Ten years after the Brexit vote, analysis shows severe economic costs for the UK. The pound remains below pre-referendum levels, growth has slowed significantly, trade faces friction, business investment and productivity have stalled, and employment has suffered, with public support for Brexit fading.
Germany is on the brink of recession due to an energy shock from the Iran war, with economists predicting economic contraction. Meanwhile, police have conducted raids targeting an international drug ring, arresting a key suspect. The German army also held its first combat drill in Lithuania.
France faces potential recession in 2026 with a 0.1% PIB drop, 8.1% unemployment, and record business failures. Rising inflation and public debt add to concerns, prompting a look at Bitcoin as a potential safe-haven asset.
Moody's chief economist Mark Zandi warns the US has days to secure a peace deal with Iran or risk recession due to soaring oil prices. Stalled negotiations and the potential closure of the Strait of Hormuz threaten global energy supplies, with gas prices already high and a potential climb to $5/gallon risking consumer spending collapse.
The OECD forecasts that a prolonged Middle East conflict, particularly involving Iran, could reduce global GDP growth to 2.1% in 2026, trigger energy shortages, and impact AI investment. Emerging economies are expected to be hit hardest.
The OECD warns the UK faces diesel shortages, especially in rural areas, due to the Iran conflict. It forecasts modest UK growth but notes risks to energy supplies and higher food prices.
Patrick Martin, head of France's Medef employers' association, fears a recession for France, predicting economic contraction in Q2 due to the Middle East crisis and global trade uncertainties. The B7 group of G7 business leaders will release a statement on June 10th, potentially advocating for the WTO's role.
Oil markets are nearing a critical "non-linear adjustment" due to the closure of the Strait of Hormuz, depleting stocks at a record rate. Potential price surges to $130-$140 per barrel could cause severe "demand destruction" and broader economic disruption beyond oil.
Barney Frank, a historic figure in US politics, has died at 86. He was known for his role in financial reform during the subprime mortgage crisis, and for being the first openly gay member of Congress, later marrying his same-gender partner.
The Strait of Hormuz crisis, nearing four months, is a deadlock with Iran charging ships and the US enforcing an embargo. Negotiations are stalled, risking wider conflict. Iran faces severe economic damage, losing $435 million daily, while Gulf states urge diplomacy to protect their economic diversification plans.
Economist Holger Schmieding warns the European Central Bank would err by hiking interest rates to combat inflation, risking a recession in Europe's weakened "big three" economies. He suggests demand destruction will naturally curb inflation, negating the need for aggressive tightening.
The closure of the Strait of Hormuz until August could trigger a global recession comparable to the 2008 crisis, according to Bloomberg citing Rapidan Energy Group. Analysts predict significant oil price hikes and demand reduction, potentially exacerbating existing economic vulnerabilities.
RBA Chief Economist Sarah Hunter expressed growing anxiety over rising inflation expectations and potential price pressures, citing the Middle East conflict and oil price shocks. Core inflation is above target, risking further interest rate hikes and economic slowdown.
RBA chief economist Sarah Hunter expressed concern over rising inflation expectations and building price pressures, citing the Middle East conflict and oil price shocks. She warned that persistent inflation expectations could necessitate further interest rate hikes, potentially leading to economic slowdown.
G7 finance ministers and central bank governors meet in Paris to discuss rising debt pressures, the risk of recession, and the economic impact of the Iran war. Meanwhile, Putin visits Beijing, and Ryanair reports a 40% profit jump.
Jerome Powell's tenure as Fed chair will be remembered for defending the institution's independence against President Trump's attacks, despite mixed economic outcomes.
The UK economy grew 0.6% in Q1 2026, beating expectations, but economists warn of weakening growth ahead due to global conflict and potential leadership battle in the Labour party, which Chancellor Rachel Reeves warns could plunge the UK into chaos.
The UK economy grew 0.6% in Q1 2026, exceeding forecasts, despite the war in Iran. Chancellor Rachel Reeves attributes this to the government's economic plan, while experts warn of weaker growth ahead due to energy price shocks and political instability.
Despite some progress in math and select states, the US faces a 'reading recession' with scores declining pre-pandemic. Phonics-based instruction shows promise in states like Louisiana and Alabama.
The latest Education Scorecard shows a decade-long decline in student performance in the U.S., but also signs of recovery in math and reading scores since the pandemic
Lo scenario che arriva dal Golfo è da brividi. Per ora Lagarde e Powell scelgono di aspettare e vedere, ma rischiano di muoversi troppo tardi: servono messaggi chiari
The economic warnings are bleak, but full extent of shortages are still not felt for many European countriesThe biggest energy shock in modern history, jet fuel shortages “within weeks”, a global recession – since Iran throttled shipping flows through the strait of Hormuz at the end of February the economic warnings have become increasingly dire.Yet 10 weeks on from the first US-Israeli attacks, share indices, companies and governments have been surprisingly sanguine. Every day the divergence grows between the eerie quiet on markets and alarming warnings of an imminent supply chain crunch. Continue reading...
Appliance giant slashes earnings forecast and hikes prices by 10% with another 4% spike plannedWith the war in Iran and economic concerns putting pressure on consumers and how they spend their money, Whirlpool is having to adjust to Americans delaying big-ticket purchases while also raising prices to help stabilize its North American business.The company known for brands such as KitchenAid, Maytag and its namesake, said that the Iran war led to a “recession-level industry decline” in America as consumer confidence collapsed in late February and March. Revenue dropped nearly 10% in the quarter as sales of major appliances in North America declined more than 7%. Continue reading...
"War in Iran resulted in recession-level industry decline in the U.S. as consumer confidence collapsed in late February and March," the company said.
