He also said oil prices were expected to remain elevated for longer compared with the ECB’s assumptions in March
International News via Reuters:
The European Central Bank will likely revise its inflation and growth forecasts next month reflecting the darkening outlook from the Middle East conflict, its chief economist Philip Lane told Nikkei newspaper in an interview published on Tuesday.
“There are several factors related to the Iran war that show that the macroeconomic outlook has gotten worse,” Lane said in an interview with the Japanese business daily.
He also said oil prices were expected to remain elevated for longer compared with the ECB’s assumptions in March. While increased U.S. natural gas supplies could help cushion the energy market, “on net, I still think that there has been upward pressure on inflation,” he said.
“We are likely to make a further upward adjustment to the inflation forecast in June,” Lane said in the interview.
The ECB revises its growth and inflation projections every three months. The next revision comes on June 11.
The CBI’s monthly retail sales balance rose to a three-month high of -46 in May from -68 in April, the series’ lowest reading since it began in 1983
International News via Reuters:
British retailers reported lower sales in May against a backdrop of weak demand, but not the record downturn they had reported a month earlier, according to figures released by the Confederation of British Industry on Tuesday.
The CBI’s monthly retail sales balance rose to a three-month high of -46 in May from -68 in April, the series’ lowest reading since it began in 1983.
The balance measures the difference between the percentages of firms reporting rises and falls in sales volumes compared with the same month a year earlier.
Expected sales for June rose to -36 from the -60 expected for May, while sales for the time of year slipped to their lowest since June 2025 at -35, down from -32 in April.
“With sentiment among retailers negative for two years now, businesses expect to cut back further on investment, while continuing to reduce headcount,” CBI economic surveys manager Charlotte Dendy said.
Last week official retail sales data for April – which covers a wider range of stores than the CBI measure – showed that sales volumes excluding fuel were 1.1% higher than a year earlier and unchanged from the month before.
Even so, businesses are worried that a surge in energy prices caused by the Iran war will squeeze households’ disposable income as well as raising their own costs.
Britain’s longest running consumer sentiment survey, from GfK, fell to its lowest since October 2023 in April and rose only slightly in May.
The CBI said retailers raised prices this month by the least since February 2025, which it attributed to weak demand.
The Bank of England is keeping a close eye on how businesses’ prices and profit margins develop as it judges whether it will need to raise interest rates later this year to limit the inflation shock from the Iran war.
Earlier on Tuesday, European home improvements retailer Kingfisher – which owns B&Q and Screwfix in the UK and Castorama and Brico Depot in France – reported a 0.7% fall in first-quarter sales but maintained its full-year profit guidance.
Reporting by David Milliken, editing by Andy Bruce
Carney, it said, also reaffirmed Canada’s opposition to illegal Israeli settlement expansion, settler violence in the West Bank, and violence against Palestinian civilians
International News via Reuters:
Canadian Prime Minister Mark Carney told Israeli President Isaac Herzog on Monday that the treatment of activists detained by Israel had been “appalling” and described the situation in Gaza as “catastrophic,” Carney’s office said in a statement.
“The Prime Minister reiterated that the appalling treatment of civilians, including Canadian citizens, aboard the Gaza-bound flotilla was unacceptable, and he called for an independent investigation,” the statement said.
Carney, it said, also reaffirmed Canada’s opposition to illegal Israeli settlement expansion, settler violence in the West Bank, and violence against Palestinian civilians.
Although Carney last week denounced Israel’s handling of the flotilla members, the broad scope of his condemnation on Monday underlines how strained ties have become between Israel and some of its closest allies.
During the call, Israeli President Isaac Herzog “expressed his condemnation of the pro-Hamas flotilla which directly aimed to undermine UN Security Council Resolution 2803 and its next phase, including the disarmament of Hamas and the establishment of a new government in Gaza,” Herzog’s office said in a statement.
Israel has repeatedly said flotilla activists were linked to Hamas but has not provided evidence.
“The two leaders agreed that Iran is a regional and global threat and must never be allowed to obtain a nuclear weapon,” Herzog’s office added.
Activists released after being detained on a flotilla trying to bring aid to Gaza were subjected to abuse, organizers said, with several hospitalized with injuries and at least 15 reporting sexual assaults, including rape. Israel’s prison service denied the allegations.
Israel’s ambassador to Canada last week told the Globe and Mail newspaper that bilateral government-to-government relations were the worst they had ever been.
Separately, Canadian Foreign Minister Anita Anand said she had spoken to her Israeli counterpart, Gideon Saar, on Monday and told him Ottawa would provide Israel evidence of the mistreatment of Canadians on the flotilla.
“I raised that denying Canadian citizens access to consular services while they were detained violates the Vienna Convention and must never happen again,” she said in a post on X.
For his part, Saar said he had told Anand the activists had been inspired by Hamas.
“I also highlighted the horrific antisemitic wave in Canada – an average of 19 incidents a day. The Canadian government must take steps against antisemitic incitement and attacks,” he said in a post on X.
Flotilla organisers say they aimed to break Israel’s blockade of Gaza by delivering humanitarian aid, which charities say is still in short supply despite a U.S.-brokered ceasefire between Israel and Hamas in place since October 2025 that includes guarantees of increased assistance.
Reporting by David Ljunggren and Emily RoseEditing by Rod Nickel
The blue-chip FTSE 100 rose 0.6% to 10,533.50 points by 1020 GMT, touching a one-month high, while the FTSE 250 climbed 0.9% to its highest since March 3, and on track for a fourth straight session of gains
International News via Reuters:
UK shares rose on Tuesday, with the FTSE 250 hitting a near three-month high, as investors returned from a long weekend and caught up on signs of progress in talks to end the U.S.-Iran conflict.
The blue-chip FTSE 100 rose 0.6% to 10,533.50 points by 1020 GMT, touching a one-month high, while the FTSE 250 climbed 0.9% to its highest since March 3, and on track for a fourth straight session of gains.
• U.S. and Iran signalled progress on a memorandum of understanding that could halt conflict between the two nations and restart shipping through the blockaded Strait of Hormuz.
• U.S. Secretary of State Marco Rubio, however, said that negotiating a deal with Iran could “take a few days” after the latest U.S. strikes in southern Iran.
• Major lenders HSBC, Barclays and Lloyds were among the top boosts to FTSE 100, while Rio Tinto and Glencore rose about 1% each, as metals prices firmed. [MET/L]
• Shares of oil majors BP and Shell dipped 1% and 0.5%, respectively, tracking weaker crude prices.
• The FTSE 100 index had ended a four-week losing streak on Friday after softer economic data weakened expectations of a Bank of England rate hike.
• However, the latest report showed British shop price inflation sped up in May on the back of disruption and higher energy costs caused by the war.
• Among individual stocks, Kingfisher rose nearly 4% after the home improvement retailer maintained its full-year profit outlook despite a drop in first-quarter underlying sales.
• Melrose Industries fell 4% after an overheating chemical tank at its GKN Garden Grove facility in California triggered an emergency response and evacuation orders over the weekend.
Reporting by Medha Singh in Bengaluru; Editing by Vijay Kishore
Sterling was last down 0.2% at $1.348 after rallying 0.6% on Monday on hopes of a deal to end the war and reopen the key Strait of Hormuz
International News via Reuters:
The pound slipped on Tuesday after optimism about an Iran peace deal was tempered by U.S. attacks on Iranian targets and comments from Secretary of State Marco Rubio that talks could still take a few days.
Sterling was last down 0.2% at $1.348 after rallying 0.6% on Monday on hopes of a deal to end the war and reopen the key Strait of Hormuz. The euro was 0.2% higher against the pound at 86.36.
Markets have dealt with conflicting headlines on the talks in recent days, as they have throughout the conflict.
On Saturday U.S. President Donald Trump said a deal was “largely negotiated”, before rowing back his comments the following day.
Most recently, Rubio said on Tuesday that a deal could “take a few days”, denting hopes for an imminent end to the conflict.
Sterling has wavered throughout the war, largely as investors have bought and sold the safe-haven U.S. dollar on the back of developments in peace talks.
It is now little changed against the dollar since the start of the conflict on February 27, though it has climbed more than 1% against the euro in that time.
Politics has also influenced Britain’s currency, which fell after the May 7 local elections as investors braced for a challenge to Prime Minister Sir Keir Starmer from within his own Labour Party, before rebounding in recent days.
“The prospect of a leadership challenge from (Manchester mayor) Andy Burnham has added to the headlines, but we expect only limited fiscal policy change regardless of the outcome,” said Constantin Bolz and Dominic Schnider, currency strategists at UBS, in a note to clients.
They argued that once the Iran conflict is over the outlook for the pound will brighten.
“While GBPUSD may stay subdued in the short term due to UK political noise and high oil prices, we expect a recovery as uncertainty fades, oil prices normalize, and robust economic data support the pound.”
The UK economy expanded 0.6% in the first quarter of the year, although experts have said the figures could have been distorted by seasonal adjustments.
Data last week pointed to signs of weakness, with UK employers cutting hiring and retail sales sliding.
Reporting by Harry Robertson; Editing by Jan Harvey
Bermudian international duo Andrew Armstrong and Xahvi DeRoza both played their part as USL League Two heavyweights FC Motown secured a clinical 3-1 victory over Staten Island ASC Pre-Professional at Wagner College.
FC Motown’s high-pressing system paid immediate dividends, breaching the host’s defense in just the sixth minute. Before Staten Island could formulate a structural response, 20-year-old forward Andrew Armstrong left his definitive stamp on the match. Capitalising on a turnover deep in the attacking third, the Dayton Flyers striker ghosted past his marker in the ninth minute to fire home a superb low strike, doubling the advantage and heading into the break with a comfortable 2-0 lead.
Hoping to manage workloads ahead of a frantic summer schedule, the Motown coaching staff replaced the goalscoring Armstrong at the interval.
Staten Island mounted a spirited resurgence to pull a goal back, but any thoughts of a dramatic comeback were neutralized when newly signed Bermudian midfielder Xahvi DeRoza was introduced into the engine room in the 73rd minute. Following a decorated freshman campaign with the University of New Hampshire, the America East All-Rookie selection injected immediate stability and tactical maturity. DeRoza’s precise distribution allowed Motown to completely regain control before a late insurance goal sealed a thoroughly deserved three points.
The highly anticipated 2026 Bermuda Fitted Dinghy racing season got underway in spectacular fashion, as a sun-drenched St. George’s Harbour provided the backdrop for a dramatic opening day. With light winds testing the tactical limits of the unique four-boat fleet, three different syndicates walked away with silverware.
Alan Frith struck first blood on home waters, skippering St. George’s Dinghy and Sports Club’s Victory IV to a magnificent triumph to claim the coveted Heritage Trophy ahead of Challenger II.
The pendulum swung rapidly in the Anniversary Cup as the west-end fought back. Josh Greenslade produced a tactical masterclass at the helm of Sandys Boat Club’s Contest III, outmaneuvering Elizabeth II in the closing tack to seal a clinical victory.
The final piece of silverware, the Leon D. Fox Cup, belonged entirely to Olympic aspiration. Sebastian Kempe showcased his world-class pedigree, skippering RHADC’s Challenger II to an emphatic victory after a thrilling bow-to-bow drag race against Greenslade.
While the spoils were evenly distributed, it proved a frustrating afternoon for Roger Beach and the crew of Elizabeth II. Despite displaying excellent baseline speed—highlighted by a second-place finish in the second race—they finished as the only syndicate not to taste ultimate glory on day one.
Bermuda’s Kaden Hopkins emerged as one of the most relieved and genuinely delighted finishers at the 31st edition of the grueling Grand Prix Criquielion, emphatically snapping a frustrating string of consecutive race retirements.
The demanding 205-kilometer Belgian single-day classic, which snakes its way through heavy crosswinds and punishing terrain from Ath to Lessines, is notoriously unforgiving on the European tier circuit. For Hopkins, simply seeing the race-end flags provided a massive psychological breakthrough after a testing month of mechanical issues and racing heartbreaks.
Representing the regional powerhouse outfit Atom 6 Bikes – Cycleur de Luxe – Auto Stroo, Hopkins kept his positioning clean through a frantic and crash-marred early phase.
The race layout forced the peloton to contend with multiple ascents of the technical, cobblestone-laden loops around Lessines, causing the main field to splinter early into isolated chasing groups.
Hopkins showed immense physical grit to anchor himself within the second tier of the chase, refusing to drop off the relentless tempo set by the World Tour development squads driving the front.
The premier step of the podium belonged to Italy’s rising star Borgo Alessandro, who executed a flawless final sprint to stop the clock in a winning time of 4 hours, 48 minutes, and 9 seconds.
Hopkins rolled across the line in 81st place overall, stopping his individual timer at 4:59:26. Crossing the line 11 minutes and 17 seconds adrift of Alessandro’s blistering pace, the Bermudian time-trial specialist will view the successful finish as an excellent platform to rebuild his competitive baseline as the European road season heads into the grueling summer block.
Bermuda’s Benjamin Barnett and Braedon Medeiros-Cooke saw their challenging campaign at the fourth stop of the 2026 NORCECA Beach Volleyball Tour draw to a close in Ciudad Madero, Mexico. Navigating a highly demanding field, the young island duo wrapped up their international tour firmly anchored among the top 14 teams.
Squaring off against the Dominican Republic’s Hayerling Francisco De Jesús Goris and Oscar José Martínez López in the 13th/14th placement play-off, the Bermudians found themselves on the back foot early. The dominant Dominican tandem used their height advantage at the net to seal the opening frame 21-9.
The mid-Atlantic pair adjusted brilliantly in the second stanza, displaying immense grit under the intense Mexican heat to sharpen their block coverage and trade points. Ultimately, the Dominican team’s explosive power shone through, taking the second set 21-13 to seal the straight-sets victory in a fast-and-furious 27 minutes.
While the 14th-place finish leaves the Bermudians hungry for tactical growth, the elite international mileage accumulated provides a massive developmental foundation for the regional season ahead.
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