UK News
Oil price tumbles and stock markets soar on hopes Middle East war will end soon – business live | Business
Introduction: Oil tumbles and markets rally on hopes of Middle East de-escalation
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
After its biggest monthly gain ever, the oil price has dropped sharply on hopes of de-escalation in the Middle East.
Brent crude has dropped around 13% since last night, back down to $103 a barrel, as investors welcome signs from Washington DC that the Iran war might end soon.
Yesterday, US president Donald Trump said the United States could end its military attacks on Iran within two to three weeks, declaring:
Now we’re finishing the job. I think in two weeks or maybe a few days longer, we’ll do the job. We want to knock out everything they’ve got.
Trump is expected to address the US at 9pm ET tonight (2am BST tomorrow morning).
Asia-Pacific markets have started April in good heart too.
China’s CSI 300 index is up 1.5%, Japan’s Nikkei has surged 4.9% and South Korea’s KOSPI has leapt by 9.5%.
That follows gains in New York last night, where the Dow Jones Industrial Average jumped by 2.5%.
Investors are also cheered by reports that Iranian President Masoud Pezeshkian has said Iran is willing to end the war but only if there are guarantees “to prevent the recurrence of aggression”.
Chris Weston, head of research at Pepperstone, says the “more constructive commentary” from both the US and Iranian camps is encouraging traders to move bac into riskier assets:
We saw reports breaking in Asia yesterday from the WSJ that Trump was willing to end the war without taking the Straits of Hormuz. In fact, he encouraged other international peers to take the strait without US involvement. There are different ways to interpret that, both positive and negative, but the market has taken this as a small step towards appeasing and compelling the Iranian camp.
The Iranians have also come out with more constructive rhetoric for risk, signalling the necessary will to end the war. They have outlined their conditions, some of which were already known. But the combination of the narrative, driven through headlines, has certainly seen risk come back into play.
The agenda
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9am BST: Eurozone manufacturing PMI for March
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9.30am BST: UK manufacturing PMI for March
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10am BST: eurozone unemployment data
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10.30am BST: Bank of England releases financial stability report
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2.45pm BST: US manufacturing PMI for March
Key events
Chances of two Bank of England rate rises this year fall
City traders are slashing their bets on UK interest rate rises this year, as hope builds that an end to the Iran war might possibly be close.
The money markets are now pricing in around 41 basis points (0.41 percentage points) of increases to UK Bank rate by the end of 2026. That means that two quarter-point rises are no longer fully priced in.
Yesterday, the market was anticipating 66bps of rate rises by Christmas, and last week 75bs (or three quarter-point increases) were fully priced in.
Gold has risen to its highest level in almost two weeks.
After jumping 3.5% yesterday, gold is up another 0.8% today to over $4,700 an ounce.
Tony Sycamore, market analyst at IG, says an end to the Iran conflict could prove a double-edged sword for gold:
On one hand, a lasting peace agreement would remove the geopolitical safe haven bid that supported prices in the run-up to the conflict.
On the other hand, it would allow for lower oil prices and easing inflation fears, which would revive expectations for Federal Reserve rate cuts later in 2026. This dynamic, combined with the underlying structural demand from central banks who have been accumulating gold for diversification, means we could still see upside.
European stock markets are set to rally when trading begins in around 30 minutes, reports Emma Wall, chief investment strategist at Hargreaves Lansdown:
“Markets paint an optimistic picture this morning – choosing to believe the optimism from the White House that the war in Iran will be over in a couple of weeks. US President Donald Trump yesterday announced that he saw the war ending within a couple of weeks, and that he would be addressing the nation with further details later today.
This was enough to propel the S&P 500 into a relief rally, up 2.9%, the best day for the market since May last year. Asian markets have continued the optimism early today, with the Hang Seng in Hong Kong up nearly 2%, and the Nikkei in Japan jumping 4.56%. European futures are also looking positive, with markets in the UK, France, Germany and Italy set to open up.
UK food inflation forecast tripled to 9%
Ouch! UK food inflation is forecast to hit at least 9% by the end of this year, as the cost of living crisis is reignited by the Iran war.
The Food and Drink Federation has revised its food inflation forecast upwards – triple its previous forecast.
Having previously expected food prices inflation to end the year around 3%, the FDF now fear it will have risen to between 9% and 10%.
They say
This is a fast-moving situation, and our update is based on assumptions that the Straits of Hormuz opens within 2-3 weeks and energy production in the Middle East returns to normal within a year
As one of the UK’s energy intensive and most globally connected sectors, food and drink manufacturing is unusually exposed to these shocks, with cost pressures on multiple fronts hitting the industry at once
As well as the surge in energy costs, food producers also face a spike in the cost of fertilisers.
Last month, the boss of one of the world’s largest fertiliser companies – Yara International – has said global food supplies could be badly damaged this year if the Iran war becomes an extended conflict.
UK hit by ‘awful April’ shower of bill increases
An end to the war in the Middle East, and a drop in energy prices, would be a relief to UK households as we enter Awful August.
UK households face a bill surge this month, in which the annual cost of essentials, including council tax and water, will increase by more than £200.
The price jumps caused by the Iran war will add to that financial hit. More here:
Introduction: Oil tumbles and markets rally on hopes of Middle East de-escalation
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
After its biggest monthly gain ever, the oil price has dropped sharply on hopes of de-escalation in the Middle East.
Brent crude has dropped around 13% since last night, back down to $103 a barrel, as investors welcome signs from Washington DC that the Iran war might end soon.
Yesterday, US president Donald Trump said the United States could end its military attacks on Iran within two to three weeks, declaring:
Now we’re finishing the job. I think in two weeks or maybe a few days longer, we’ll do the job. We want to knock out everything they’ve got.
Trump is expected to address the US at 9pm ET tonight (2am BST tomorrow morning).
Asia-Pacific markets have started April in good heart too.
China’s CSI 300 index is up 1.5%, Japan’s Nikkei has surged 4.9% and South Korea’s KOSPI has leapt by 9.5%.
That follows gains in New York last night, where the Dow Jones Industrial Average jumped by 2.5%.
Investors are also cheered by reports that Iranian President Masoud Pezeshkian has said Iran is willing to end the war but only if there are guarantees “to prevent the recurrence of aggression”.
Chris Weston, head of research at Pepperstone, says the “more constructive commentary” from both the US and Iranian camps is encouraging traders to move bac into riskier assets:
We saw reports breaking in Asia yesterday from the WSJ that Trump was willing to end the war without taking the Straits of Hormuz. In fact, he encouraged other international peers to take the strait without US involvement. There are different ways to interpret that, both positive and negative, but the market has taken this as a small step towards appeasing and compelling the Iranian camp.
The Iranians have also come out with more constructive rhetoric for risk, signalling the necessary will to end the war. They have outlined their conditions, some of which were already known. But the combination of the narrative, driven through headlines, has certainly seen risk come back into play.
The agenda
-
9am BST: Eurozone manufacturing PMI for March
-
9.30am BST: UK manufacturing PMI for March
-
10am BST: eurozone unemployment data
-
10.30am BST: Bank of England releases financial stability report
-
2.45pm BST: US manufacturing PMI for March
UK News
FA Cup buildup, Championship action and latest on Italian turmoil: football news – live | Championship
Key events
FA Cup: Southampton v Arsenal (Saturday, 8pm)
Eleven Arsenal players withdrew from their respective international squads. How many will be in action at St Mary’s tomorrow?
Women’s Champions League
Arsenal will face OL Lyonnes in the semi-finals for the second season in a row. OL Lyonnes overcame a 1-0 first-leg deficit to beat Wolfsburg 4-0 after extra-time in France.
Last season, OL were strong favourites to go through after winning 2-1 at the Emirates, only for Arsenal to run riot in France.
There’s a full EFL programme today, starting with Middlesbrough v Millwall and Doncaster v Walsall at 12.30pm. I won’t type all the fixtures because that would be an arthritic mistake when I can just direct you to our live scores page. But there are some big games, with Boro v Millwall probably the pick.
The race for the second automatic promotion spot in the Championship is spandex-tight. Fifth-placed Hull go to Oxford, while third-placed Ipswich have the day off. They were due to meet Southampton, who are otherwise engaged in the FA Cup.
In other Championship news, Roy Hodgson, 78, begins his second spell as Bristol City manager with a trip to Charlton.
The FA Cup quarter-finals
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Manchester City v Liverpool (Saturday, 12.45pm)
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Chelsea v Port Vale (Saturday, 5.15pm)
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Southampton v Arsenal (Saturday, 8pm)
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West Ham v Leeds (Sunday, 4.30pm)
Phil Foden made two starts for England over the international break as Thomas Tuchel experimented with how the Manchester City attacking midfielder could be used at the World Cup. He played in a couple of positions but was ineffective in two collectively subpar performances from the Three Lions. It means he has one assist and no goals in his past 22 appearances for club and country in what has been an underwhelming campaign for the 25-year-old. He has dropped below Rayan Cherki in Pep Guardiola’s pecking order and has not completed a full 90 minutes since January. In the Carabao Cup final, Foden was permitted a late cameo, and it feels like this is the time when he should be making a difference in the final stages of the season.
There are still trophies to be played for, even if winning the Premier League title would involve a huge turnaround against Arsenal. This means the FA Cup is the most promising prospect and Foden should be desperate to start and remind everyone of the world-class player he could be, especially against a Liverpool side who often struggle against smart No 10s. The next six weeks could be make or break for Foden’s City and international career, so he must seize every opportunity.
Preamble
Hello, good morning, good Good Friday and welcome to our rolling football news blog. Our attention will soon turn to the weekend’s action, including the FA Cup quarter-finals and a full EFL programme today, but first let’s have a recap of the week in international football.
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Bosnia and Herzegovina, Sweden, Turkey, Czech Republic, DR Congo and Iraq completed the 48-team line-up for this summer’s World Cup.
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Italy failed to qualify for the third World Cup in a row, an “unacceptable disgrace” that prompted recriminations and resignations.
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A largely second-string England team lost at home to Japan.
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Ghana, who are in England’s group, sacked their manager Otto Addo.
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Scotland followed a 1-0 defeat to Japan with a 1-0 defeat to Cote d’Ivoire.
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Fifa raised the highest ticket price for the World Cup final from $1,600 in 2022 to $10,990 in 2026.
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And most importantly of all, France moved to the top of our World Cup power rankings.
UK News
NHS Wales major repairs backlog nears £1bn
The cost of fixing the most serious repairs at major hospitals alone is more than £600m, figures show.
Source link
UK News
Artemis II astronauts rocket towards the moon after breaking free of Earth’s orbit | Space
The four Artemis astronauts have fired up their spacecraft’s engine to break away from Earth’s orbit and zoomed towards the moon, a milestone that commits Nasa to the first crewed lunar flyby in more than half a century.
With enough thrust to accelerate a stationary car to highway-driving speed in less than three seconds, the Orion capsule engine blasted on Thursday the astronauts on their trajectory towards the moon, which they now will loop as part of the 10-day Artemis 2 mission.
The burn lasting just under six minutes propelled them on their three-day voyage towards Earth’s natural satellite, the first since 1972.
“Looks like a good burn, we’re confirming,” mission control in Houston said.
“The crew is feeling pretty good up here on our way to the moon,” said astronaut Jeremy Hansen. “Humanity has once again shown what we are capable of.”
The burn came one day after the enormous orange and white Space Launch System (SLS) rocket carrying the Orion capsule blasted off flawlessly from Kennedy Space Center in Florida for the long-anticipated journey around the moon.
Now the astronauts are moonbound, there’s no turning back: they are on a “free return” trajectory, which uses the moon’s gravity to slingshot around it before heading back towards Earth without propulsion.
In the event something goes wrong, the astronauts wear suits that also serve as “survival systems” – in the unlikely case of a cabin depressurisation or leak, they’ll maintain oxygen, temperature controls and the correct pressure for up to six days.
The astronauts – Americans Reid Wiseman, Victor Glover and Christina Koch, and Hansen, a Canadian – spent their first hours in space performing checks and troubleshooting minor problems on the spacecraft that has never carried humans before, including a communications issue and a malfunctioning toilet.
They began the second day of their mission by playing Green Light by John Legend and Andre 3000, Nasa said – a reference to the go signal they would soon get to fire up the engine and move towards the moon.
They also had their first workouts on the spacecraft’s “flywheel exercise device” – each astronaut will carve out 30 minutes a day for fitness to minimise the muscle and bone loss that happens without gravity.
The 10-day Artemis 2 mission is aimed at paving the way for a moon landing in 2028.
The mission marks a series of historic accomplishments: sending the first person of colour, the first woman and the first non-American on a lunar mission. If all proceeds smoothly, the astronauts will set a record by venturing further from Earth than any human before – more than 250,000 miles (402,336km).
It is also the inaugural crewed flight of SLS, Nasa’s new lunar rocket.
SLS is designed to allow the US to repeatedly return to the moon with the goal of establishing a permanent base that will offer a platform for further exploration. It was meant to take off in February after years of delays and massive cost overruns. But repeated setbacks stalled it and even necessitated rolling the rocket back to its hangar for repairs.
The current era of US lunar investment has frequently been portrayed as an effort to compete with China, which aims to land humans on the moon by 2030.
During a post-launch briefing, Jared Isaacman, the Nasa administrator, said competition was “a great way to mobilise the resources of a nation”.
“Competition can be a good thing,” he said. “And we certainly have competition now.”
The Artemis program has come under pressure from Trump, who has pushed its pace with the hope that boots will hit the lunar surface before his second term ends in early 2029. But the projected date of 2028 for a landing has raised eyebrows among some experts, in part because Washington is relying heavily on the private sector’s technological headway.
The crew wrapped up their press conference, in which they spoke about the significance of the mission, adapting to life in space, and the “spectacular” view of Earth.
The Artemis II commander, Reid Wiseman, describing the moment the crew saw Earth as a whole, said: “You can see the entire globe from pole to pole, you can see Africa, Europe, and if you look closely, the northern lights. It was the most spectacular moment and it paused all four of us in our tracks.”
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