Closing post
Time to recap
US consumer sentiment has fallen again as fears over tariffs drive up inflation expectations.
The University of Michigan’s preliminary May sentiment index has declined to 50.8 from 52.2 a month earlier, weaker than forecast, as trade war fears hit the US economy.
Economists are hopeful that sentiment will improve, though, now that the US and China have paused their trade war.
In the UK, King Charles’s personal fortune increased to £640m in the past year, making him as wealthy as the former prime minister Rishi Sunak and his wife, Akshata Murty, according to the Sunday Times rich list.
The 76-year-old monarch, who acceded to the throne in 2022, recorded a £30m increase in wealth and ranks joint 238th on the list of the UK’s wealthiest people and families.
The estimate of the king’s wealth is based on personal assets, including the investment portfolio he inherited from his late mother and private estates at Sandringham and Balmoral, and does not include the crown estate.
According to the list, there are 156 UK-based billionaires, down from 165 last year, marking the third year in a row the number has fallen. The fall was blamed on recent market turbulence, and the crackdown on non-doms.
The biggest drop in wealth was felt by Sir Jim Ratcliffe, the founder of Ineos and a part-owner of Manchester United, whose fortune fell by about £6bn.
There were protests in London today, calling for a wealth tax to help fund better public services.
In other news:
Updated
The UK stock market has ended the week in a sunnier mood.
The FTSE 100 share index has closed 51 points higher at 8684 points, up 0.6% today, its highest closing level since the last week of March.
