Closing post
Time for a recap:
Worries about this month’s budget, and the Middle East crisis, have hit confidence across UK manufacturing last month.
The oil price has jumped following a warning from a US official that Iran is “preparing to imminently launch a ballistic missile attack against Israel”.
Inflation across the eurozone has fallen below the official 2% target for the first time in three years, sparking speculation that the European Central Bank will cut interest rates again this month.
Some of the busiest ports in the US were braced for crippling disruption after about 45,000 port workers represented by the International Longshoremen’s Association (ILA) began walking off the job after their contracts expired at midnight.
The Horizon IT scandal inquiry has heard that there could be a repeat unless the so-called “untouchable” investigators and executives involved in the prosecution of subpostmasters not fired before the organisation rolls out its new IT system.
UK domestic energy costs have jumped 10% as the new price cap kicks in.
Prices in UK shops are falling at the fastest rate since 2021 despite an increase in fresh food inflation as wet weather hit UK production while the cost of olive oil and sugary snacks continues to be affected by the climate crisis.
Updated
If it goes ahead, Iran’s ballistic missile attack on Israel could be as big or potentially bigger than the one in April, a US official has told Reuters.
US officials, speaking on condition of anonymity, told Reuters earlier on Tuesday that Iran appeared to be preparing to imminently launch a ballistic missile attack against Israel.
In April, Iran launched hundreds of drones as well as cruise missiles towards Israel, in the Islamic Republic’s first ever direct attack on the Jewish state. But the attack, mostly launched from inside Iran, caused only modest damage in Israel as most were shot down with the help of the US, Britain and Jordan.
