🏢 Business Brief

Finally, an interest rate reprieve – but a ceasefire in the Middle East doesn’t have the RBA popping champagne yet

The Reserve Bank of Australia held its cash rate at 4.35%, ending a run of three increases, but signaled further tightening may be needed to curb inflation.

↓ Bearish

Brent crude falls to three-month low below $80 as Iranian oil tankers ‘resume shipping’ – as it happened

Brent crude fell below $80 a barrel for the first time in three months after Iran resumed oil shipping through the Strait of Hormuz following a US-Iran deal.

↑ Bullish

Thames Water nationalisation moves closer as government objects to rescue deal

The UK environment secretary objected to a £10bn rescue plan for Thames Water, citing undue burden on consumers, moving the company closer to nationalisation.

Oil prices hit three-month low and markets reach record high amid Iran deal breakthrough

Oil prices fell to a three-month low and stock markets hit record highs after a preliminary US-Iran peace deal was announced, raising hopes for the reopening of the Strait of Hormuz.

↑ Bullish

City & Guilds bosses awarded themselves millions in bonuses, investigation finds

An internal investigation found that City & Guilds' top executives awarded themselves nearly £3 million in bonuses without authorization, causing reputational harm.

Wall Street and European markets hit record highs and oil price falls to three-month low after US-Iran peace deal – as it happened

Global oil prices dropped to a three-month low and stock markets rallied to record highs following a preliminary US-Iran peace deal that could reopen the Strait of Hormuz.

↑ Bullish

EU trade deficit with China reaches record €1bn a day, data shows

The EU's trade deficit with China hit a record €1 billion per day in April, driven by imports of Chinese goods like electric cars. European leaders are meeting to address the imbalance.

Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens

Oil and gas prices fell after a US-Iran peace deal to reopen the Strait of Hormuz, but analysts say a return to pre-crisis levels will take months. Brent crude dropped to $82 per barrel from a peak of $126.

→ Neutral

Running a small business has become almost impossible | Letter

A letter from a small business owner describes how rising costs and taxes are making it nearly impossible to operate.

Me, worry? For US small businesses, Trump’s tariffs are now a non-issue

US small businesses are no longer concerned about Trump's tariffs, as many have adapted by raising prices or benefiting from legal challenges. The topic has faded from a major worry to a non-issue for most.

UK poised to water down 2030 EV sales targets after industry and union pressure

The UK government plans to soften its 2030 electric vehicle sales targets, potentially allowing hybrids to make up a larger share, after pressure from carmakers and unions. The 2030 ban on new petrol and diesel cars remains, but the pure EV mandate may drop from 80% to 50%.

Elon Musk and co may relish march of the robots but there must be AI boundaries in the workplace | Heather Stewart

A new book examines how AI is changing jobs and workers, highlighting concerns about surveillance, de-skilling, and the risk of 'robotising' humans. The author argues for setting boundaries to preserve meaningful work.

London startup to trial drug to prevent cancer therapy side-effect ‘cytokine storm’

London startup Poolbeg Pharma is trialling a drug to prevent cytokine release syndrome in cancer immunotherapy patients. If successful, the oral drug could reduce treatment costs and allow care in community hospitals.

Elon Musk becomes world’s first trillionaire as SpaceX ends trading day with valuation of $2.1tn – as it happened

SpaceX's IPO closed with shares up 20%, raising $75bn and valuing the company at $2.1tn, making Elon Musk the world's first trillionaire.

↑ Bullish

US consumer sentiment improves in June due to easing gas prices

US consumer sentiment rose in June as gas prices eased, but remains historically low amid Middle East conflict and inflation concerns.

→ Neutral

Oil prices plummet as Trump claims he is close to US-Iran deal

Oil prices fell after Trump claimed progress on a US-Iran deal, but later recovered as Iran disputed the terms.

↓ Bearish

Can Starmer’s late-night World Cup openings help Britain’s struggling pubs?

The UK government allowed pubs to stay open until 2am on World Cup match days to support the hospitality sector.

Middle East war is hurting eurozone economy, warns ECB, after announcing first interest rate rise since 2023 – as it happened

The ECB raised its main deposit rate to 2.25%, citing higher inflation from the Middle East conflict, and warned of continued economic uncertainty.

↓ Bearish