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The Iran war has changed. Trump’s talking points have not
Like Lucy with the football, President Donald Trump keeps teasing that a deal to end the war with Iran is nearly over.
Iran Businesses Buckle Under Strain of Record Internet Shutdown
Iran’s record internet blackout is taking a heavy toll on private businesses, with owners and industry officials warning that it could lead to mass layoffs and closures.
‘The odds are not in our favour’: who sets the Doomsday Clock – and what can they tell us about the future of humanity?
With the war on Iran, Ukraine, AI and climate breakdown increasing the likelihood of a nuclear war, the clock stands closer to midnight than ever before. So who decides how many seconds we have left – and can we buy ourselves more time?
China says exports grew at faster pace in April, rising 14.1% from a year ago
China says exports have risen 14.1% in April from a year earlier, despite the Iran war and lingering impacts from higher U.S. tariffs.
Iran’s injured supreme leader out of public view but still shaping strategy, US intel assesses
US intelligence assesses that Iran’s new supreme leader is playing a critical role in shaping war strategy alongside senior Iranian officials, according to multiple sources familiar with the intelligence. The reports found that precise authority within a now-fractured regime remains unclear, but that Mojtaba Khamenei is likely helping direct how Iran is managing negotiations with the US to end the war.
DC Wrap: U.S. fires on Iranian tankers; Pentagon releases UFO files
A look at the day's biggest stories in national politics
Fed's Miran hopes Powell staying at Fed is transitional
Federal Reserve Governor Stephen Miran said on Friday that he hopes current central bank Chair Jerome Powell will stay on as a governor only for a short period of time.
Sony forecasts lower gaming business sales amid memory price surge
STORY: Sony forecast lower sales in its gaming business due to a memory chip price surge.The tech giant said Friday annual sales in the segment would fall 6% to $28 billion.It also blamed lower hardware sales as its PlayStation 5 ages.Although the Japanese company said it expects gaming profit to rise 30%.That's due to higher first-party software sales and no repeat of the impairment loss it recorded a year earlier.Sony has been praised by analysts in recent years for its transformation into an entertainment powerhouse.But markets have grown concerned about the impact of AI on its business, while Sony also faces a perceived lack of growth catalysts.Both factors have weighed on shares in recent months.Investors are also concerned about the impact of a memory-chip price surge.As well as disruption to supply chains from the Iran war on margins at electronics manufacturers.The firm said it sold 1.5 million PS5 consoles in the fourth quarter, which was a 46% drop on the same period a year earlier.Looking ahead, the PS5 is expected to receive a major boost from the launch of the delayed "Grand Theft Auto VI."The game is due to release in November.Sony said in February it had secured the minimum quantity of memory needed to manage the year-end shopping season. Sony also said it sees higher profits at its pictures and chips units but a lower profit at its music business.The group reported operating profit for the year ended March rose 13.4% to $9.2 billion - below analyst forecasts. Meanwhile, rival Nintendo said it expects to sell 16.5 million units of its Switch 2 console in the financial year ending March 2027.It also projects profit to rise 2.7% to $2.36 billion.But, like with Sony, investors are concerned about the possible impact of a memory price surge on margins.
Iran’s Economy Buckles Under Pressure as Millions Face Unemployment
Iranian officials argue the economic hardship is the result of what they describe as an unjust war imposed by the United States and Israel.
Oil back over $100 as US-Iran ceasefire comes under pressure; UK house prices drop
Rolling coverage of the latest economic and financial news
US and Iran trade fire, threatening fragile truce
Any agreement between the United States and Iran could also help lower tensions in Lebanon
Trump is not getting what he initially wanted from the Iran war
It remains to be seen what, if anything, comes from the latest Iran war peace talks. President Donald Trump has claimed a deal was imminent before. And the agreement on the table seems to be preliminary, regardless.
Trump Reversed Hormuz Plan After Saudis Denied Airspace Access
Saudi Arabia’s refusal of support suggests that President Trump’s unpredictable approach to Iran has strained ties with one of his closest allies in the Middle East.
US forces strike military facilities in Iran as countries exchange fire
US forces targeted Iranian military facilities responsible for launching a series of “unprovoked” missile, drone and small boat attacks against American warships transiting the Strait of Hormuz, US Central Command said on Thursday.
House Republican Proposes Bill to Wind Down the Iran War
Representative Tom Barrett, a Michigan Republican facing a tough re-election race, introduced a bill to impose limits the use of military force in Iran and end the fighting this summer.
Appeals court appears poised to reject Hegseth’s bid to punish Mark Kelly over ‘illegal orders’ video
A federal appeals court appeared ready Thursday to reject Defense Secretary Pete Hegseth’s effort to punish Democratic Sen. Mark Kelly over his call to US service members to refuse illegal orders.
What Iran’s absence from the Venice Biennale reveals about art and politics
Rather than existing outside politics, the Venice Biennale has become a site where geopolitical tensions are actively staged and contested.
Is the FDA Really Suppressing Science? Plus. . .
It’s Thursday, May 7. This is The Front Page, your daily window into the world of The Free Press—and our take on the world at large. Today: Aaron MacLean says Trump is poised to snatch defeat from the jaws of victory in the Iran war. Joe Klein on the life of CNN founder Ted Turner. Jillian Lederman on why cruise ships are here to stay. And much more. But first: Is the FDA suppressing science? On Tuesday, The New York Times published a story with an alarming takeaway. “FDA Blocked Publication of Research Finding Covid and Shingles Vaccines Were Safe,” read the headline. It is the latest in a string of stories that all have the same message: The Food and Drug Administration (FDA), and other agencies, are engaged in a cover-up—and silencing scientists trying to get the word out about the Covid vaccine. What all these stories suggest—some more subtly than others—is that the outsiders now running the public health establishment, officials such as Marty Makary at the FDA and Jay Bhattacharya at the National Institutes of Health, are on a revenge tour. That they are doing harm to the country to get back at the scientists and bureaucrats who ostracized them for deviating from the public-health consensus during the pandemic. It’s a seductive narrative. But is it true? That’s the question we address in our latest editorial. —The Editors Read [ Marty Makary's FDA Has All the Right Enemies ](https://www.thefp.com/p/marty-makary-vaccine-study-fda) [ Trump Blinks First ](https://www.thefp.com/p/iran-peace-deal-pakistan-trump-strait-of-hormuz) Aaron MacLean In return for no detectable concessions, President Trump this week gave up on forcing open the Strait of Hormuz. Now, the Trump administration looks desperate for a deal to end the war with Iran. It’s easy to understand the desire to end the war, but are they blowing the chance at victory? Aaron MacLean makes sense of the administration’s latest moves—and Iran’s response—in his column today. Read full story Aaron MacLean and Niall Ferguson: Live in New York City Join Aaron MacLean and Niall Ferguson on May 19 for a live recording of School of War at the iconic New York Historical. In a conversation as timely as it is wide-ranging, Aaron and Niall will explore the strategic stakes of the moment, including the Middle East, China, and the future of American leadership on the global stage. Get Tickets Now [ Ted Turner, the Optimist Who Built CNN ](https://www.thefp.com/p/ted-turner-cnn-tribute) Joe Klein The man who gave us CNN and the 24-hour news cycle, Ted Turner, died Wednesday at the age of 87. Today, political writer Joe Klein—who almost ghostwrote Turner’s autobiography—remembers his friend, the American media mogul who stood out for his idealism and lack of a filter—something that got Turner in trouble more than once. “His was not a traditional intelligence, but one of horizon: Ted saw things before other people did,” Joe writes. Read full story [ Nothing Can Sink the Cruise Ship ](https://www.thefp.com/p/cruise-ship-hantavirus) Jillian Lederman A viral outbreak on a cruise ship that left three passengers dead has left some people wondering: Are cruise ships on the way out? Not so fast, says Jillian Lederman, who has been on many a cruise herself. Read her piece on why 38 million people a year take a cruise—and aren’t about to stop. Read full story [ The Great Writers Who Were Terrible People ](https://www.thefp.com/p/the-great-writers-who-were-terrible) Shilo Brooks Throughout history, some of the greatest literary geniuses have also been immoral bigots. In the latest episode of Old School, Shilo Brooks is joined by Eli Lake for a conversation about those geniuses, from Voltaire to Norman Mailer and Roald Dahl—and why we should read their work despite their odious prejudices. Listen on MORE FROM THE FREE PRESS [ Inside the Digital Intifada ](https://www.thefp.com/p/digital-intifada-social-media-hamas-terror) Warren Kinsella Read full story [ This Week in American History: Trump’s Over-Arching Problem ](https://www.thefp.com/p/this-week-in-american-history-trumps-over-arching-problem) Jonathan Horn Read full story [ Humanity Is Still Evolving—and Fast ](https://www.thefp.com/p/humanity-is-still-evolvingand-fast) Razib Khan Read full story THE NEWS Thirteen D.C. Metropolitan Police officers have been placed on administrative leave and could face termination after an internal investigation found evidence that crime statistics were manipulated to make the city look safer. The Republican-led House Oversight Committee previously alleged that former D.C. police chief Pamela Smith pressured officers to skew data. Tennessee Republicans unveiled a redrawn U.S. House map yesterday that would split up Memphis’s black-majority Democratic district, the latest move in a nationwide push to redraw congressional boundaries ahead of the midterms. The effort follows a Supreme Court ruling last week on Louisiana’s districts, which Tennessee House Speaker Cameron Sexton said gave states the green light to redraw maps along partisan lines. Israel struck Beirut for the first time since a ceasefire with Hezbollah took effect last month, saying it targeted a commander of the militant group’s elite Radwan force in the city’s southern suburbs. The strikes risk destabilizing that truce at a delicate moment, as Iran and the U.S. report progress toward a deal to resolve their own standoff. The U.S. Air Force is aiming for a Fourth of July delivery of a Boeing 747 gifted by Qatar, hoping to add it to the Air Force One fleet in time for the U.S.’s 250th anniversary, Reuters reported. (For more on the controversy surrounding the aircraft, read Jed Rubenfeld’s piece “It’s a Terrible Idea, but Trump Probably Can Accept a Free Jet from Qatar.”) Commerce Secretary Howard Lutnick testified privately before Congress that he has no memory of why he and his family dined on Jeffrey Epstein’s private island in 2012, according to Reuters. The admission contradicts Lutnick’s earlier claim that he had cut ties with the convicted sex offender well before that visit. Weeks before a former JPMorgan investment banker filed a lawsuit packed with explosive allegations, the bank reportedly offered him $1 million to settle his sexual assault and harassment claims, according to The Wall Street Journal. The suit, filed by Chirayu Rana, alleges he was sexually assaulted by a female colleague, subjected to racial discrimination, and forced into a degrading dynamic at work. JPMorgan says the claims lack merit, and the female colleague’s lawyers call the accusations fabricated. A new report from the Hartford Institute for Religion Research shows that, for the first time in roughly 20 years, church attendance is trending upward, with more people volunteering and clergy expressing renewed optimism. The study’s authors described the findings, based on a survey of more than 7,400 congregations, as showing signs of widespread recovery from low attendance numbers.
JD Sports warns Iran war could hit consumer spending and raise prices
Retail group with 4,800 stores worldwide expects drop in profits this year amid ‘muted market’
Business Owners Everywhere Can’t Escape Iran War’s Ripple Effects
From lost income to worsening inflation, small and midsize operators around the globe are feeling the pain.
Democrats see Senate control within reach — but some big hurdles remain
The political terrain remains forbidding, but the president’s crumbling approval ratings and the Iran war’s weight on the economy offer the party an opening.
Iran deal optimism lifts markets; anger as Shell’s profits more than double
Rolling coverage of the latest economic and financial news
Trump is trapped by his own strategy as he grapples for an exit in Iran
If words won wars, Donald Trump’s Iran conflict would have ended long ago.
What’s the domestic benefit of the Iran War? NewsNight panel debates
Trump administration under ‘increasing political pressure’ to secure Iran deal: Former Navy SEAL
Former Navy SEAL Jason Redman discusses President Donald Trump's optimism about an Iran deal and the ongoing U.S. blockade of the Strait of Hormuz on 'The Evening Edit.'
Iran War Looms Over Vance as He Visits Iowa
The vice president, a skeptic of the war, made his first visit of the cycle to the state that will kick off the 2028 nominating process.
DC Wrap: Trump applies new pressure on Iran; Lutnick testifies in Epstein probe
A look at the day's biggest stories in national politics
DC Wrap: Trump applies new pressure on Iran; Lutnick testifies in Epstein probe
A look at the day's biggest stories in national politics
What can Trump accomplish at the China summit?
Iran war will overshadow the meeting with Xi
5 ways the Iran standoff could end
Is the US on the verge of a deal with Iran or a return to war?
US Navy shot out rudder of Iran blockade runner with fighter jet gun
It's the second time the Navy has used force against an Iranian commercial vessel since the Trump administration's blockade began last month.
Shipping firms are being whipsawed by changing stances and risks as they wait for Hormuz to reopen
With hundreds of vessels still stuck in the Persian Gulf and costs piling up, shipping companies are being whipsawed by uncertainty over how and when the Strait of Hormuz might reopen more than two months into the Iran war.
US and Iran closing in on memorandum aimed at ending war, source says
The United States and Iran are moving closer to an agreement on a short memorandum to end the Iran war, a regional source familiar with the negotiations said, although Trump administration officials cautioned that talks had previously fallen apart at the last minute.
Can a peace deal be agreed between Iran and US?
Both sides want an end to the war but on their terms – and they remain far apart
Singapore Defers Considering Political Pay Review on Iran War
Singapore will postpone considering an independent panel’s recommendations on the salaries of political office holders until the economic impact of the Iran war becomes clearer, a government minister said.
Poll: Trump blamed for gas prices as Democrats gain midterm edge
A new NPR/PBS News/Marist poll finds strong support for Democrats this midterm season. It also shows increasing concern about the war in Iran and the economy, particularly the price of gas.
6 in 10 Americans disapprove of how Trump is handling Iran, new poll finds
Some 63% of Americans also blame the president for high gas prices, according to the latest PBS News/NPR/Marist poll.
He wrote about their daughter’s sudden death. Then his wife did the same.
For journalists Danielle Crittenden and David Frum, processing their grief meant telling Miranda’s story, in an essay and in a new memoir, “Dispatches From Grief.”
Iran war amplifies divisions within both parties over U.S.-Israel ties
On the campaign trail and elsewhere, the alliance has gone from a bipartisan consensus to a subject of fierce debate among Republicans and Democrats alike.
Oil prices retreat and global stocks hit record highs after Trump hails ‘great progress’ on Iran deal
US president pauses ‘Project Freedom’ to work on ‘final agreement’ with Tehran; stocks also ride high on AI euphoria
Orange County woman organizes mental health support for Iranian Americans
Trump abandons two-day-old operation to safeguard ships in Strait of Hormuz, citing progress in Iran talks
White House Insists Iran War Is Over, Even While Missiles Fly
The White House is turning to rhetorical leaps as President Trump tries to put the biggest political crisis of his presidency behind him.
Vance Campaigns in Iowa as G.O.P. Fears Rise Ahead of Midterms
The vice president acknowledged economic headwinds, including rising energy and fertilizer costs. “We got a little — a little blip in the Middle East,” he said, referring to the war in Iran.
Trump pauses U.S. mission to guide ships through Strait of Hormuz to see if Iran deal can be finalized
DC Wrap: Shippers remain wary of strait; shadow docket cases on the rise
A look at the day's biggest stories in national politics
Lindsey Graham says he believes war in Iran is coming to an end
Sen. Lindsey Graham, R-South Carolina, addressed the war in Iran during a recent campaign stop at the Westin Poinsett hostel in Greenville.
UN resolution proposal would hit Iran with sanctions for halting freedom of navigation
The draft resolution, co-sponsored by the United States and Gulf nations and obtained Tuesday by The Associated Press, also demands that Iran “immediately participate in and enable” United Nations efforts to establish a humanitarian corridor in the strait to enable the delivery of vital aid, fertilizer and other goods.
Job openings were low before Iran war. Now businesses have another reason not to hire.
The number of job openings in the U.S. and the speed at which businesses hire to fill them are still depressed — a depressing thought for anyone looking for work.
WATCH LIVE: White House briefing with Rubio may address Vatican trip, Strait of Hormuz efforts
Secretary of State Marco Rubio will travel to Rome and Vatican City this week in a bid to ease rising tensions between Trump and Pope Leo XIV over U.S. policies, particularly the Iran war.
Supreme Court strikes down Louisiana map in major gerrymandering ruling, sparks political firestorm
Rep. Steve Scalise, R-La., joins ‘Mornings with Maria’ to react to the Supreme Court’s Louisiana map ruling, discuss President Donald Trump’s Iran strategy, and highlight tax cuts boosting small businesses and workers
German firms abroad grow more pessimistic as Iran war disrupts supply chains
German firms operating abroad have become more pessimistic about their prospects, with nearly one in three expecting economic conditions to worsen as the Iran war exposes vulnerabilities in global supply chains, a survey showed on Tuesday.
HSBC hit by $400m UK fraud-related charge; Rachel Reeves ‘clashed with Scott Bessent’ over Iran war criticism
Rolling coverage of the latest economic and financial news
The US said it decimated Iran’s nuclear capabilities. But satellite images show some of it appears to have survived
Trump Tries to Downplay Economic Effects of the Iran War
At a White House event for Small Business Week, he described the economy as “roaring” and predicted that gas prices would go down soon.
How drone warfare is complicating the US military operation against Iran
Lawncare businesses forced to embrace fuel surcharges as Iran war keeps gas prices climbing
Schumer blasts 'reckless war' in Iran as gas prices continue to rise
The average cost of a regular gallon of gas in New York state is currently $4.46, according to AAA.
Trump’s gambit to move ships through the Strait of Hormuz tests the fragile ceasefire
President Donald Trump’s initiative to guide ships through the Strait of Hormuz was a high-stakes, high-risk attempt to jolt loose a resolution to the standoff that had come to define his war against Iran.
Fresh attacks in the Gulf spark fears of renewed war with Iran
A wave of fresh strikes on the UAE and Oman, along with reports of attacks on ships in the Strait of Hormuz, undermined confidence in the truce between the United States and Iran.
Democrats look for a foothold in Iowa as Vance visits to boost GOP candidate
Republican Donald Trump may have won the state by double digits in the last presidential election, but growing dissatisfaction with his leadership and rising costs from the Iran war could help set the stage for Democrats to make previously unattainable gains.
Apple Plans to Let Users Build Their Own Passes in iOS 27 Wallet App
(Bloomberg) -- Apple Inc. is preparing a new “Create a Pass” feature for its next major iPhone software update, allowing users to build and customize their own digital tickets and gift cards within the Wallet app.Most Read from BloombergChina’s Unprecedented Defiance of US Sanctions Triggers ShowdownFormer NYC Mayor Giuliani in Critical Condition, Trump SaysBeijing Tells China Firms to Ignore US Sanctions on RefinersSupertanker Appears to Have Crossed the Strait of HormuzUS Denies Iran Report Th
U.S. Warns China Over Iranian Oil as Sanctions Fight Intensifies
China told its independent refineries to disregard U.S. sanctions over their purchases of Iranian crude.
Trump ‘Wants Action,’ May Restart Iran War
While U.S. and Iran negotiations are still ongoing, the president’s intervention in the Strait of Hormuz could spark new tensions.
The Latest: Trump launches a new effort to reopen the Strait of Hormuz
U.S. forces have launched an effort to guide commercial ships through the Strait of Hormuz, where hundreds have been stuck since the Iran war began.
Donald Trump Is the American Ayatollah
Iran is the world's only functioning theocratic republic. Donald Trump wants to turn the United States into one.
Iran war strains global business travel, as companies adjust meeting plans
Global conflicts are causing some companies to examine their “duty of care” policies and could bring back more virtual meetings, the survey found.
Trump: US to Escort Ships Through Strait of Hormuz
Trump described “Project Freedom”, as a humanitarian effort aimed at ensuring safe passage for ships trapped in restricted waters.
‘City of Glass’ Is Under Threat From Iran War
In India, Firozabad has depended on its glassmaking industry for centuries. Fuel prices are starting to shatter businesses already under pressure.
Germany’s Merz downplays rift with Washington despite US troop drawdown
German chancellor says criticism of Donald Trump's strategy in Iran unrelated to troop withdrawal announcement.
Fact check: Trump denied he made this remark about Iran. He made it on camera one day earlier
On Saturday, President Donald Trump told reporters that he was “looking at” a new Iranian peace proposal. Then a reporter reminded Trump he had said the previous night that the US might be better off not making a deal with Iran.
Fetterman weighs in on Iran's latest peace offer, internal Democratic politics
Sen. John Fetterman, D-Pa., discusses President Donald Trump's review of Iran's peace plan and the need to prevent the country from obtaining nuclear weapons.
Iran has submitted a new peace plan, but Trump says he is skeptical
Donald Trump says he will review a 14-point proposal to end the US-Iran war after Tehran sent it via mediators in Pakistan.
How tariffs and war are hurting California small businesses
Small business owners in San Diego and across California are feeling the pinch of President Donald Trump's tariffs and his war on Iran.
Trump Says ‘You’re Fired’ to the Members of the National Science Board
Here’s why that’s a needed reset.
Trump Faces the Complicated Reality of a Costly, Unpopular War in Iran
President Trump’s predictions of a relatively short-term conflict with minimal economic consequences appear to be crumbling.
China blocks US sanctions against five ‘teapot’ refineries
Ministry of Commerce says sanctions against refineries accused of importing Iranian oil violate international law.
Beyond the Politics:The Human Cost Behind the Israel–Iran Conflict
TEL AVIV — The conflict between Iran, the U.S., and Israel remains volatile as Iran submits a new 14‑point peace proposal through Pakistan while warning that fighting may soon resume, with Iranian military officials saying the U.S. is not committed to agreements. President Donald Trump has expressed...
Trump Says He Is Reviewing Iran’s Latest Offer but Doubts It Is Acceptable
The comments came one day after Mr. Trump flatly rejected the proposal. He later clarified he was only briefed on the “concept of the deal.”
Tucker Carlson on Trump Split Over Iran, Nick Fuentes Interview Regret
In a new interview with The New York Times, the former Fox News host opened up about his breakup with the president, clarified past comments about previously suggesting Trump could be the “Antichrist,” and shared where he currently stands with Turning Point and Erika Kirk.
Iranian Nobel Peace Prize laureate Narges Mohammadi hospitalized after health crisis in prison
Iran’s imprisoned Nobel Peace Prize laureate Narges Mohammadi has been urgently transferred from prison to a hospital in northwestern Iran after a “catastrophic deterioration” of her health, her foundation said Friday.
Political blame game begins and upset passengers stuck after Spirit ceases operations
Republicans blame Biden administration block on JetBlue deal; Democrats point to fuel price surge amid Iran war
Carlson hits 209 for Glamorgan against Hants
Kiran Carlson's career-best 209 helps Glamorgan to 536-7 declared on the second day of their County Championship game at Hampshire.
Calls grow over hospital care for jailed Iranian Nobel laureate Narges Mohammadi
On Friday her family said the 54-year-old had been taken from prison to a local hospital after a sharp deterioration in her health.
U.S. warns shipping firms over paying Iran to transit the Strait of Hormuz
The United States is warning shipping companies about potential sanctions for paying Iran to pass through the Strait of Hormuz.
Trump is running out of options to contain gas price backlash
The rising cost of oil is becoming a major political concern for the White House, as the stalemate between President Donald Trump and Iran drags on.
Thirteen killed in Israeli strikes on southern Lebanon, health ministry says
Four women and a child are among the dead, as fighting between Israel and Iran-backed Hezbollah continues despite a ceasefire.
Spirit Airlines shuts down, crushed by price of Iran war jet fuel
Spirit employs more than 15,000 personnel, many of whom will be out of work if the airline liquidates its holdings to pay creditors.
Iran deadlock: is Trump now ‘stuck’?
The president may be ‘trying to look relaxed’, but upcoming midterms and rising oil prices are ramping up pressure
Not Even Japanese Bathhouses Are Immune From Shocks of Iran War
High fuel costs are imperiling the Japanese sento, a long-declining industry that remains a vital social lifeline for the country’s isolated elderly.
Narges Mohammadi, imprisoned Iranian Nobel laureate, hospitalized after a health crisis
Mohammadi's family said in February that her health was worsening in prison, in part because of a beating she endured during her arrest in December.
Watch India's Woes Bigger Than Any One Political Figure, Amitav Ghosh Says
"The problem for India goes beyond any one political figure." Amitav Ghosh tells Mishal Husain that India is struggling to find its role in the world amid continental competition from China, Russia and Iran.
US withdrawing 5,000 troops from Germany after chancellor criticized war with Iran
The Pentagon said on Friday the US will be withdrawing roughly 5,000 troops from Germany over the next year.
The Iran War Is Terminated Because Trump Said So
Pro tip, Mr. President: If you are still blockading ports, that's an act of war.
Trump Tells Congress Why He Doesn’t Need Its Authorization for the Iran War
In letters to the House and Senate, the president asserted that the hostilities had “terminated,” in an apparent attempt to avoid having to seek congressional approval.
Business Lookahead: Eyeing oil, US jobs, and European earnings
STORY: From high oil prices and the conflict in the Middle East to U.S. jobs data and corporate earnings, here’s what you need to watch in business and finance in the week ahead.:: Crude and currencyOil prices briefly topped $120 a barrel this week to hit their highest level since 2022 as the war with Iran enters a third month.While the U.S. and Iran face pressure to end a conflict that has shut the Strait of Hormuz, the world watches anxiously as the biggest-ever disruption to energy supplies unfolds.For each week the Strait is closed, keeping oil elevated, the greater the economic risks via higher inflation or weak growth or, for some, both. Oil importer Japan just intervened to prop up a yen that has been weakened by the conflict.A new month is now underway and some traders will be mindful of that old adage, "Sell in May and go away.":: Jobs gyrationsAs the U.S. economy grapples with fallout from the Middle East war, Wall Street's radar turns to Friday's April monthly payrolls report.The U.S. economy likely created 73,000 new jobs, economists polled by Reuters forecast. In March, payrolls increased by 178,000, the most since December 2024, but that followed a sharp decline in February.The U.S. employment data comes amid signs of hawkishness at the Federal Reserve, as Donald Trump pick Kevin Warsh prepares to take over as chair with the U.S. president keen on rate cuts.:: Starmer’s statusThursday's local elections in Britain, usually a non-event for investors, could move markets in a big way, with opinion polls pointing to a heavy defeat for Prime Minister Keir Starmer's Labour Party.A heavy defeat could spark more widespread demands for his dismissal among his own lawmakers and stoke expectations of a successor more willing to run looser budgets. That would bring more bad news for British bonds.::European earningsIt's a big week for European earnings with Shell and Commerzbank among those reporting.On aggregate, profits are expected to grow 3.2% in Q1, according to LSEG I/B/E/S. Under the surface, it's a little bit more complicated. Growth is expected to be driven by just three sectors: financials, tech and energy. The latter is seen as the biggest beneficiary of the Iran war due to higher oil and gas prices.But if the war, and energy surge, persist, the overall outlook for Europe's earnings could turn.
Trump says Iran conflict is ‘terminated’ as he hits congressional deadline
Trump’s statement came as the United States continues to enforce a naval blockade of Iran and as he declined to rule out additional strikes on the country.