Oil prices retreat and global stocks hit record highs after Trump hails ‘great progress’ on Iran deal – business live

A picture


Next has revealed far stronger sales than expected in the UK in the three months to the end of April – up 4.4% instead of the 1.3% predicted – thanks to bumper sales during warm weather in February and March.The company said it now expects full year sales to rise by 5%, including 1% growth in the UK where it anticipates prices will rise by no more than 0.6% as a result of higher costs linked to the Middle East conflict.

Outside the UK, it still expects strong growth but it will put prices up in the Middle East to offset higher costs of transport and energy linked to the conflict,Next said it expected an additional £20m of costs to the UK business from higher freight, fuel and energy costs while the cost of delivering to the Middle East is expected to rise by £17m, with other overseas costs rising by a further £10m,Overseas costs will be offset by putting prices up by as much as 8% in the Middle East,Prices will not rise in Europe, where most cost increases have been offset by currency gains,In the UK, price rises are being offset by cost savings including lower factory prices.

The retailer added £8m to its full year profit expectations taking the total to just over £1.2bn.UK government bond yields have dipped slightly after Tuesday’s surge, which saw long-term borrowing costs surge to a 28-year high, limiting the chancellor Rachel Reeves’ room for maneouvre.The yield, or interest rate, on 30-year gilts has slipped 5 basis points to 5.48%, after climbing to 5.

8% at one stage on Tuesday and later settling at 5.74%, the highest since 1998.The yield on the 10-year government bond also dipped 5 bps to around 5%.Kathleen Brooks, research director at the investment platform XTB, said:double quotation markWhat made Tuesday’s sell off particularly worrying was that it happened in isolation.There was no major sell off in bond markets in the US or Europe, and UK yields also decoupled from the oil price; UK yields rose even as the price of crude oil fell.

This suggests something else is triggering this sell-off, which explains why UK yields are being targeted more than their peers,Typically, when bond yields decouple from their peers it signals a rising local risk premium, such as a credibility issue and/or a potential funding crisis,This time, it also signals a rising political risk premium being added to UK yields,Traders are watching local elections in Britain on Thursday, which are likely to add to pressure on Keir Starmer and raise questions over his future,Meanwhile, spot gold has risen 2.

4% to $4,666 an ounce.The French shipping group CMA CGM said today that one of its vessels, the San Antonio, has been the target of an attack while transiting the strait of Hormuz, resulting in injuries among crew members and damage to the vessel (which might have prompted Donald Trump’s softening of tone).The injured crew members from the attack, which happened on Tuesday, have been evacuated and are being provided with medical care, the company said.double quotation markCMA CGM is closely monitoring the situation and remains fully mobilised alongside the crew.We are off to a good start in Europe too.

The FTSE 100 index in London has jumped 1.5%, or 153 points, to 10,372 in early trading.Diageo shares rose 4.6% (they were up 5.5% at the open) after the world’s top spirits maker, which also makes Guinness, posted surprise growth in quarterly organic sales, with strong performances in Europe annd Latin America offsetting weakness in the US, its biggest market.

The company stuck to its 2026 forecast and said it was mindful of the Middle East war’s impact on energy, suppy and distribution,Mining (Anglo American, Antofogasta and Fresnillo) and banking stocks (Standard Chartered and NatWest Group) are also among the top risers in London,The Italian borsa rose 1,3% while the French and Spanish markets climbed about 1%,Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

Asian stock markets hit record highs, following in Wall Street’s footsteps, and oil prices retreated after Donald Trump hailed “great progress” towards a “final agreement” with Tehran.Brent crude oil futures fell nearly 2% to $107.7 a barrel.The dollar lost 0.36% against a basket of major currencies.

The US president said last night he was pausing ‘Project Freedom’, the US effort to guide stranded vessels out of the strait of Hormuz launched on Monday, but added that his blockade of Iranian ports would remain in place.In a social media post, Trump said he made the move baseddouble quotation markon the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran”.Iran is yet to comment.MSCI’s All-Country World Index rose 0.56% to a new record while the broadest index of Asia-Pacific shares outside Japan leapt 2.

8% at one stage, but then dipped 0.1%.South Korea’s Kospi jumped nearly 8% through the 7,000 mark for the first time as the Seoul market reopened after a holiday.Samsung Electronics surged 15% which took its market value above $1 trillion, ahead of Warren Buffett’s investment firm Berkshire Hathaway and closing in on the retailer Walmart.Japan’s Nikkei rose almost 0.

4%, Hong Kong’s Hang Seng added 0.8% and China’s CSI 300 and the Australian market were 1.3% ahead.Stocks on Wall Street hit fresh all-time highs on Tuesday with the S&P 500 index up 0.8% and the tech-heavy Nasdaq Composite gaining 1% amid a wave of AI-driven trades.

Chris Weston, head of research at the broker Pepperstone in Melbourne, told Reuters:double quotation markInvestors bought and continue to add to positioning in the 2026 winners,There has been some buying in S&P 500 materials stocks, but it’s tech that continues to attract the bulk of flows, notably in Apple and the memory plays,The Agenda9am BST: Eurozone services and composite PMIs for April9,30am BST: UK services and composite PMIs for April1,15pm BST: US ADP employment change for April
societySee all
A picture

Ann Barrett obituary

In 1968, when Ann Barrett qualified in medicine, the fast-changing specialty of oncology was a magnet for young doctors as new drugs and technology were beginning to nudge up survival rates. In her distinguished 40-year oncology career, Barrett, who has died aged 83, played a key part in improving cancer outcomes, particularly for children, becoming a world authority on paediatric radiotherapy.As chair of radiation oncology first at the University of Glasgow and then at the University of East Anglia, she was highly influential in the profession with more than 150 published academic papers. She had a significant impact on student education and was a leading contributor to several textbooks that are still “go-to” classics, including Practical Radiotherapy Planning (1985, now in its fifth edition, 2023), and Cancer in Children: Clinical Management (1975, now in its seventh edition, as the Oxford Textbook of Cancer in Children, 2020).After training at St Bartholomew’s hospital in London and various junior doctor posts, in 1977 Barrett became a consultant at the Royal Marsden hospital, a world leader in cancer research; Barrett specialised in brain tumours in children and in irradiating the central nervous system (the brain and spine)

A picture

Dame Shirley Porter obituary

There was a time in the late 1980s when Shirley Porter was the second most famous and powerful female politician in Britain: “the Iron Lady of the town halls”. Like her heroine, Margaret Thatcher, she was a grocer’s daughter, though the family business, Tesco, was somewhat bigger than the prime minister’s corner shop. Porter’s eventual fall from grace was devastating both for her personal reputation and for Thatcherism’s perceived way of doing things. She was, simply, the most corrupt politician of her time.Porter, who has died aged 95, was pursued by the district auditor from her power base at Westminster city council, where she was leader for eight years, 1983-91, and eventually found to have acted illegally in selling council houses with the aim of increasing Conservative votes, in what became known as the “homes for votes” scandal

A picture

Slow Alzheimer’s diagnoses ‘mean UK patients missing out on experimental treatments’

People with Alzheimer’s disease are missing out on experimental treatments because they are not diagnosed early or accurately enough to be enrolled in clinical trials, a UK charity has said.Trials of Alzheimer’s drugs reached a record high this year, according to data published on Tuesday, but Alzheimer’s Research UK said too few UK patients were taking part because their diagnoses were delayed or were not specific enough.The warning suggests patients are being left behind as research gathers momentum and branches out to tackle the condition on multiple fronts, a strategy that scientists consider to be crucial for halting the disease.Dr Sheona Scales, the director of research at Alzheimer’s Research UK, said the recent surge in clinical trials was driving demand for participants, but without a large and diverse range of patients to match to trials the UK risked missing out. “People won’t have access to the next generation of Alzheimer’s treatments,” she said

A picture

‘Group is a lifesaver’: strangers buy Wetherspoon’s meals for homeless people through app

Carl used to own pubs – several of them – and a string of hotels. Then two years ago, rising costs forced him into bankruptcy. Now he sleeps on the beach in summer, and in winter sits in an all-night McDonald’s nursing a single cup of coffee.Carl’s daughters are in a different part of the country with his ex-wife. To maintain the illusion that he lives a normal life, Carl is careful only to video-call them from the local Wetherspoon’s with a meal and a drink carefully positioned in shot

A picture

Parliament must heed public opinion on assisted dying | Letters

The Nuffield Council on Bioethics is an independent research and policy centre that aims to put ethics at the centre of decision-making about bioscience and health so that we all benefit. We agree that public views should be central to the debate on assisted dying (Editorial, 29 April). This is why we commissioned England’s first citizens’ jury on assisted dying in 2024, which produced rich and independent evidence about what the English public think about assisted dying, and the ethical, social and practical considerations that underpin their views.Over eight weeks, 30 jurors – who were reflective of the demographic makeup of the English population – spent a total of 24 hours hearing evidence from experts, engaging with perspectives from all sides of the debate, and deliberating in groups.At the final vote, the jury concluded that the law should be changed to permit terminally ill adults, with capacity, to access an assisted death

A picture

Man produces sperm from testicular tissue frozen as a child in breakthrough trial

In a groundbreaking fertility trial, a man whose testicular tissue was frozen before he underwent chemotherapy as a child to be re-transplanted 16 years later has been able to produce sperm.It is the first time a transplant of cryopreserved prepubertal testicular tissue has been demonstrated to restore sperm production in an adult patient. The 27-year-old man had the sample frozen when he was 10, before undergoing potent chemotherapy as part of treatment for sickle cell disease.“This is a huge finding,” said Prof Ellen Goossens, of the Vrije Universiteit Brussel, who led the trial. “Many more people will have hope that they can have biological children