Prices

Flatlining figure confounds forecasts of an increase to 3% as Bank of England prepares to set interest ratesUK inflation unexpectedly remained at 2.8% last month despite the Middle East war driving up energy prices, official figures have shown.May’s annual price rise reading recorded by the Office for National Statistics confounded economists’ forecasts of a rise to 3%. Continue reading...

Brian Gu says he sees Chinese car firms competing on quality rather than launching price war as at homeMotorists in the UK and EU should not expect a sharp drop in the cost of electric vehicles despite increased competition among Chinese manufacturers, one of the country’s biggest electric carmakers has said.Brian Gu, the vice-chair of the manufacturer Xpeng, said that Chinese carmakers could compete on quality to win customers in the EU and UK, rather than unleashing a brutal price war as they have in China. Continue reading...

• Wall Street indexes are expected to open higher on Monday following a preliminary agreement between Washington and Tehran to end their conflict and reopen the Strait of Hormuz. • The deal has triggered a sharp decline in crude oil prices, contributing to the optimistic outlook for U.S. equity markets. • Despite the initial progress, the framework remains incomplete as it has not yet addressed several key issues between the two nations.

Make UK says manufacturers’ feedback shows sector at risk of collapse as it calls on Treasury to take actionBritain’s industrial sector is at risk of collapse as thousands of companies warn that they could face bankruptcy within the next year because of high energy prices, according to an industry survey.The manufacturers’ body Make UK said the latest feedback from its members found that many would not be able to cope for much longer with energy costs that were twice the average in continental Europe and four times higher than in the US. Continue reading...

US-Iran peace deal sparks immediate drop for Brent crude but analysts warn complex negotiations lie ahead, potentially halting further significant dropsMiddle East crisis: live updatesPeace deal between US and Iran announced, with strait of Hormuz expected to reopenWhat do we know about the US-Iran peace deal – and what questions remain?Global oil prices have tumbled amid fresh hopes that a US-Iran peace deal may end the greatest energy supply crisis in the history of the market.The price of Brent crude dropped below $84 a barrel as the new trading week began in financial centres across Asia-Pacific, amid optimism that the strait of Hormuz could reopen shortly and bring a return of Gulf oil exports to the market. Continue reading...

• The BSE Sensex and Nifty50 are expected to open higher on Monday following news of a preliminary peace deal between the US and Iran. • This geopolitical development has caused global crude oil prices to plunge, leading to a rally in Asian equities and hopes for reduced global inflationary pressures. • Market analysts from Bajaj Broking Research note that the Nifty50 previously closed the week up 1.1%, ending above the 23,600 level.

Consumer sentiment still remains at historically low levels amid Iran war and rising inflation, new survey showsEasing gas prices are making Americans feel better about their personal finances and the economy in June, but consumer sentiment remains at historically low levels amid ongoing conflict in the Middle East, according to new survey data from the University of Michigan.The latest numbers come as SpaceX marks its historic stock market debut, which will likely make Elon Musk the world’s first trillionaire. Yet many Americans still feel like they’re struggling even as the stock market reaches record-highs. Continue reading...