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US markets see biggest slump since start of US-Israel war on Iran

about 13 hours ago
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US markets saw their biggest slump since the start of the US-Israel war with Iran on Thursday as Donald Trump said the conflict’s impact on oil prices had not been as bad as he expected.The Dow closed 450 points down, while the S&P 500 dipped 1.7%.The tech-heavy Nasdaq fell 2.3%, plunging into correction territory, which happens when an index falls at least 10% below its most recent peak.

Oil prices have surged since the start of the conflict, reaching levels not seen since Russia’s invasion of Ukraine pushed up global oil prices in 2022 and 2023.At the end of day on Thursday, Brent crude oil, the global benchmark, was about $107 a barrel while US crude hit $93 a barrel.Average US gas prices at the pump reached $3.98 a gallon, according to AAA.Despite the soaring prices, Trump said that oil prices “have not gone up as much as I thought” during a cabinet meeting on Thursday,“It’s all going to come back down to where it was, and probably lower,” he added.

The president also predicted the impact on the stock market would reverse once the conflict ends.Markets have been growing weary of Trump as he has continued to give an extremely mixed picture of where the US stands in negotiations with Iran.Stocks dipped on Thursday morning after Trump posted a warning to Iranian negotiators that they “better get serious, before it’s too late”.“Once that happens, there is NO TURNING BACK, and it won’t be pretty!” Trump wrote.But later in the morning, Trump said that there were “very substantial talks” happening with Iran and that the country allowed 10 oil tankers to pass the blocked strait of Hormuz.

Trump said the passage was a “present” from Iran to the US amid the conflict.Right after markets closed, the White House announced it will extend a pause on Iranian energy infrastructure strikes by 10 days, until 6 April.“Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well,” Trump wrote on Thursday afternoon.Trump’s comments came as a new report estimates US inflation will average 4.2% this year, compared with an average of about 2.

6% in 2025, according to the Organization for Economic and Cooperation and Development (OECD).The increase in inflation reverses what was expected to be strong growth for the global economy before the conflict began.Inflation is expected to be 1.2% higher on average across the G20 countries.Much of the squeeze stems from higher oil prices, which can trickle down the supply chain.

The OECD’s report noted the impact on the price of fertilizer, which is imported heavily from the region, could particularly affect prices.“The evolving conflict in the Middle East has human and economic costs for the countries directly involved, and will test the resilience of the global economy,” the report said.
politicsSee all
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Reform busy firefighting in Scotland but may yet set Holyrood’s politics ablaze

Hope, change, progressive change, change with fairness at its heart – from a harbour north of Edinburgh to a hipster arts venue in Glasgow’s Barras Market, Scotland’s political parties spent the first official day of the Holyrood election campaign reaching for the phrase that best encapsulates what people will get if they vote for them on 7 May.Only one of the main parties did not hold an event to set out their stall on Thursday: possibly Reform UK was too busy firefighting after another of its Scottish parliament candidates quit, bringing to four the number who have stepped down or been suspended since they stood with the party leader, Nigel Farage, under a hail of turquoise confetti last week.But despite the bright spring sunshine, Farage was a shadow presence at the other launches, with the Scottish National party’s John Swinney and Scottish Labour’s Anas Sarwar in particular differentiated by their approach to him.At the newly renovated Citizens theatre in Glasgow, Swinney urged supporters to get out and campaign for a “historic” overall majority – as happened once before in 2011 under Alex Salmond – promising voters “a fresh start with independence”.An SNP majority would not only force another independence referendum, but also “lock Nigel Farage out of any influence” in Scotland, he said, speaking from a lectern emblazoned with the word “hope”

about 15 hours ago
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UK politics: Trump says UK’s aircraft carriers are just ‘toys’ – as it happened

Donald Trump has claimed that the UK’s two aircraft carriers, HMS Queen Elizabeth and HMS Prince of Wales, are little better than “toys”.The president hit out as he spoke on camera at the start of a cabinet meeting in the White House.In a rambling address, that covered a range of subjects, Trump revived his complaint about the UK not offering military help with the Iran war.He said that Nato had done “absolutely nothing” to support the US and he went on:double quotation markNow they all want to help. When they’re annihilated, the other side is annihilated, they said ‘we’d love to send ships’

about 16 hours ago
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Tories are convinced McSweeney’s phone is the only one in London not to have been stolen | John Crace

In recent years, the Conservatives and the rightwing media have gone to great lengths to tell us that London has become a no-go zone. A hellscape where women are afraid to leave their homes. Where every person of colour is a criminal. Where simply using your phone is an invitation to be mugged. Where the police do nothing, and to make it through the day alive is as much as anyone could hope for

about 17 hours ago
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Orgreave inquiry formally under way into policing during miners’ strike

The government has announced the formal start of the promised official inquiry into the violent policing at the Orgreave coking plant during the 1984-85 miners’ strike and the discredited prosecutions of 95 men that followed.Yvette Cooper, who was then the home secretary, announced the inquiry in July with Pete Wilcox, the bishop of Sheffield, as the chair. The government has since worked on appointing an expert panel to consider the evidence.The terms of reference, similar to those of the landmark Hillsborough independent panel, are to seek the fullest disclosure of information and to produce a report by spring 2028 that will “aid public understanding”.At Orgreave on 18 June 1984, three months into the strike by the National Union of Mineworkers against planned pit closures, about 8,000 miners assembled for a mass picket and were met by 6,000 police officers from forces nationwide, led by South Yorkshire police

about 19 hours ago
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Starmer tells Travelodge boss to engage with MPs over sexual assault case

Keir Starmer has written to the chief executive of Travelodge to press the hotel chain to “seriously engage” with MPs raising concerns about its protocols after a woman was sexually assaulted by a man who was given her room number and a keycard by staff.MPs who had sought an urgent meeting with Jo Boydell said the case of Kyran Smith, 29, who was jailed for seven and a half years last month, raised “deeply concerning” questions. He attacked the woman after a party in December 2022.Smith had falsely told reception staff at the Maidenhead branch of Travelodge that he was the victim’s boyfriend, and they gave him the woman’s room number and a keycard. He was jailed in February for sexual assault and trespass with intent to commit a sexual offence

about 20 hours ago
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‘Give the guy a chance’: Wes Streeting says he does not want Starmer ousted

Wes Streeting has said he does not want Keir Starmer to be challenged as Labour leader after the May elections as it would undermine the party’s election promise to voters to avoid more chaos.The health secretary, who is widely regarded as a prospective candidate in any contest, urged voters to “give the guy a chance” as he said that none of his colleagues would attempt to oust the prime minister.But while he played down the prospect of a leadership race being triggered, he did not rule out throwing his hat in the ring should one take place in the wake of catastrophic results.Streeting has kept a relatively low profile since the tumultuous day last month when the party’s Scottish leader called for Starmer to go. The health secretary had insisted he backed the prime minister and was not intending to move against him, but allies then suggested his ambitions had not been thwarted

1 day ago
technologySee all
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Google warns quantum computers could hack encrypted systems by 2029

about 19 hours ago
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Starmer vows to tackle social media’s ‘addictive features’ to protect children

about 20 hours ago
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Creator of AI actor Tilly Norwood says she received death threats over project

about 22 hours ago
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Charity Commission warns Alan Turing Institute of its legal duties after complaints

1 day ago
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Meta and YouTube designed addictive products that harmed young people, jury finds

1 day ago
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Record investment in quantum computing talent | Letter

1 day ago