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Rolling coverage of the latest economic and financial news Asian stocks have fallen sharply after Iran and the US exchanged their biggest round of fire since a ceasefire was agreed in April. The US launched strikes against Iran after Donald Trump blamed Tehran for downing a US army helicopter near the strait of Hormuz. On the former, Brent briefly fell below $90 for the first time since April 17th yesterday before partially rebounding after Trump vowed retaliation following Iran shooting down a US helicopter. On the latter, the Philly Semiconductor Index fell by as much as -8.62% intra-day before recovering to -1.93% by the close. Reflation is expected to continue in the near term due to the lasting impact of the war in Iran on imported energy costs, and of course the fading drag from from negative carry-over effect from last year, which most people forget. While oil and gas futures markets are no longer pricing in a further escalation in the Middle East, uncertainty surrounding the peace talks and the effective reopening of the strait of Hormuz appears likely to linger in the near term. Despite the acceleration in the annual rate, monthly momentum slowed noticeably, to just 0.5% m/m from 1.7% a month ago. 9am BST: Deadline data for the CMA and Ofcom to report back to government on the Telegraph/Mail deal 1.30pm BST: US inflation for May, forecast to rise to 4.2% 2.15pm BST: Treasury Committee hearing on student loans Continue reading...

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Netanyahu orders Iran strikes despite Trump claiming ‘I call all the shots’ | First Thing

Direct exchange of fire between warring nations in apparent defiance of Trump was in response to an Israeli attack on Beirut, and breaks April’s ceasefire. Plus: incredible pictures of the Beatles’ final tour of the US Good morning. Israel has again attacked Iran, in apparent defiance of the US president, Donald Trump, who had said in an recent interview that “I call all the shots”, not the Israeli prime minister, Benjamin Netanyahu. The attack was the first exchange of direct strikes between the two enemies since a ceasefire paused the US-Israel war with Iran in April. Iranian state media reported explosions in Tehran, Isfahan, Karaj and Tabriz. Iran also launched about 10 ballistic missiles at northern Israel, in response to Israel bombing a target in southern Beirut. How has Trump responded? “Israel and Iran must immediately stop ‘shooting,’” he wrote in a social media post. How is the wider region being affected? Saudi Arabia sounded missile alert sirens in an area home to Prince Sultan airbase that hosts US forces. The Israeli army also said it was working to intercept a missile launched from Yemen. Yemen’s Houthi rebels, who joined the Middle East war in March in support of Iran, have previously launched attacks on Israel. What is the continuing economic impact? Brent crude jumped $3.50 to $96.59 a barrel on Monday, while stocks in Asia, a region heavily dependent on oil imports, fell sharply in early trading. How did Welker respond? When the veteran reporter asked the president for any evidence, he accused her of being “crooked”. “You know that these elections are rigged. Your network knows that they’re rigged. Let’s call it quits because I’ve had enough. Thank you, darling. Have a good time.” Continue reading...

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