Wednesday

• Indian benchmark indices closed higher following a volatile session, with the Sensex gaining 382 points and the Nifty closing above 23,480. • Market sentiment was primarily lifted by late buying in heavyweight IT stocks, though investors remain cautious. • Key factors influencing upcoming stock action include monsoon progress, inflation trends, liquidity conditions, and the RBI's policy outlook.

In today’s newsletter: As heatwaves intensify, ​B​ritain must confront the limits of a society built for cool​er weather, forcing policymakers, communities and households to rethink how ​w​e live, work and stay coolThe UK swelters once again. On Tuesday, temperatures surged to 35C, condemning millions of people to another sticky night in homes ill-prepared for such warm conditions.The heat is record-breaking: we are still in spring, yet temperatures are close to extremes we once never expected even in high summer. Yorkshire experienced its first ever “tropical night” in spring on Monday, when the evening temperature failed to fall below 20C. Health alerts remain in effect across large parts of the country due to the increased likelihood of deaths, particularly among vulnerable and elderly people. Yet, experts warn, this may just be the road to a new normal.UK politics | Tony Blair has accused Keir Starmer, Andy Burnham and Wes Streeting of putting Labour’s future at risk by abandoning the centre ground, warning that the party’s “almost infinite capacity for self-delusion” means it is likely to lose the next election.UK news | One out of every five people arrested after their participation in the 2024 summer riots has since been reported to the police for domestic abuse, the Guardian can disclose.Middle East | The continuing US-Israel war on Iran has compounded other global disasters to drive record numbers of people into hunger at a time when funding to combat famine has fallen dramatically, the head of the UN World Food Programme has said.UK news | The court of appeal will review the non-custodial sentences given to three teenage boys for the rape of two girls, Keir Starmer has announced.US politics | Alabama cannot use a new Republican-friendly map in this year’s midterm elections because it intentionally discriminates against Black voters, a panel of three federal judges have ruled. Continue reading...

• Indian stock markets are focusing on key companies including Coal India, Zee, IMFA, Tata Elxsi, Saatvik, and GPT Infraprojects for trading on Wednesday, May 27, 2026. • Global sentiment is bolstered by MSCI’s Asian equities gauge, which climbed 1.1% to reach an all-time high. • South Korea's market surged up to 5%, driven by strong AI investment interest and the performance of chipmaker SK Hynix Inc.

• Indian equity benchmarks ended lower on Tuesday, ending a three-session rally due to profit booking in the consumer, realty, and financial sectors. • Market analysts suggest that the Nifty may maintain a positive outlook as long as it remains above key support levels, despite current near-term weakness. • Broader market sentiment remains mixed, characterized by selective buying interest across various stocks.

In today’s newsletter: A leadership crisis once again grips Westminster, with the Labour party currently split, the prime minister may not last the weekGood morning. First as tragedy, then as farce. Once again, the UK is shrouded in political uncertainty as a deeply unpopular prime minister clings to power. It has become a familiar cycle in recent years: the wait to find out which perishable good will survive longer than our next doomed premier.Keir Starmer insists he is not leaving – a serious leader for a serious time – and will have been boosted by last night’s lifeline, when Wes Streeting’s challenge failed to materialise. However, his authority with Labour MPs remains weak. Each new resignation attempts to undermine his position. For now, Starmer remains in charge by default.UK politics | Keir Starmer will attempt to regain the political initiative today as his government announces a package of 35 bills for the next parliamentary session, covering everything from housing to immigration.World news| Donald Trump is due to arrive in Beijing on Wednesday evening, the first visit to China by a US president in nearly a decade, as he seeks to mend power and prestige weakened by the war in Iran.UK news | Nine in 10 UK millionaires are proud to live in Britain and three-quarters would be willing to pay more tax to ensure public assets get the funding they need, according to research.Middle East | The risk of some Gulf states becoming embroiled in a direct war with Iran has risen after it was reported the United Arab Emirates had secretly launched a major attack on Iran during the conflict.Health | After more than a decade of global consultation, polycystic ovary syndrome (PCOS) – a condition that affects one in eight women – has been renamed. Continue reading...

In today’s newsletter: ​The brief US effort to ​s​teer trapped vessels through the ​waterway ​put the fragile ceasefire under strainGood morning. Uncertainty once again reigns in the Middle East. The uneasy ceasefire between the US and Iran threatened to disintegrate after Donald Trump launched an initiative – dubbed “Project Freedom” – to help thousands of sailors stranded in the Gulf by the war to pass through the strait of Hormuz.To Iran, the announcement was a cynical provocation. Flurries of fighting restarted as Iran sought to maintain its grip on the critical passageway out of the region.UK politics | Zack Polanski falsely claimed to be a spokesperson for the British Red Cross while campaigning for the Green party leadership, the charity has said.Fuel shortages| Two million airline seats have been cut from this month’s schedules as airlines redraw their operations because of soaring jet fuel prices amid the Middle East conflict.UK news| A British crew member who became ill after a suspected outbreak of hantavirus on luxury cruise ship the MV Hondius is to be medically evacuated, officials have said.Tax | An increased windfall tax should be imposed on the UK’s largest banks, say trade union leaders, after the big four lenders reported almost £14bn in first-quarter profits, partly fuelled by market turbulence amid the Iran war.Society | People from black backgrounds in England are twice as likely to experience strokes as their white counterparts, while also being less likely to receive timely care, according to the largest study of its kind. Continue reading...

In today’s newsletter: As Labour braces for heavy local election losses, senior figures ​are signalling unease and​ morale ​is sinking​, can the prime minister hang on?Good morning. Keir Starmer is on thin ice. The prime minister survived a bruising Tuesday in the Commons as MPs continued to scrutinise his account of the decision to appoint Peter Mandelson as US ambassador. Almost all Labour MPs backed Starmer in a key vote on whether he should face an inquiry into whether he misled parliament.But in Westminster there is a growing feeling that the Labour leader is on borrowed time. Next week’s local and parliamentary elections, which Starmer will face as one of the most unpopular prime ministers since records began, is likely to see public dissatisfaction crystallise. “He’s in last chance saloon,” one minister said after last night’s vote.US | King Charles has extolled the importance of Britain’s “special relationship” with the US in a speech to Congress that made pointed reference to the importance of Nato, the defence of Ukraine and the climate crisis.Middle East | Britain is facing a £35bn economic hit and the risk of a recession this year as the fallout from the Iran war adds to the pressure on Keir Starmer’s government, the National Institute of Economic and Social Research (Niesr) has warned.Oil | The UAE has quit the Opec oil cartel after 60 years of membership, in a heavy blow to the group and its de facto leader, Saudi Arabia, as global energy markets contend with the biggest supply crisis in history.UK news | The chair of NatWest was forced to defend the bank against accusations of “climate backtracking” at a chaotic annual shareholder meeting, which was temporarily suspended owing to singing protesters.Women’s rights | Fifa has given permission for Afghan Women United – a squad composed of refugees scattered around the world in Australia, the Middle East and Europe – to represent Afghanistan in official competitions without requiring the approval of the Taliban, which banned the team. Continue reading...

• US President Donald Trump warned Iran of 'no more Mr Nice Guy' and threatened new strikes if no deal is agreed by Wednesday, following stalled talks over nuclear issues and the Strait of Hormuz. • Iran closed the Strait of Hormuz until the US lifts its blockade, with Revolutionary Guard navy confirming the move amid risks to global oil shipments; 13 US service members killed in related conflict. • Negotiations in Islamabad saw US propose 20-year Iranian nuclear suspension, countered by Iran's 3-5 year halt offer; Tehran reports progress but fundamental gaps remain per speaker Mohammad Bagher Ghalibaf.

• President Trump signals he will not extend Iran's ceasefire deadline if a comprehensive deal is not reached by Wednesday, warning of renewed military action including 'dropping bombs' if negotiations fail. • Trump declares the Strait of Hormuz now open due to a U.S. Navy blockade and pointedly rejects NATO's offer of assistance, highlighting America's unilateral stance in Middle East tensions. • The escalating pressure on Iran represents a significant shift in Trump administration foreign policy and challenges traditional alliance structures in addressing regional security threats.

In today’s newsletter: A Waitrose worker’s dismissal ​after confronting a shoplifter has become a flashpoint in a wider debate over rising retail crimeGood morning. Overnight, the US and Iran agreed to a two-week conditional ceasefire, which included a temporary reopening of the strait of Hormuz. It followed a last-minute diplomatic intervention led by Pakistan, but the Israeli government have said the deal does not include Lebanon.You can read our main report here and our live blog will be tracking news throughout the day. My colleague Martin Belam will have more details on what the pause in the fighting means in tomorrow’s First Edition. Today, we are covering the scourge of shoplifting in the UK.Middle East | Donald Trump said he had agreed to a Pakistani-brokered two-week ceasefire, shortly before a deadline at which he had threatened to end the “whole civilisation” of Iran. Iran’s foreign minister, Abbas Araghchi, issued a statement saying: “For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordinating with Iran’s armed forces.”UK news | Millions of graduates will have the interest on their student loans capped at 6% from September as a temporary measure to protect them from the risk of rising inflation driven by war in the Middle East.Entertainment | The Wireless music festival has been cancelled after the artist formerly known as Kanye West was banned from entering the UK amid a deepening political row over his previous antisemitic statements.Politics | Reform UK would stop issuing visas to people from any country that continues to demand compensation from the UK for its role in the transatlantic trade in enslaved people, the party has said.World news | Australia’s most decorated soldier, Ben Roberts-Smith, has not applied for bail and will remain in custody after being charged with war crimes. The former SAS soldier and Victoria Cross-recipient is charged with five counts of “war crime – murder” in relation to alleged offences in Afghanistan between April 2009 and October 2012. Continue reading...

In today’s newsletter: As conflict engulfs Iran, shifting ​global alliances and soaring energy prices are reshaping ​the existing power balances​ that could redefine the next stage of international security Good morning. So far, there is only one clear winner from the war in Iran: Russia. Before the US and Israel attacked Tehran in late February, Moscow was preparing deep budget cuts to education and healthcare funding to pay for its invasion of Ukraine, which has now entered its fifth year.In just over a month of the fighting in Iran, Vladimir Putin’s Russia has experienced a dramatic reversal in fortunes. The global oil price has shot up from a prewar average of $72 to well over $100 per barrel, providing a financial boost of multi-billions for Moscow that shows little sign of ending.Middle East | Donald Trump has launched a tirade against European countries that refused to join his war against Iran, calling out the UK and France.Military | The UK is sending more military support to the Gulf, taking the total deployment to 1,000 troops.NHS England | Some medicines could run out in weeks or even days, NHS England head warns, after supply line shocks.UK politics | Nigel Farage to ‘steer well clear’ of UK CPAC event in July being led by the short-lived former prime minister Liz Truss.UK news | King Charles’s state visit to US to go ahead in late April despite Iran war concerns. Continue reading...

In today’s newsletter: The first woman to hold the position of archbishop of Canterbury arrives at a time of transition with hopes that she can restore the church’s reputationGood morning. At a ceremony later today, Sarah Mullally will be installed as the 106th archbishop of Canterbury. The first woman to take on the role in its near 1,500-year history, she becomes de facto head of the Anglican communion at a difficult and painful moment for the Church of England.Mullally takes over an institution grappling with safeguarding failures, internal division and questions about its place in modern British public life. So what exactly is the job she is stepping into – and how much power does it still carry?Middle East | The US is poised to deploy airborne troops to the Middle East as strikes intensified across the region on Tuesday and Donald Trump claimed the US was in “very good” talks with Iran to end the war.UK politics | Rachel Reeves has ruled out universal support to deal with any future rise in energy bills, saying any government help would be targeted, and criticised the support offered by Liz Truss’s government as unaffordable and irresponsible.Health | The meningitis B vaccination programme will be expanded to include year 11 pupils at schools affected by the outbreak in Kent, health officials have said.Meta | A New Mexico jury has ordered Meta to pay $375m in civil penalties after it found the company misled consumers about the safety of its platforms and enabled harm, including child sexual exploitation, against its users.Environment | Ofcom to investigate climate change denial complaints for the first time since 2017. Continue reading...

PMI figure reveals impact on economy of rise in oil prices driven by Iran warBusiness live – latest updatesThe UK’s manufacturers have suffered the sharpest one-month acceleration in costs since the aftermath of Black Wednesday in 1992, as conflict in the Middle East has driven up oil prices, new survey evidence shows.The closely watched purchasing managers’ index (PMI) lays bare the impact of the conflict on the UK economy, with growth slowing sharply across manufacturing and services and costs rising. Continue reading...

• The Federal Reserve opened a two-day monetary policy meeting this week with a rate decision expected Wednesday, as officials evaluate the impact of surging oil prices and Middle East conflict on inflation trajectories. • Uncertainty around geopolitical fallout is deepening divisions within the central bank over the interest rate path forward; officials are widely expected to leave rates unchanged on Wednesday despite elevated crude prices. • Rising oil and gasoline prices are weighing on earnings estimates and consumer spending forecasts, creating additional complexity for Fed policymakers balancing inflation and growth concerns.