Lizzie Burden

Ed Aldo speaking there.

Anthropic expects to post $10.9 billion in revenue in the second quarter, and the company's also on pace to report its first profitable quarter.

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The US war on Iran is triggering another wave of price hikes across a global economy that's barely recovered from the last inflation shock.

Investors are also starting to worry about the implications for the more than $50 trillion market for sovereign bonds in the G7.

Bloomberg Economics says that the oil shock caused by the closure of the Strait of Hormuz is ending the global trend of disinflation.

Higher crude, gas and shipping costs are lifting prices across major economies, and the impact is clearest in America and Europe.

US CPI is moving back towards 4%, while inflation in the euro area has risen by around one percentage point.

Ali Dorawalla is co-CIO at Rock Creek.

Ali Dorawalla there speaking.

As Rapidan Energies warned, a closure of the Strait of Hormuz till the end of August was raised the risk of an economic downturn approaching the scale of the 2008 Great Recession.

In its latest notes, Rapidan said that if the waterway stays shut till August, it would deepen the third quarter supply deficit to roughly six million barrels a day.

UK retail sales have fallen at the fastest pace in nearly a year as consumers pulled back spending.

The 1.3% drop came as GfK's Consumer Confidence Index showed sentiment among the UK's lowest earners plunged in May.

The data shows how the fallout from the Middle East conflict is being felt unevenly, with spending habits among higher earners proving more resilient to the energy shock.

In a bid to address that, the UK's Chancellor Rachel Reeves yesterday set out measures aimed at easing the cost of living crisis.

Rachel Reeves, however, ruled out universal energy bill support in her announcement yesterday.

That came as figures released this morning showed that UK government borrowing hit its highest April level in six years, totalling £24.3 billion last month.