Highs

• Asian stock markets retreated from recent record peaks as escalating Middle East tensions revived concerns over crude oil supply disruptions and energy price stability. • The geopolitical escalation triggered steep losses in oil markets, reversing earlier gains and creating volatility across regional equity indices. • Rising energy supply concerns underscore the fragility of the recent market rally despite strong AI sector performance, with investors reassessing risk exposure to conflict-affected regions.

• Japan's Nikkei 225 Index jumped nearly 6% after returning from holiday, joining South Korean and Taiwanese equities at record peaks on strong AI-driven tech earnings momentum. • South Korea's KOSPI surged 75% year-to-date, the world's best-performing major stock market, while Samsung joined the $1 trillion company club amid the regional rally. • The AI boom is showing disproportionately in Asia compared to U.S. markets, with Taiwan stocks up 45% and Nikkei up 25% for 2026, outpacing the Nasdaq's 11% gain.

• The S&P 500 rose 0.29% to a record 7,230.12, Nasdaq Composite climbed 0.89% to 25,114.44, while DJIA fell 0.31% to 49,499.27 in the final trading hour on May 1, 2026. • Information technology sector gained 1.4%, driving index growth with only two S&P 500 sectors positive; Apple (AAPL) surged 3.24% to 280.14 after beating earnings and issuing upside guidance, Microsoft (MSFT) rose 1.57% to 414.20 recovering post-earnings. • Year-to-date, Russell 2000 leads at +13.3%, S&P Mid Cap 400 +10.1%, Nasdaq +8.1%, S&P 500 +5.6%, DJIA +3.0%, highlighting small-cap outperformance amid mega-cap momentum.

US president pauses ‘Project Freedom’ to work on ‘final agreement’ with Tehran; stocks also ride high on AI euphoriaGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Asian stock markets hit record highs, following in Wall Street’s footsteps, and oil prices retreated after Donald Trump hailed “great progress” towards a “final agreement” with Tehran.on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran”.Investors bought and continue to add to positioning in the 2026 winners. There has been some buying in S&P 500 materials stocks, but it’s tech that continues to attract the bulk of flows, notably in Apple and the memory plays.9am BST: Eurozone services and composite PMIs for April9.30am BST: UK services and composite PMIs for April1.15pm BST: US ADP employment change for April Continue reading...

• National average gasoline prices surged to historic highs on May 3, 2026, amid the ongoing Iran war and disruptions in key oil routes like the Strait of Hormuz. • The spike in fuel and grocery prices is hammering American pocketbooks, contributing to President Trump's declining poll numbers. • Treasury Secretary Scott Bessent stated the U.S. economic blockade is suffocating Iran's regime, costing it $435 million in daily economic activity.

Rise in electricity demand in first quarter of 2026 was moderated by record output from rooftop solarGet our breaking news email, free app or daily news podcastMore datacentres and warmer conditions helped push electricity demand to record highs in the first three months of the year, according to Australia’s Energy Market Operator, while growth in batteries kept average wholesale prices down.Electricity demand – from households, business and industry – reached record levels of 25GW in Q1 2026, an increase of 1.2% compared with the same quarter last year. Across the grid, this growth was offset by record output from rooftop solar. Continue reading...

• US stocks demonstrated resilience amid Iran geopolitical tensions and high energy prices, with the S&P 500 up nearly 2% year-to-date by April 14, just 1% below its January 27 all-time high. • The index's maximum drawdown stayed under 10%, cushioned by forward earnings estimates growing at a 17% annual rate despite a 20% drop in P/E ratios. • S&P 500 profit margins hit new highs around 15% in early April, driven by broad fundamentals including AI and the One Big Beautiful Bill Act effects, not just energy sector gains.

• S&P 500 futures rose 0.2% and the benchmark notched back-to-back record highs as growing speculation that a deal to end the US-Iran war is nearing prompts traders to take on more risk. • The index is on course for a third week of gains exceeding 3%, with the S&P up nearly 8% month to date, marking a stunning reversal following mounting signs of US-Iran deescalation. • The market rally reflects relief over potential resolution of the conflict that has roiled energy markets, with traders increasingly positioning for a ceasefire outcome.

• The S&P 500 rose 0.8% to close above 7,000 points for the first time, while the Nasdaq Composite surged 1.6% to a record high, driven by gains in technology and software stocks and optimism over potential U.S.-Iran peace talks. • Bank of America posted a 17% rise in quarterly profit from strong trading and investment banking fee rebounds, while Morgan Stanley reported a near 30% profit jump supported by record equities trading revenue and improved dealmaking activity. • Stock index futures edged higher after-hours, with S&P 500 Futures up 0.2% to 7,070.75 points and Nasdaq 100 Futures rising 0.3% to 26,440.75 points, reflecting continued market momentum.

At least 432 ebike fires and 147 e-scooter fires recorded in 2025, up 38% and 20% respectively on previous yearEbike and e-scooter fires in the UK reached a record high last year, an investigation has found, renewing concerns over the use of lithium batteries and unregulated marketplaces.Fire brigade figures obtained by the Press Association show there were at least 432 ebike fires recorded across the UK in 2025, up 38% from 313 the previous year and more than five times higher than the 84 recorded in 2021. Continue reading...

• CDC reports released in February 2026 show U.S. childhood and teen obesity rates have reached record levels, marking a significant public health concern for younger populations. • The same reports indicate adult obesity rates appear to be plateauing or slowing their growth trajectory, suggesting different demographic trends across age groups. • The findings underscore ongoing disparities in metabolic health across generations and highlight the need for targeted prevention and intervention strategies.

• The Dow Jones Industrial Average confirmed correction status on March 28, 2026, falling over 10% from its February 10 record close to 45,166.64. • Twenty-four of 30 Dow components closed negative on Friday, with Nasdaq down 2.2% to 20,948.36 and S&P 500 off 1.7% to 6,368.85. • Geopolitical tensions, surging oil, and inflation fears drove the risk-off sentiment, with sectors like Consumer Discretionary down 3.1%.

• Alcoa shares surged 11-12% and Century Aluminum 13.6% as aluminum prices reached near four-year highs due to Middle East infrastructure strikes. • Iranian missile strikes hit critical metal industry infrastructure, disrupting supply and driving the commodity rally amid the widening conflict. • The gains in metal stocks contribute to broader market recovery, underscoring sector sensitivity to geopolitical supply shocks.

Exxon Mobil and Chevron shares surged over 20% year-to-date, reaching record highs as crude oil approached $100 per barrel due to supply fears. U.S. oil producers benefit from domestic output buffering global disruptions in the Strait of Hormuz. This sector strength offsets broader market declines, with the Dow down 6% monthly. Analysts warn of inflation risks persisting post-conflict.