Stock markets swing and oil prices fall after Trump postpones strikes on Iran power plants

Global stock markets swung wildly and oil prices fell on Monday after Donald Trump postponed US attacks on Iranian power plants for five days.European stock markets, which had been falling sharply in the hours before Trump’s social media post, mostly rose on Monday as relieved investors digested the update.The French Cac 40, the Spanish Ibex and the German Dax, which all also opened lower, were up by 0.8%, 1% and 1.2% respectively

EasyJet bookings fall because of Iran war as boss warns of air fare rises

The boss of easyJet has said the war in the Middle East has started to hit flight bookings, while the soaring price of oil would probably mean a rise in air fares by the end of the summer.The chief executive, Kenton Jarvis, said that while the airline had hedged much of its fuel into next year, avoiding soaring kerosene prices, it was “unavoidable” that some of the costs would be passed on in fares.He said forward bookings for summer had started to slow. With their proximity to the conflict, flights to Turkey, Cyprus and Egypt had been hit by the biggest drop in bookings, Jarvis said, and passengers had instead turned to the “usual suspects” of Spain, Greece and Portugal, which were “holding up pretty firmly”.He said: “We have seen a drop in bookings

Starmer says ‘every lever’ will be explored to ease rising costs of living from Iran conflict

Keir Starmer has promised to look at using “every lever that’s available to the government” to help people cope with the impact on the cost of living of the US-Israel war against Iran, as he prepares for an emergency meeting with senior ministers.The prime minister will chair a meeting of the Cobra committee to discuss possible contingency measures on Monday afternoon, joining Andrew Bailey, the governor of the Bank of England, Rachel Reeves, the chancellor, Ed Miliband, the energy secretary, and Yvette Cooper, the foreign secretary.Speaking to reporters during a visit to a school in London, Starmer said he wanted to reassure Britons that everything was being done to mitigate the economic effects of the conflict, which has resulted in energy prices soaring and the cost of government borrowing also rising.“Cobra is the opportunity at the highest level to bring people together on matters of real, significant national importance,” Starmer said.“Obviously, Cobras are usually used for military considerations, consular considerations, but I think with the Iran war, most people are very concerned now, not only what they’re seeing on their screens in relation to the conflict itself, but also that question of ‘How is it going to affect me and my family?’“And so today we’re looking at the economic impact, and I am asking for every lever that’s available to the government to deal with the cost of living to be discussed at Cobra

Idris Elba-backed firm Huel bought by Danone in €1bn deal

Huel, the protein shake maker which counts the actor Idris Elba among its investors, has agreed to be acquired by the French consumer goods group Danone in a deal worth about €1bn (£870m).The British company, which makes food powders, snack bars and meals from a blend of plant-based ingredients and fortified with vitamins, started out selling its powders online. It is now available in more than 25,000 stores around the world.The Huel co-founder Julian Hearn will make about £400m from the deal, according to filings at Companies House.He started the business in 2015 with the nutrition specialist James Collier, and remains one of the biggest shareholders in the business

Australia’s generation Alpha faces $185k bill over lifetime without urgent action on climate crisis, report finds

The next generation of Australian workers will cop a $185,000 bill over their lifetimes if the country does not act more urgently to address the climate crisis, according to new modelling by a team of young economists at Deloitte.The new report finds that global heating consistent with the current projections would cost the average millennial about $130,000 over the rest of their lives, increasing to $165,000 for gen Z.A gen Z Australian’s lifetime income could be $165,000 lower by 2070 without further global action.For generation Alpha, the eldest of whom turn 16 this year, the bill stretches to $185,000 a person by 2070.The report estimates the damage to worker productivity, infrastructure and property, as well as increased health risks and healthcare costs

UK mortgage interest rates expected to rise despite Trump’s Iran pause

Homeowners’ choice of mortgage deals has shrunk and interest rates on home loans are expected to rise this week despite financial markets reacting positively to Donald Trump’s pause on his threat to attack Iranian power plants.Early on Monday, as the end of a two-day deadline set by Trump for a deal with Iran grew closer, financial market data implied that investors believed the Bank of England would attempt to tackle rising prices with four quarter-point increases in rates before the end of December.After Trump instructed US defence officials to postpone airstrikes against Iranian energy infrastructure for five days, investors reduced the number of rate rises they expect to two quarter-point increases, from 3.75% to 4.25% this year