UK Seeks Access to EU’s €5B Tech Scale-Up Fund
The European Union and the United Kingdom will begin negotiations to let Britain tap a new €5 billion ($5.4 billion) tech‑scale‑up fund. The fund, part of Horizon Europe, is designed for late‑stage equity investments that exceed the €30 million cap of earlier programs. Both sides see the talks as a sign of improving post‑Brexit ties and a way to jointly address external pressures such as U.S. tariff actions and Middle‑East instability. The EU still needs to appoint a fund manager before the program can launch.
Current Price of Oil as of May 4, 2026
Oil prices rose to $115.01 per barrel for Brent crude on May 4, 2026, a $3.81 increase from the previous day and roughly a 92% jump from a year ago. The gain follows a month‑over‑month rise and reflects ongoing supply‑demand dynamics...
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PUMP PAIN: SA Petrol Price to Surge 14% to Almost Record High on Wednesday
South Africa will see petrol prices jump 14% on 6 May, with the pump price rising R3.27 per litre (about $0.17) to R26.52/L (~$1.40). Diesel will increase R6.19/L (~$0.33) to R32.09/L (~$1.69), reflecting a Brent crude surge to $101 a barrel....
EU Countries Push to Settle US Trade Deal to Avoid Car Tariff Hike
The United States has warned it will impose a 25% tariff on European cars and trucks unless the EU quickly fulfills its side of a trade agreement signed last year. EU diplomats say member states are pushing for swift ratification...
US Commerce Targets Three Mills in 2025 Review of Softwood Duties
The U.S. Department of Commerce has opened its 2025 antidumping review of three Canadian softwood producers—Manitoba Ltd, Woodstock Forest Products (CWP‑Montreal) and Norsask Forest Products—covering all U.S. shipments for the calendar year. Parallel reviews were also launched for uncoated paper...
ECB Inflation Survey Points to Sharp Surge in Prices
The European Central Bank’s Survey of Professional Forecasters shows inflation expectations jumping to 2.7% in 2024, up from 1.8% previously, driven by higher energy prices. Growth forecasts were trimmed to 1% for 2026. Forecasters anticipate inflation easing to 2.1% in...
Reshoring: Despite Investments, Tariffs Imports Still Rise
According to Kearney’s 2026 Reshoring Index, U.S. imports of manufactured goods from Asian low‑cost countries rose to a four‑year high despite record investment and tariff measures. Direct imports from mainland China fell below 10% of total, losing $135 billion, while the...
‘Made in Europe’ Law Sets Stage for an Economic Showdown with China
The European Union is advancing a “Made in Europe” Industrial Accelerator Act to shield its industries from Chinese competition, following the imposition of up to 35.3% tariffs on Chinese electric vehicles. Beijing condemns the legislation as discriminatory, citing foreign‑investor, local‑content,...
Luis De Guindos: Presentation of the ECB Annual Report 2025 to the Committee on Economic and Monetary Affairs of the...
Luis de Guindos, the ECB Vice‑President, presented the 2025 Annual Report to the European Parliament, noting his mandate ends later this month. The report shows euro‑area GDP grew 1.4% while inflation averaged 2.1%, prompting a 100‑basis‑point cut to the deposit‑facility rate,...
Crude Futures Rise on Reported US Vessel Attack: Update
Front‑month Brent futures surged more than $5 a barrel, hitting $114.30 after unverified reports that a U.S. Navy frigate was struck by missiles near Iran’s Jask island in the Strait of Hormuz. The price jump represented a 5.7% rise from...
The Geopolitical Battle Over Monetary Infrastructure
The United States has publicly warned Brazil over its instant‑payment system Pix, viewing the platform as a challenge to traditional monetary sovereignty. The article argues that control of payment rails—ranging from retail‑level instant transfers to wholesale central‑bank digital currencies—has become...
EU Delists Tajik Banks as Kyrgyzstan Feels the Heat
On April 23 the EU removed three Tajik banks—Spitamen Bank, Dushanbe City Bank and Commercebank of Tajikistan—from its sanctions list after Tajik authorities pledged tighter anti‑money‑laundering controls. The same 20th sanctions package simultaneously barred two Kyrgyz banks, Keremet Bank and Capital...
China’s Unprecedented Defiance of U.S. Sanctions Triggers Showdown
China has ordered its firms to ignore U.S. sanctions on private refiners tied to Iran’s oil trade, marking an unprecedented defiant stance ahead of the Trump‑Xi summit. The directive specifically targets companies like Hengli Petrochemical’s Dalian refinery, which was sanctioned...
Piero Cipollone: Digital Assets, Payment Efficiency and Monetary Policy
In a May 4, 2026 speech, ECB Executive Board member Piero Cipollone outlined how tokenisation and distributed‑ledger technology could reshape payments, but only if central banks provide a risk‑free digital settlement layer. He announced the Eurosystem’s Pontes project, which will...
European Carmakers Slam on the Brakes After Trump Tariff Shock
U.S. President Donald Trump announced a 25% tariff on European‑made cars, sending shares of major automakers sharply lower on Monday. Volkswagen disclosed a €4 billion (≈$4.3 billion) annual hit already materialising, while its Q1 revenue fell 2% and earnings missed forecasts. Porsche,...
Taiwan's Manufacturing Activity Improves in April
Taiwan's manufacturing PMI rose to 60.3 in April, marking the seventh straight month of expansion, buoyed by strong global demand for semiconductors and AI‑related devices. The service sector’s non‑manufacturing index also climbed to 58.3, extending a 14‑month growth streak. All...
Gold, Silver Rates Today Nosedive up to 5% as Crude Oil Price Soars After Escalation in the US-Iran War
Gold and silver prices plunged on May 4, 2026 as crude oil rallied over 5% following a reported missile exchange between Iran and a U.S. warship. COMEX gold slipped to about $4,535 an ounce, a 2.3% intraday loss, while silver...
Oil Jumps by 5% After Report of US Warship Being Hit by Missiles
Oil prices surged about 5% on Monday after Iran’s Fars news agency reported that a U.S. warship was hit by missiles in the Strait of Hormuz. Brent futures climbed to $113.69 a barrel and WTI to $107.04, reversing Friday’s losses....
UAE Says It Is Discussing Currency Swap Line with US
The United Arab Emirates is in talks with the United States to establish a central‑bank currency swap line, a facility currently reserved for an elite group of five major economies. Trade Minister Thani Al Zeyoudi emphasized that the arrangement would support...
Rupee Sinks to Fresh Closing Low of 95.08 Against USD on NDF Maturities, Firm Crude
The Indian rupee fell to a fresh closing low of 95.0875 per U.S. dollar, its weakest on record, as maturing non‑deliverable forward (NDF) contracts and rising oil prices weighed on the currency. The decline of 0.18% came amid heightened dollar...
Two Worlds Collide: The Regulatory Battlefield Hanging over the EU’s Ties with China
A Norwegian mine experiment that let Chinese‑made Yutong buses be remotely accessed sparked fresh EU alarm over cyber‑vulnerabilities in Chinese technology. The incident helped catalyse a wave of EU legislation, including a ban on funding Chinese inverters and the Industrial...
How Carney's New Sovereign Wealth Fund Could Backfire on the Economy
Prime Minister Mark Carney announced a $25 billion sovereign wealth fund that, unlike traditional funds, will be financed largely through new government borrowing because Canada lacks fiscal surpluses. The added debt issuance could push Canadian bond yields higher, feeding through to...
Donald Trump's EU Car Tariffs ‘Targeting Germany,’ Says Key German MEP
U.S. President Donald Trump announced a 25% tariff on European Union‑made cars, a move German MEP Bernd Lange says is aimed squarely at Germany’s auto sector. The proposed duty would breach the Turnberry trade agreement, which caps U.S. tariffs on EU...
Absa PMI up 3.6 Points in April Following Weak First Quarter
South Africa's Absa Purchasing Managers' Index jumped to 52.6 in April, breaking above the 50‑point expansion threshold for the first time since September 2025. The rise was powered by a rebound in business activity and new sales orders, mainly from...
A Closed Strait of Hormuz Was Once Unthinkable
Energy planners have historically dismissed a full closure of the Strait of Hormuz as implausible, a view reflected in 2007 and 2022 scenario exercises that omitted the extreme event. Recent disruptions, however, have forced executives like TotalEnergies CEO Patrick Pouyanné...
Turkey’s April Inflation Rises More than Expected
Turkey’s consumer price index jumped 4.1% month‑on‑month in April, pushing annual inflation to 32.4%, well above the Central Bank’s 16% target. The surge was led by higher food, housing and transportation costs, while core CPI rose 3.5% MoM to a...
Risk of Hormuz Transits Manageable versus Psychological Cost of Inaction
Maritime security firm 3iSea CEO Nicholas Davis warns that over 20,000 seafarers have been stranded in the Arabian Gulf for more than two months, and the psychological toll of inaction now outweighs the manageable risks of transiting the Strait of...
Asian Markets Mixed, Oil Steady After Wall Street Hits Records
Asian equities displayed a mixed performance on Monday as U.S. stocks hit fresh all‑time highs, buoyed by strong corporate earnings. South Korea’s Kospi surged 3.8% while Hong Kong’s Hang Seng rose 1.4%, whereas Australia’s ASX 200 slipped modestly. Oil prices remained...
Results of the ECB Survey of Professional Forecasters for the Second Quarter of 2026
The European Central Bank’s second‑quarter 2026 Survey of Professional Forecasters shows headline HICP inflation expectations nudged up to 2.7% for 2026 and core inflation to 2.2% for the near term, while longer‑term rates remain at 2.0%. Real GDP growth expectations...
European Shares Steady as Investors Assess Middle East Progress; Automakers Slide
European equities were largely unchanged on Monday, with the Stoxx 600 holding at 611.98 points as investors awaited progress in Middle‑East peace talks. Meanwhile, U.S. President Donald Trump announced a tariff increase on EU‑made cars and trucks to 25%, up from...
Australian Shares Slip as RBA Decision Looms, NAB Posts Profit Miss
Australian shares slipped 0.4% to 8,697.10 as investors braced for the Reserve Bank of Australia’s rate decision. National Australia Bank reported a half‑year cash earnings miss, sending its stock down 1.2% and prompting the big four banks to raise provisions...
South Australia Proposes Expanding Fuel Rationing Rules
South Australia announced a legislative proposal to broaden its fuel‑rationing powers amid ongoing Middle East‑driven oil supply concerns. The amendment would raise the maximum rationing period from seven to 90 days, with the authority to renew the limit repeatedly. Penalties...
Manufacturing Shrinks in April as Costs Surge on Mideast War
Indonesia's manufacturing sector contracted in April, with the PMI slipping to 49.1 from 50.1 in March, the first sub‑50 reading in nine months. The drop reflects surging raw‑material costs and supply disruptions tied to the Middle‑East conflict, leading to the...
Oil Prices Edge Down While Stock Futures Inch Up
Oil prices slipped modestly on Sunday as investors weighed ongoing U.S.-Iran diplomatic uncertainty. President Trump said he was reviewing Iran’s peace proposal but expressed doubt it would be acceptable. He also hinted the United States would use “best efforts” to...
Kyodo News Digest: May 4, 2026
Japan and Australia announced a deepened partnership to secure critical minerals and energy supplies, issuing five joint outcome documents amid China’s rare‑earth dominance and Middle‑East tensions. Denso Corp. disclosed plans to develop a road‑embedded, wireless charging system for moving electric...
Australia–Japan Deal Targets Manufacturing Growth Through Critical Minerals Cooperation
Australia and Japan announced a deepened critical‑minerals partnership during a Canberra summit, earmarking up to $1.3 bn (about $860 m USD) in financing for joint projects. The deal expands the 2022 partnership, targeting on‑shore processing of gallium, nickel, graphite, rare earths and...
Monday Briefing: Will a New Alliance of Nations Be Able to Guide the World Towards a Post-Fossil Fuel Future?
Oil prices surged to their highest level since Russia’s invasion of Ukraine after President Donald Trump warned of a prolonged Iranian port blockade, reigniting fears of a global recession. In response, nearly 60 governments convened in Santa Marta, Colombia, for...
April Beef Exports Soar to +140,000t, Led by Vigorous US, China Trade
Australian beef exports rose to 140,943 t in April, an 11% year‑on‑year increase and just shy of March’s near‑record level. The United States remained the top destination with 41,174 t, while shipments to China slipped 10% month‑on‑month to 29,583 t but were still...
Indian Private Sector New Order Growth Quickens in April but Remains Slowest in 4 Years: PMI Survey Shows
India’s private‑sector manufacturing PMI rose to 54.7 in April, up from 53.9 in March, indicating modest expansion as the new fiscal year began. The improvement was driven by stronger new orders and output, with export orders hitting a seven‑month high....
How to Think About Foreign Policy in the New Geoeconomic Era
Iran’s threats to the Strait of Hormuz are disrupting fuel, food and fertilizer supplies, risking acute hunger for 45 million people. British Foreign Secretary Yvette Cooper is urging a swift, toll‑free reopening, warning that tolls would undermine the law of the...
Average Distance of Global Seaborne Trade Has Increased by 10% During the Disruptive 2020s
Clarksons Research reports that the average haul of global seaborne trade rose 10% in the 2020s, reaching 5,262 nautical miles per tonne and generating 68 trillion tonne‑miles last year. The surge stems from expanding U.S. energy exports, Guinea’s bauxite shipments, and...
Closure of the Strait of Hormuz Continues to Impact Energy Prices
The ongoing closure of the Strait of Hormuz, compounded by the US‑Israel‑Iran conflict, is keeping oil prices volatile near US $100 per barrel. Coal prices have followed, trading in a US $100‑110 band, while 6.5 % sulfur petcoke has risen to US $106 per...
Global Fragmentation Is Rewiring Asia’s Economic Future
Asia’s post‑war boom thrived on predictable globalization, cheap energy and integrated supply chains, lifting millions out of poverty. Today, escalating U.S.–China rivalry and geopolitical friction turn that interdependence into a conduit for shocks, from oil disruptions in the Strait of...
Stablecoin Firms Have a $112B Opportunity in LATAM Remittance Outside of US-Mexico: Bybit
Bybit's chief marketing officer Claudia Wang warns fintechs that the $112 billion non‑US‑Mexico segment of the $174 billion Latin America remittance market is being overlooked. She highlights fast‑growing corridors such as Venezuela‑to‑Colombia and Argentina‑to‑Bolivia, and stresses that each country requires distinct licenses,...
SPX® Realized Skew Inverts as Traders Focus on Right Tail
Traders are pivoting toward the right tail of the SPX options market as realized skew flips. Brent crude surged past $126 per barrel, while the VIX slipped to a three‑month low of 16.9% as the S&P 500 hit an all‑time high...
Middle East Crisis: Poison for the World, but Meat for East Africa’s Oil Dreams?
The Strait of Hormuz crisis has pushed East African leaders to fast‑track a regional oil‑refining strategy centered on Tanzania’s Tanga Refinery Hub and the 1,445 km East African Crude Oil Pipeline (EACOP). Kenyan President William Ruto, Ugandan President Yoweri Museveni and Nigerian...
Asean Shares Crude Oil Supply Concerns with Japan, China, South Korea
Finance ministers and central bank governors from ASEAN, Japan, China and South Korea warned that the Middle‑East conflict is amplifying downside risks to regional oil supplies, especially after Iran effectively closed the Strait of Hormuz. The group, meeting on the...
US 'Suffocating' Iran with Blockade, Says Treasury Secretary Scott Bessent
U.S. Treasury Secretary Scott Bessent announced a new “Economic Fury” program that intensifies the United States’ economic blockade of Iran, aligning it with the Pentagon’s Operation Epic Fury. The initiative, rooted in the March 2024 “max‑pressure” order, aims to cut...
Oil Prices Subdued After Trump Says US Plans to Help Stranded Ships Cross Strait of Hormuz
U.S. President Donald Trump unveiled "Project Freedom," a plan to escort stranded vessels through the Strait of Hormuz, a chokepoint that handles roughly 20% of global oil flow. Brent futures hovered near $108 per barrel and WTI around $101.65 as...
Investors Appear Skeptical as Trump Touts New Plan to Partially Reopen Strait of Hormuz
President Donald Trump announced a U.S.-led effort to partially reopen the Strait of Hormuz, promising naval escort for neutral merchant vessels. The announcement sparked brief market volatility, with Dow futures gaining 0.1% before slipping and oil prices easing modestly after...