Australian PM Anthony Albanese indicated openness to extending the temporary fuel excise cut, citing ongoing Middle East conflict impacts. A peace deal between the US and Iran to reopen the Strait of Hormuz was welcomed, but normal oil trade is expected to take months.
Australia's Prime Minister Anthony Albanese indicated the government may extend the temporary fuel excise cut to ease motorist costs, influenced by the Middle East conflict and a new peace deal between the US and Iran. The cut, initially set to end June 30, is being re-evaluated.
India faces economic vulnerability due to the US-Iran conflict, impacting its focus on Fuel, Fertiliser, and Forex. Rising global prices for oil and fertilisers strain finances, while a falling rupee pressures foreign exchange reserves. Experts debate structural risks and policy responses.
Chinese state media outlet CCTV claimed Japan is facing shortages due to the Middle East conflict, but the report was met with widespread mockery from Chinese netizens who questioned its credibility and suggested Japan is not facing such issues.
New data suggests falling house prices in Sydney and Melbourne are concentrated in the upper market segments, potentially assuaging fears for first-time buyers with small deposits who typically purchase in the lower end.
Fears of negative equity for first-time buyers in Sydney and Melbourne are easing as falling house prices are concentrated in the top end of the market. Data shows the cheapest properties have seen modest gains or slight declines, unlike the upper quartiles. Experts suggest low unemployment and low arrears rates mitigate mortgage payment risks, though negative equity can limit options for selling or refinancing.
The UK economy contracted by 0.1% in April, driven by a 0.2% fall in services, particularly sports and recreation, partly due to Middle East conflict impacts. Economists expected this contraction, which follows months of growth. Rising energy costs are a key concern.
The UK economy shrank by 0.1% in April, official figures show, as rising energy prices due to the Iran war and the closure of the Strait of Hormuz impacted growth. Services output declined, while construction saw a slight rise.
The World Bank has warned that the Middle East conflict could slow global economic growth to 2.5% in 2026, down from 2.9%, due to surging energy prices and inflation. Developing countries are particularly at risk, with the bank pledging up to $100bn in support.
The World Bank has reduced its 2026 global growth forecast to 2.5%, citing Middle East conflict, rising energy prices, and market uncertainty. India remains the fastest-growing major economy, projected at 6.6% for FY26-27.
President Trump expressed enthusiasm for inflation figures, stating "I love the inflation," despite rising consumer prices and economic hardship for US households. Experts warn of negative real earnings growth and devalued assets due to the 4.2% annual inflation rate, exacerbated by the Iran war's impact on energy prices.
Treasury yields remained flat despite a faster-than-expected inflation print and ongoing Middle East conflict. Investors await producer price index data, while oil prices dipped amid regional tensions.
Spanish tourism anticipates a record summer, potentially benefiting from travelers seeking refuge from the Middle East conflict. Hotel prices have risen 3.8% in early 2026, with further revenue increases expected.
Dubai's luxury hotels, typically catering to wealthy foreign visitors, are offering attractive deals to residents to compensate for the decline in international tourism due to the Middle East conflict. The conflict has led to flight cancellations, airspace closures, and significant financial losses for the region's tourism sector.
President Trump threatened Iran with new U.S. military attacks, accusing Tehran of "playing games" in peace talks. This follows renewed cross-border attacks, with Iran targeting U.S. bases in Jordan, Bahrain, and Kuwait, and Israel deepening its incursion into southern Lebanon.
European stock markets mostly closed lower today, impacted by renewed military conflict in the Middle East and rising US inflation leading to a sell-off in tech stocks, which eroded market confidence.
WH Smith issued a profit warning, expecting £75m-£90m pre-tax profits, down from £90m-£105m, due to falling shopper numbers in US airports linked to the Middle East war. The retailer raised £102m via a share sale.
UK companies are increasingly hiring temporary workers over permanent staff due to economic uncertainty, higher costs, and political turbulence, leading to a 10-month low in permanent recruitment and modest salary growth.
India's economy grew 7.8% year-on-year in Q1, exceeding forecasts of 7.2%, but faces challenges from the Middle East conflict, including inflation rises and trade disruptions.
The ongoing war may continue to affect consumer and business sentiment in the Asia-Pacific region due to higher energy prices and supply chain disruptions, despite CFOs remaining cautiously optimistic about business prospects.
Australia's temporary fuel excise cut, reducing prices by 26.3 cents per litre, is set to expire on June 30. Despite calls for extension, the government has ruled it out, citing the need to transition away from fossil fuels. Experts predict a slight price increase, dependent on the ongoing Middle East conflict and Strait of Hormuz stability.
A prolonged Middle East conflict could force a global shift to alternative energy sources, according to Russian Deputy Prime Minister Alexander Novak at the St. Petersburg International Economic Forum (SPIEF). He stated that such shifts would negatively impact the energy sector and the broader economy, potentially leading to new logistics and transport solutions.
The global steel sector faces a crisis due to China's subsidized overproduction flooding markets and the Middle East conflict impacting demand. OECD reports excess capacity and forecasts slow demand growth, while China disputes the findings.
Russian Deputy PM Alexander Novak stated that the global market has not yet fully experienced the energy crisis stemming from the Middle East conflict, attributing this to existing fuel reserves and previous oversupply. He made these remarks on the sidelines of the St. Petersburg International Economic Forum (SPIEF-2026).
