Robust

• India's GDP grew at a robust 7.8% during the first quarter (April-June) of the 2026-27 financial year, defying negative predictions and the economic impact of the US-Iran conflict. • Prime Minister Narendra Modi highlighted the growth as a victory over "doomsayers," signaling strong domestic resilience despite global geopolitical instability. • Deloitte India economist Rumki Majumdar warned that rising import prices, driven by Middle East tensions and high commodity costs, are outpacing export realizations.

TUC will urge John Healey to order ‘root and branch’ assessment of watchdog amid claims its forecasts downplay investment benefitsThe TUC is urging the new chancellor, John Healey, to order a “root and branch” review of the Office for Budget Responsibility, claiming the forecaster’s approach holds back investment.With Andy Burnham promising “good growth in every postcode”, the union umbrella body is calling on Healey to use his first budget on 28 October to re-examine the assessments of the watchdog. Continue reading...

Former 2UE and 2GB radio broadcaster is facing 22 charges. Jones, 85, has pleaded not guiltyFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastA former student sports star has denied in a Sydney court that he “fabricated” indecent assault allegations against broadcaster Alan Jones after he lost his police job and fell on “extremely hard times”.Jones’s defence barrister Gabrielle Bashir SC on Wednesday suggested to complainant J during cross-examination that he had a financial motive to report his alleged indecent assaults 20 years after the incidents. Continue reading...

• European stock markets experienced an upward trend as strong corporate earnings reports helped counteract investor anxiety. • The positive momentum in equities served as a buffer against fears that the U.S. Federal Reserve may implement further interest rate hikes. • This shift highlights a tug-of-war between fundamental company growth and the macroeconomic pressure of tightening monetary policy.

• Vikas Khemani of Carnelian Asset Management projects that corporate India's earnings growth will remain robust at 14–16% for the year, supported by strong GDP growth and tax revenues. • Khemani views the current correction in the IT sector as a long-term buying opportunity, arguing that AI will act as a growth catalyst rather than a disruptor. • He dismissed concerns regarding a liquidity crisis, stating that slower deposit growth is being managed by the Reserve Bank of India to ensure system stability.

• The FDA approved the first therapy for primary immunoglobulin A nephropathy in December 2021, marking a significant milestone for patients with this rare kidney disease. • Following this initial approval, several additional novel drugs have received accelerated FDA approval, leading to a rapid expansion of available treatment options. • This "explosion" in therapies is critical as it provides clinicians and patients with a more robust pipeline of medical interventions to manage the disease.

• All 32 of the largest U.S. banks passed the Federal Reserve's annual "stress test" announced on Wednesday. • The simulation evaluated whether these financial institutions could withstand a severe economic contraction while continuing to lend to households and businesses. • These results indicate that the nation's banking system remains robust and healthy despite potential economic volatility.

• U.S. employers added 172,000 jobs in May, while the unemployment rate remained steady at 4.3 percent. • The data, which is seasonally adjusted, suggests a robust labor market that may complicate efforts to lower interest rates. • Donald Trump has pushed for steep rate cuts and recently celebrated the appointment of Kevin M. Warsh as the central bank's chair to achieve this goal.

• The US economy showed strength with private sector payrolls rising 123,000 in the latest month after 190,000 previously, beating expectations by double, while unemployment holds at 4.3% near full employment. • Atlanta Fed GDPNow forecasts 3.7% annual growth for Q2, with weekly unemployment claims at rock bottom and no recession in sight despite left-wing critiques. • Blue-collar nonsupervisory workers saw 3.7% hourly earnings growth and 1% hours increase, yielding 4.7% wage-income proxy rise outperforming white-collar gains.

• Delta Air Lines reported first-quarter net income of $1.8 billion, up 22% year-over-year, benefiting from strong leisure and business travel demand with average fares rising 8% despite lower capacity growth across the industry. • CEO Ed Bastian stated that forward bookings through summer 2026 indicate "resilient demand," with premium cabin bookings up 15%, offsetting concerns about potential economic slowdown and suggesting corporate travel spending remains solid. • The strong results bolstered airline sector sentiment, lifting Southwest Airlines and United Airlines stocks by 2.4% and 1.9% respectively on optimism about sustained pricing power and margin expansion through peak summer travel season.