IEA warns of ‘record’ oil drawdown after ‘unprecedented’ Strait of Hormuz supply shock May 13, 2026 The West’s international energy watchdog has warned that oil stockpiles were being drained at a record rate last month as the US’s war in Iran continues to choke supply in an “unprecedented” supply shock. The International Energy Agency revealed that around 4m barrels of oil a day were tapped from back-up supplies in April, within [...]
As it happened: Ministers resign as gilt yields at 28-year high May 12, 2026 The Westminster political drama rocked the bond markets with gilt yields surging to a 28-year high. The yield on 30-year gilts surged 13 basis points on Tuesday to hit 5.8 per cent. It comes as nearly 80 Labour MPs have now called for the resignation of the Prime Minister and reports suggest numerous members of [...]
Big Short guru: Nasdaq about to resemble a ‘bloody car crash’ May 12, 2026 The investment guru depicted in the Big Short has warned that New York’s Nasdaq resembled “the scene of a bloody car crash, minutes before it happens”, accusing Wall St of overinflating the bumper Big Tech earnings that have carried US indexes to a string of all-time highs. Michael Burry, whose decision to bet against the [...]
Heathrow passenger volumes drop as jet fuel crisis rocks market May 11, 2026 Fewer passengers were heading to Heathrow Airport in April as the war in the Middle East keeps travellers grounded. Passenger numbers at Europe’s biggest airport fell by five per cent in April to 6.7m with the blame being attributed to the “ongoing impact of the Middle East conflict”. For those heading to that particular region, [...]
As it happened – Starmer fights for premiership in make-or-break speech May 11, 2026 Welcome back to the City AM liveblog. Sir Keir Starmer will deliver a speech to the nation this morning as rivals circle whilst his premiership hangs in the balance. The Prime Minister is expected to set out his response to the disastrous local elections, where Labour lost 1,496 seats. The losses came as Nigel Farage’s [...]
IAG: British Airways owner plays down jet fuel shortage concerns May 8, 2026 British Airways owner IAG has played down fears of a jet fuel shortage forcing it to cancel flights this summer but warned investors to expect lower earnings as a result of the ongoing conflict in the Middle East. The London-listed carrier said the pan-regional war that has now dragged into its third month will have [...]
IHG: Holiday Inn owner braces for 50 per cent Middle East hit May 7, 2026 Holiday Inn owner IHG expects to see a 50 per cent hit to its operations in the Middle East, as the Iran war wreaks havoc on global travel. Intercontinental Hotels Group said revenue per available room in the Middle East slumped to a 26 per cent year-on-year fall in March, reversing the nine per cent [...]
FTSE 100 banks are facing £2.5bn of headwinds – HSBC and Barclays are in the firing line May 6, 2026 The FTSE 100’s Big Five banks toasted a healthy profit stash in the first-quarter, but, says Samuel Norman, storm clouds are gathering on the horizon for the sector. The London market’s five biggest banks swallowed a bitter cocktail of economic risks in the first three months of the year leaving a bumper cash haul overshadowed [...]
Iran war costs Next £47m and may drive up prices May 6, 2026 Retail giant Next has said the ongoing disruption caused by the Iran War has hit it with a £47m increase in costs from climbing energy and transport prices. The FTSE 100 retail and homeware company said that the £27m increase, a sharp rise from it’s previous forecast of £15m, relates mainly to spikes in energy [...]
HSBC profit drops after Iran war and private credit charges bite May 5, 2026 HSBC missed its profit target in the first quarter of the year after the blue-chip lender booked a mammoth credit charge. The FTSE 100 giant – which boasts a huge £230bn market cap – recorded a pre-tax profit of $9.4bn (£6.5bn), missing the $9.6bn pencilled in by analysts. This figure is also down $100m on [...]