UK Retail Sales Soar Again as Brits Bask in Sunshine, ONS Says
UK retail sales soared in April, continuing a surprisingly strong start to the year in a further sign that consumers are proving resilient in the face of rising bills and Donald Trump's global trade war.
The volume of goods sold online and in stores increased 1.2% on the month, the Office for National Statistics said Friday. It marked the fourth consecutive monthly rise and followed the best quarter that British retailers have had since 2021. Economists were expecting a 0.3% increase.
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Miami Herald
40 minutes ago
- Miami Herald
Trump's Best Friends in the Middle East Emerge as Israel-Iran War Winners
Gulf states with strong ties to President Donald Trump are emerging from the war between Israel and Iran with greater regional influence and with some of their longstanding security concerns over Iranian power assuaged. The states, including Saudi Arabia, Qatar and the United Arab Emirates, are increasingly positioning themselves as pivotal players diplomatically as well as being economic hubs in a region where a contest for power also involves Iran, Israel and NATO member Turkey. "Gulf countries have become a center of gravity in the region and have emerged as global centers of power collectively and individually, recognized not just for the money that they have but for the friends and diplomatic activities that resonate very well with world capitals, from Beijing to Moscow to Washington," said Abdulkhaleq Abdulla, a professor of political science in the United Arab Emirates. "It's still the Gulf's moment and it's here for years to come," he told Newsweek. The latest conflict is bringing about a strategic rebalancing in the Middle East. Amid uncertainty over the region's direction, Arab states are eager to assert leadership and welcome checks on Iranian influence while still standing aloof from Israel and critical of its actions. Trump, meanwhile, sees tremendous interests in close ties with Saudi Arabia, Qatar and the United Arab Emirates and also NATO ally Turkey - while maintaining his longstanding relationship with Israel. The three Gulf countries were destinations on his first overseas trip in May and witnessed major business and arms deals as well as diplomatic talks. Trump did not visit Israel at the time. Another of the states, Oman, has hosted key U.S.-Iran nuclear negotiations. "Furthermore, they have embraced transnationalism and that stands them in good stead with the Trump administration and leaves traditional states, such as Egypt and Jordan in the background," Dr. Neil Quilliam, Associate Fellow, Middle East and North Africa Programme at Chatham House told Newsweek. Although a ceasefire between Israel and Iran remains shaky, it does not undermine the position of the Gulf states. Iran's nuclear program, its missile bases and its proxy forces in the region have all been badly damaged. Yet with Israel's main security concern over Iran addressed, at least for now, it could also start to come under greater U.S. pressure to rein in its military actions. The role of the Gulf countries in the war diplomacy is nowhere better exemplified than by Qatar, whose U.S. air base came under Iranian missile fire in retaliation for the U.S. bombing of Iranian nuclear sites. The U.S. had been given prior notice of the attack, coordinating with Gulf partners, who closed their airspaces shortly before Iran fired. "It is unsurprising given the strength of ties between Qatar and Iran that Doha was able to help negotiate the ceasefire between Tehran and Tel Aviv," Quilliam added. Qatar's Foreign Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani condemned Iran's missile attack but said: "Iran is a neighboring country, and the Iranian people are a friendly people. We look forward to building a clear and solid understanding that ensures such incidents are not repeated." Iran also tried to play down its own attack, with foreign ministry spokesperson Esmail Baqaei saying: "This act of self-defense had nothing to do with our friendly neighbour Qatar as we enjoy excellent and deeply rooted relationships." The Gulf states, along with Egypt, had also been critical of both Israeli and U.S. attacks on Iran - despite decades of what they have seen as its destructive interference in Arab affairs. "In many ways, we have the end of imperial Iran, losing most of its bargaining power. Without proxies, missile and a strong nuclear power, Iran is weak and that's good for the region we haven't seen that for the past 45 years," Abdulla said, while adding: "The rise of imperial Israel is not good either for the stability of region." A big question now is around the relationship between the Gulf States and Israel. The UAE, along with Bahrain, was a signatory to the Abraham Accords peace agreements with Israel, but Saudi Arabia and Qatar were not and hold out some bargaining power as potential future members. Israel's devastating response to the October 2023 attack by Iranian-backed Palestinian group Hamas in the Gaza Strip has made it very difficult for them to go into any rapid agreement - although it is also worth noting that none of the countries that already had ties with Israel have pulled back from them. A major test for the Gulf states in their relationship in Israel will be their role in Gaza and in pushing the longstanding demand they have for a Palestinian state alongside Israel. While the three leading Gulf countries can support political and financial efforts to address the Palestinian cause, they are "not influential enough" to persuade Trump to pressure Netanyahu to change course and accept the two-state solution, Quilliam said. Qatar and Saudi Arabia's criticism about Israel's actions in Gaza, the West Bank, Syria and Iran is where they can differ with the U.S., according to Quilliam. "But they need to remain engaged and constructive to remain influential. Their deliberate position in the middle gives them leverage to play so they won't give that up easily." Related Articles Lindsey Graham Breaks With Donald Trump Over IranEurope Can Handle Security if US Retreats From Continent, NATO Leader SaysDonald Trump Makes New Supreme Court Request Over DeportationsOne-Man Declarations of War Threaten the Nation and the World | Opinion 2025 NEWSWEEK DIGITAL LLC.
Yahoo
43 minutes ago
- Yahoo
Trump Baffles With Sudden U-Turn on China Buying Iranian Oil
(Bloomberg) -- President Donald Trump on Tuesday appeared to undermine years of US sanctions on Iran, giving its biggest customer China the green light to carry on buying its oil as he seeks to bolster a ceasefire with Israel. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice US State Budget Wounds Intensify From Trump, DOGE Policy Shifts US Renters Face Storm of Rising Costs Commuters Are Caught in Johannesburg's Taxi Feuds as Transit Lags The announcement on social media — which surprised both oil traders and officials in his own government — could undermine the central element of Washington's Iran policy under multiple administrations, which have sought to cut the regime's main source of revenue by making its top export off limits. 'China can now continue to purchase oil from Iran,' the president said on Truth Social, amid a flurry of posts demanding Israel and Iran cease hostilities. The statement landed only hours after Trump declared the Middle East rivals had agreed to a ceasefire, which got off to a shaky start with early breaches by both sides. It follows massive US airstrikes on several of the Islamic Republic's nuclear facilities Sunday, an offensive aimed at stopping Tehran from obtaining an atomic weapon. Oil prices extended losses after Trump's comments, with West Texas Intermediate futures sinking 6% to settle near $64 a barrel in New York. The market had already plunged in recent days as the threat to oil flows from the Israel-Iran conflict faded. US Treasury and State department officials handling Iranian oil sanctions were surprised by Trump's statement and uncertain how to immediately interpret it, according to people familiar with the situation. In the meantime, however, Treasury will continue to strictly enforce related sanctions, said one of the people, who asked not to be identified given the political and market sensitivity of the issue. The White House and Treasury Department didn't immediately respond to requests for comment, while the State Department referred questions to the White House. Tammy Bruce, State Department spokeswoman, declined to provide further specifics during a briefing Tuesday. 'I'm not going to get ahead of the president or try to guess what his strategy will be,' she said when asked about the comment. 'Things happen quickly and I think we'll find out sooner than later.' The apparent shift also comes as the Trump administration seeks to hammer out a new trade framework with China and climb down from a tariff war that saw duties reach levels high enough to cut all trade between the world's two biggest economies. The comments appeared to be Trump 'throwing a bone' to China and Iran for cooperating in their respective talks with the US, said Mark Malek, chief investment officer at Siebert. 'Most of us are thinking that it's just rhetoric at this point. But it definitely took me by surprise.' Allowing a specific carve out for China may be an effort by Trump to send positive signals to Beijing as he seeks a new tariff deal, said a person familiar with the president's thinking, also asking not to be identified. While the potential shift may ease some legal risks around China's buying of Iranian oil, it's unclear what impact the change would have on actual flows. China, the world's biggest importer, gets about 14% of its crude from Iran. But that figure is likely higher as some imports are masked as shipments from Malaysia, as well as the United Arab Emirates and Oman, in order to circumvent US sanctions, which Beijing doesn't recognize. Iran's oil, often purchased at a discount, is vital for China's substantial private refining sector, a crucial source of energy for its economy, which has struggled under the weight of a slumping property sector. 'The Iranian oil sanctions have been so significant for so long, but also with relatively muted enforcement,' said Daniel Tannebaum, former Treasury official and partner at Oliver Wyman. 'It would be premature to think that this policy — which would benefit both China and Iran — would go ahead without a longer term view of ensuring stability in the region, before just literally opening up the spigots to allow legal trade of Iranian oil by China.' Trump as recently as last month insisted all purchases of Iranian oil or petrochemical products 'must stop, NOW!' and that buyers would be subject to secondary sanctions and prevented from engaging in any business with the US. That threat built on previous warnings from his administration. In February, Treasury Secretary Scott Bessent said Washington intended to squeeze Iran's oil exports to less than 10% of current levels, as it renewed the 'maximum pressure' campaign deployed during Trump's first term. As part of that effort, the US has sanctioned hundreds of oil tankers for their role in handling Tehran's petroleum and, absent an easing in those measures, some buyers may still take a more-cautious approach. The White House has also targeted Chinese entities that bought Iranian oil, something that could make other buyers wary. Likewise, secondary sanctions on Iran's sales remain in place and its not clear where the president's remarks will leave those. The sanctions were intended to force Iran to voluntarily give up uranium enrichment so that it would never be in a position to obtain a nuclear weapon. It's still unclear if US airstrikes over the weekend seriously damaged the country's nuclear facilities, while the International Atomic Energy Agency still doesn't know what happened to Tehran's stockpile of 409 kilograms (902 pounds) of highly-enriched uranium — potentially enough for 10 nuclear warheads. --With assistance from Alaric Nightingale, Julian Lee, Jordan Fabian, Alexander Pearson and Kate Sullivan. (Updates to recast, adds details and context throughout.) Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
43 minutes ago
- Yahoo
S&P 500 Gains and Losses Today: Coinbase Shares Soar; Oil and Defense Stocks Drop
The S&P 500 added 1.1% on Tuesday, June 24, 2025, as optimism spread about a possible de-escalation in the conflict between Israel and Iran. Coinbase shares surged, extending their solid rally as Benchmark analysts boosted their price target on the cryptocurrency exchange operator's stock. The potential for an alleviation of geopolitical tensions contributed to a drop in oil prices, pressuring oil and gas stocks, while aerospace and defense stocks also lost U.S. equities indexes gained ground on Tuesday after President Donald Trump announced a ceasefire agreement between Iran and Israel, raising hopes for a more sustained drawdown in hostilities. Investors also kept an eye on Congressional testimony by Federal Reserve Chair Jerome Powell. Powell indicated that the central bank intends to maintain interest rates at their current levels until there is more clarity on tariff policy and its potential economic impact, despite the White House's calls for immediate rate cuts. The S&P 500 gained 1.1%, closing just beneath its record-high level set in February. The Dow was up 1.2%, while the Nasdaq jumped 1.4%. Shares of Coinbase Global (COIN), operator of the largest cryptocurrency exchange in the U.S., skyrocketed 12.1% on Tuesday to secure the S&P 500's top performance. Analysts at the research firm Benchmark lifted their price target on Coinbase stock, pointing to favorable legislative and regulatory developments and the company's initiatives to capitalize on them. Secretary of Health and Human Services Robert F. Kennedy Jr. announced that the department would launch a massive advertising campaign to encourage the use of wearable health devices. Kennedy specifically mentioned the benefits of glucose monitors for patients managing diabetes. Shares of glucose monitor manufacturer Dexcom (DXCM) surged 9.7%. Uber Technologies (UBER) shares jumped 7.5% as the ridesharing company debuted its robotaxi service in Atlanta. Uber's partnership with Waymo, the autonomous vehicle company owned by Google parent Alphabet (GOOGL), initially offers service in 65 square miles of Atlanta, around half the city's footprint. Carnival Corporation (CCL) posted better-than-expected sales and profits for its fiscal first quarter, and the cruise operator's shares sailed 6.9% higher. The company also boosted its full-year profit outlook, pointing to increases in passengers carried and passenger cruise days as well as declining costs. Shares of competitors Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Group (RCL) also advanced. AutoZone (AZO) shares dropped 3.6%, losing the most of any S&P 500 stock on Tuesday, following reports that a senior vice president at the auto parts retailer had sold a stake in the company worth more than $2.5 million. Investors often view large sales by company insiders as a negative signal for a stock. Crude oil futures tumbled as optimism around de-escalation in the Middle East helped alleviate potential supply concerns. Shares of energy company Occidental Petroleum (OXY) fell 3.3%, while Exxon Mobil shares (XOM) were down 3%. The potential for calming geopolitical tensions also pressured defense stocks. Northrop Grumman (NOC) shares dropped 3.2%, while shares of aerospace and defense peers RTX Corp. (RTX) and Lockheed Martin (LMT) also traded lower. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
