The blue-chip FTSE 100 rose 0.9% to 10,307.19 points by 0942 GMT, while the midcap FTSE 250 edged 0.4% higher
International News via Reuters:
London’s FTSE 100 index rose on Thursday, with upbeat results from Rolls-Royce and Glencore aiding the sentiment ahead of a Bank of England rate decision.
The blue-chip FTSE 100 rose 0.9% to 10,307.19 points by 0942 GMT, while the midcap FTSE 250 edged 0.4% higher.
• Engineering firms were mixed as Rolls-Royce climbed nearly 6.8% after reiterating its profit outlook, offering the biggest boost to the benchmark index, while Weir Group slid 7.5% after reporting a fall in first-quarter orders.
• Glencore shares added 2% after reporting a 19% rise in its first-quarter copper production.
• Global oil prices jumped to a four-year high of more than $122 a barrel on concerns that the U.S.-Iran war could worsen and lead to a protracted Middle East oil supply disruption. [O/R]
• Rising crude prices stoked inflation worries, bolstering gold prices, which in turn lifted shares of heavyweights Endeavour Mining and Hochschild by 6.2% and 5.1%, respectively.
• The FTSE 100 is up only 1.3% this month, far below European and U.S. benchmarks, as markets view Britain as highly vulnerable to the jump in energy prices due to the country’s heavy use of natural gas.
• Political concerns have also weighed with the scandal around Prime Minister Keir Starmer appointing Peter Mandelson, who was linked to the late convicted U.S. sex offender Jeffrey Epstein, as ambassador to the U.S., showing little sign of abating.
• The BoE is expected to keep rates unchanged at 1100 GMT with focus squarely on commentary on the Iran war’s longer-term impact on inflation.
• The European Central Bank is also seen holding rates later on Thursday, a day after the U.S. Federal Reserve stayed pat.
• Traders expect the BoE to raise interest rates at least twice by 25 basis points before the end of the year.
Reporting by Medha Singh in Bengaluru; Editing by Vijay Kishore
The rise of global oil benchmark Brent crude futures to more than $126 before falling back, and an early drop in European stocks [.EU], reflected concerns that a prolonged conflict in the Middle East could choke oil supplies for months
International News via Reuters:
Renewed risk aversion swept global equity and bond markets on Thursday and oil surged to a four-year high on worries that the Iran war could worsen, before what could be difficult European Central Bank and Bank of England meetings.
The rise of global oil benchmark Brent crude futures to more than $126 before falling back, and an early drop in European stocks [.EU], reflected concerns that a prolonged conflict in the Middle East could choke oil supplies for months.
A hawkish shift in tone from the U.S. Federal Reserve as it left rates on hold on Wednesday meant bond market borrowing costs were still higher in Europe as investors there readied for the ECB and the BoE to follow suit on Thursday.
Two-year German bond yields – which are sensitive to near-term ECB rate changes – faced the prospect of a ninth daily rise, while 2-year UK gilt yields briefly hit their highest in 2-1/2 years. [GVD/EU]
AXIOS SAYS TRUMP TO BE BRIEFED
AXA’s chief economist, Gilles Moec, said everything centred on worries about the U.S.-Israeli war against Iran.
News site Axios quoted unspecified sources as saying U.S. President Donald Trump would on Thursday receive a briefing from the leader of the U.S. Central Command, Brad Cooper, on new plans for potential military action against Iran.
Negotiations have stalled and Axios said Washington hopes to make Iran more flexible at the negotiating table on nuclear issues.
Investors are concerned that a prolonged conflict will drive up pump prices and could even drive economies towards recession.
“The inflation shock is significant and probably going to last longer than expected and at the same time the damage to the economy is going to be higher,” Moec said.
“This is playing into the hands of the hawks,” he said, referring to central bankers calling for higher interest rates to prevent further inflationary problems.
Brent crude futures were up almost 3% at $122 a barrel in European trading after hitting $126.41 overnight, the highest since March 2022. Brent has now more than doubled in price this year. [O/R]
The U.S. dollar, which has been a favoured safe-haven play since the war began on February 28, climbed to its highest level in more than two weeks against a basket of top currencies.
Japan’s yen also breached the key 160 threshold, stoking renewed speculation of a possible FX intervention by Tokyo after its repeated verbal warnings.
The Japanese currency has fallen more than 2% since the war began and investors have built the biggest short yen position in nearly two years in a bet that neither rate hikes nor intervention warnings will come to its rescue.
Overnight, the yield on 10-year Japanese government bonds had climbed to 2.5%, the highest since June 1997. [/JP]
EYES ON APPLE
Investors were also gearing up for earnings from iPhone maker Apple later as part of what has already been a frenetic week of ‘Big Tech’ reports. [.N]
Google parent Alphabet’s shares had leapt 7% in extended Wall Street trading on Wednesday after it beat forecasts. Microsoft and Amazon’s were also solid although Facebook and Instagram owner Meta tumbled 7% on its plans to plough billions more into AI and datacentres. [.N]
Europe’s attention was now on what the ECB and BoE will signal, especially after Wednesday’s shift in tone at the Fed.
Three of the U.S. central bank’s board members voted to drop the easing bias in its policy statement in the most divided decision since 1992.
Outgoing Chair Jerome Powell confirmed he would stay on as a governor for now to defend the institution’s independence as his successor Kevin Warsh, picked by low-rate advocate U.S. President Donald Trump, moves toward confirmation.
Laura Cooper, Global Investment Strategist and Head of Macro Credit at fund manager Nuveen, said the BoE meeting would be watched particularly closely, as markets have been pricing in multiple rate increases when it is over.
“The UK is so interesting to me in the sense that we see that as probably among the greatest mispricings in markets right now,” Cooper said, explaining that she expected a very different picture to play out given the likely hit to the UK economy.
“We think the BOE will have to cut; their next move will be a rate cut, probably not until Q4.”
Reporting by Stella Qiu and Reuters newsrooms; Editing by Tom Hogue, Thomas Derpinghaus and Timothy Heritage
The National Statistics Institute (INE) said in a statement that the contribution of net external demand to the quarter-on-quarter growth turned negative as imports grew more strongly than exports
International News via Reuters:
Portugal’s economy stagnated in the first quarter compared to the previous three-month period, when it expanded 0.9%, official data showed on Thursday, after severe storms and floods in January and February hit the export-heavy central region.
The National Statistics Institute (INE) said in a statement that the contribution of net external demand to the quarter-on-quarter growth turned negative as imports grew more strongly than exports.
By contrast, the contribution of domestic demand turned positive, with a “marked acceleration in investment”, benefiting from EU funds, even as private consumption slowed.
INE said in its flash estimate that gross domestic product still rose 2.3% in the first quarter from the same period a year earlier. In the fourth quarter, GDP grew 1.9% year-on-year.
Paulo Rosa, senior economist at Banco Carregosa, said the data showed that although Portugal’s economy remains resilient compared with a year earlier, reflecting the positive momentum of 2025, “it lost momentum at the start of 2026, pointing to a slowdown” due to the storms and energy price hikes amid the Iran war.
In March, the Bank of Portugal revised down its 2026 growth forecast to 1.8% from 2.3% in December, a projection the government has so far maintained. The economy grew by 1.9% last year.
Rosa sees the economy growing 1.8% to 1.9% this year.
Reporting by Sergio Goncalves; editing by Andrei Khalip and Ros Russell
Troika Bermuda – the performing arts and entertainment charity – is gearing up for opening night of Rooted… From the Ground Up this Thursday at the Earl Cameron Theatre. The production, part of the Young Choreographer Showcase, opens a three-night run from April 30th through May 2nd, with limited tickets remaining and organizers encouraging the public to secure seats soon.
Kendal Trott joined rehearsals for a behind-the-scenes look and spoke with the Co-Founders and Co-Creative Directors of Troika Bermuda, who shared more about the production and what audiences can expect from this year’s performance.
Public invited to watch from designated viewing area at Bermuda Aquarium Museum and Zoo as King Charles III visits during 100th anniversary celebrations
As the Bermuda Aquarium Museum & Zoo (BAMZ), prepares to welcome His Majesty King Charles III to the Bermuda, the public is advised that the facility will be temporarily closed during the morning of Friday, May 1st, to help safely prepare for this exciting occasion.
HM The King will be visiting the Aquarium and Trunk Island to learn more about local wildlife and conservation efforts as well help us celebrate BAMZ’s 100th Anniversary.
BAMZ will reopen the facility at 2:00 p.m., on May 1st, and looks forward to welcoming members of the public for an afternoon adventure.
For those interested in observing the visit, a designated public viewing area will be available in the BAMZ parking lot across from the facility. Parking for visitors will be available at Flatts Cricket Field.
BAMZ thanks the public for their understanding and flexibility as they prepare for this memorable day.
The public is encouraged to follow updates via the Government of Bermuda’s official Royal Visit webpage.
Media release supplied by the Government of Bermuda.
Department of Workforce Development relaunches 2026 programme to help Bermudians build practical AI skills for work and everyday productivity
Back by popular demand, the Department of Workforce Development is pleased to reintroduce its AI Education Series 2026 to equip Bermuda’s workforce with essential skills for the future of work.
Delivered in partnership with AI expert and educator Amrita Bhalla of A.B. Consulting, the virtual training initiative will provide participants with practical, immediately applicable skills to improve productivity, build digital confidence and enhance competitiveness in today’s evolving workplace.
The programme features two distinct training streams to support both personal and professional development:
Stream 1: Foundational AI for Personal Productivity Designed for individuals seeking to use AI tools to improve daily tasks, increase efficiency and build confidence with emerging technology.
Stream 2: AI Upskilling for Professional Productivity Designed for working professionals seeking to integrate AI into their job functions, enhance workplace efficiency and support improved business results.
Each stream consists of three weekly modules. Participants must complete all three modules within their chosen stream to receive an AI Training Certificate. Individuals may also enrol in both streams to build broader AI competency.
Minister of Economy and Labour, the Hon. Jason P. Hayward, JP, MP, said, “As the world of work continues to evolve, it is essential that Bermudians are equipped with the skills needed to remain competitive. This initiative ensures that our workforce is prepared to engage with emerging technologies in practical and accessible ways, supporting both individual growth and national productivity.”
Amrita Bhalla, Managing Director of A.B. Consulting, added, “We are pleased to continue partnering with the Department to deliver practical AI training that helps individuals build confidence and apply these tools effectively in their daily work.”
To fully engage in the programme’s hands-on learning approach, participants must create a free account with AI platform tools such as ChatGPT, Claude, or Gemini before the first session.
The basic free versions of these tools are all that is needed to participate in the training.
Registration details, programme dates and additional information are available at dwd.bm/courses/.
For more information, contact the Department of Workforce Development at dwdlearning@gov.bm.
Media release supplied by the Government of Bermuda.
Road closures and delays expected across Hamilton, St. George’s and Dockyard as King Charles III visits Bermuda May 1–2
Members of the public are advised that traffic restrictions will be in place from May 1st & 2nd, in connection with events associated with the Royal Visit of His Majesty King Charles III.
Road restrictions and temporary traffic controls are expected in parts of Hamilton, St. George’s and Dockyard during the visit.
In addition, King’s Square, St. George’s, will be closed from 7.00 am to 12.00 pm on Friday, 1 May.
Motorists, commuters and pedestrians should expect possible delays in and around these areas and are encouraged to plan ahead, allow extra travel time and follow the instructions of Police Officers and traffic marshals on site.
Members of the public are encouraged to come out to King’s Square as well as to City Hall and Dockyard to welcome His Majesty to Bermuda.
The Government thanks commuters and the public in advance for their patience and cooperation as Bermuda hosts the historical visit of His Majesty The King. The public is encouraged to stay follow updates via the Government of Bermuda’s official Royal Visit webpage.
Media release supplied by the Government of Bermuda.
Bermuda Post Office releases $35 overprint Express Stamp to commemorate King Charles III’s April 30–May 2 visit to the island
The Bermuda Post Office is pleased to announce the release of a special overprint Express Stamp commemorating the official visit of His Majesty King Charles III to Bermuda from April 30 to May 2, 2026.
This limited-edition issue celebrates the enduring relationship between Bermuda and the British Crown and marks a significant moment in the island’s history.
As both a functional postal item and a collector’s keepsake, the stamp honors His Majesty’s visit and its importance to the people of Bermuda.
The overprint Express Stamp will be available starting April 30, 2026, at a cost of $35.00. Orders may be prepaid for collection or mailing on the day of issue at the Bermuda Post Office and all sub-post offices.
The changes to the AI Act, which entered into force in August 2024 with key elements set to be enforced in stages starting this year, are part of the European Commission’s Digital Omnibus
International News via Reuters:
EU countries and European Parliament lawmakers failed to reach a deal on watered-down landmark artificial intelligence rules after 12 hours of negotiations on Tuesday and will resume talks next month.
The changes to the AI Act, which entered into force in August 2024 with key elements set to be enforced in stages starting this year, are part of the European Commission’s Digital Omnibus, which aims to simplify a slew of regulations in the digital sector to help businesses catch up with U.S. and Asian rivals.
Europe’s AI rules, considered to be the strictest in the world, came amid concerns about the impact of the technology on children, workers, companies and cybersecurity.
“It was not possible to reach an agreement with the European Parliament,” a Cypriot official said. Cyprus currently holds the rotating EU Council presidency.
Dutch lawmaker Kim van Sparrentak criticised the failure to reach a deal.
“Big Tech is probably popping champagne. While European companies that care about safety and did their homework now face regulatory chaos,” she said in a statement.
People with direct knowledge of the negotiations said the next round of discussions will likely be in two weeks’ time.
They said the negotiations which started at 1100 GMT on Tuesday were stymied by some countries and some lawmakers’ insistence that industries already subject to sectoral regulations, such as product safety rules, should be exempted from the AI legislation.
The AI regulation sets out stricter requirements on the use of the technology in “high-risk” areas such as biometric identification, utilities supply, health, creditworthiness and law enforcement.
The Omnibus package also includes the General Data Protection Regulation (GDPR), the e-Privacy Directive and the Data Act, among others.
Proposed changes to these regulations and the AI Act have drawn criticism from privacy activists and civil rights groups about caving to Big Tech.
Reporting by Foo Yun Chee; Editing by Stephen Coates
The Fed’s 8–4 vote marked its most divided decision since 1992, underscoring the challenge incoming Fed Chair Kevin Warsh will face in pushing for rate cuts
International News via Reuters:
The dollar strengthened against major currencies on Wednesday after the U.S. Federal Reserve left interest rates unchanged, with investors also on edge as the U.S.-Israel war with Iran shows little sign of easing.
The Fed’s 8–4 vote marked its most divided decision since 1992, underscoring the challenge incoming Fed Chair Kevin Warsh will face in pushing for rate cuts. Current Chair Jerome Powell’s term ends on May 15.
Speaking at a press conference, Powell said that despite dissent from four officials who opposed maintaining an easing bias, he does not see the Fed tilting toward raising interest rates.
The euro slipped 0.35% to $1.167150, while sterling fell 0.36% to $1.34705.
“The main thing is that announcement revealed that there are three people thinking that we should be hiking interest rates or should not have an easing bias and that we should be worried about inflation,” said Juan Perez, director of trading at Monex USA in Washington.
“Kevin Warsh seems a lot like Powell and is likely not going to be a dove. He’s also not entering a Fed that is thinking of stimulus; they’re actually thinking hawkishly. And then more importantly, in the global perspective, central banking has a lack of consensus, which is actually helping the U.S. dollar,” Perez said.
The dollar rose 0.23% to 0.7911 Swiss francs, while the dollar index gained 0.35% to 98.938.
Markets are also eyeing decisions from major central banks including the European Central Bank and the Bank of England. Bank of Canada had on Wednesday kept its key interest rate unchanged.
U.S. President Donald Trump discussed how to mitigate the impact of a possible months-long U.S. blockade of Iran’s ports with U.S. oil companies, a White House official said on Wednesday.
Oil prices climbed for an eighth straight session — the longest run since May 2022, following Russia’s invasion of Ukraine — with the front-month June contract, which expires on Wednesday, rising 6% to settle at $118.03 a barrel.
“Oil prices moved higher based on latest developments; and when oil prices move, yields tend to move higher and at the same time long-term inflation expectations haven’t moved,” said Axel Merk, president and chief investment officer at Merk Investments in Palo Alto, California.
“Taking it together, this is a tightening of financial conditions and a raising of real interest rates, which is supportive for the dollar – meaning all else being equal that weakens other currencies,” he said.
YEN INTERVENTION WATCH
The yen weakened above 160 per dollar, edging closer to levels that have previously triggered intervention, despite the Bank of Japan signaling after its policy meeting on Tuesday that it could raise rates in coming months.
The Japanese currency has fallen about 0.6% against the dollar and more than 2% since the war began, partly reflecting Japan’s vulnerability to higher imported energy costs.
“The trade-weighted yen has reached its lowest level since the early 1990s, and the MoF (Ministry of Finance) has become increasingly vocal about yen weakness, emphasizing the administration’s readiness to respond and “close coordination with the US” on the currency. Naturally, these developments have prompted renewed concerns of imminent intervention,” Goldman Sachs analyst Karen Fishman said in an investor note.
The yen was last down 0.49% at 160.40 per dollar and down 0.12% at 187.22 per euro.
Reporting by Chibuike Oguh in New York; Editing by Alison Williams, Lisa Shumaker and Nick Zieminski
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