Closing post
Time to wrap up…
Brent crude, the international benchmark for oil prices, rose by as much as 5% to $118.43 a barrel after Donald Trump told allies to buy US jet fuel or “take it” from the strait of Hormuz.
The US president wrote on his social media platform Truth Social:
I have a suggestion for you: Number 1, buy from the U.S., we have plenty, and Number 2, build up some delayed courage, go to the Strait, and just TAKE IT.”
UK house prices increased at the fastest rate in almost 18 months in March, although surging mortgage rates amid the Iran war are likely to lead to a market slowdown, according to Nationwide.
The UK’s biggest building society said the price of a typical UK home increased by 0.9% month on month in March, the largest increase since December 2024.
The increase, which compares with a 0.3% rise recorded in February and is ahead of economists’ expectations of 0.6% growth, means the average price of a UK home now stands at £277,186. Annual house price growth picked up to 2.2% in March, from 1% in February.
Unilever has agreed to combine its food business with US-based McCormick in a $44.8bn deal that will give the Marmite-to-Hellmann’s mayonnaise owner majority control of a food empire.
Under the agreement, McCormick will pay London-listed Unilever $15.7bn in cash and the equivalent of $29.1bn in shares for most of the Anglo-Dutch company’s food arm.
Unilever will control 65% of the new spin-off, which will combine brands such as Knorr and Pot Noodle with McCormick’s condiments and spices including French’s mustard, Old Bay seasoning and Cholula hot sauce.
However, the combined company will be led by McCormick executives, with senior management representation from the ranks of Unilever’s food business.
US stock market opens higher
The US stock market has opened higher today, with the blue-chip S&P 500 share index rising by 1.2% at the open. The tech heavy Nasdaq composite index is up 1.5%.
Meanwhile Brent crude oil is now trading up 5.2% to $118.6 a barrel, within touching distance of $119.50 a barrel, its previous high since the war in Iran started a month ago.
