of City’s women’s team and academy sides, with City saying the Etihad Stadium was unavailable due to construction work. Continue reading...
Anna Edwards, Guy Johnson, Tom Mackenzie and Paul Dobson break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Anna Edwards, Guy Johnson, Tom Mackenzie and Paul Dobson break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)