Shares are selling off across the globe, driven by fears in the US over interest rate hikes and a debt-fuelled spending splurge on AI infrastructure. Brent crude has dropped just over 1% to $77.11 a barrel after the US waived sanctions on Iran for 60 days, as both sides try to hammer out a permanent peace deal. Gold prices dropped 2% as the US dollar hit a one-year high, making gold more expensive for overseas buyers, on increased rate hike expectations. Traders now see an 86% chance of a rate hike by December, up from 61% before last week’s Fed meeting.
Other main stories include: StubHub UK fined almost £900,000 over ‘hidden’ ticket fees; rail passengers told to travel only if essential amid red extreme heat warning; audit firm to Gupta metals empire fined and banned for ‘egregious’ failures; Keir Starmer’s economic legacy – in charts; Nissan ‘shelves all-electric Qashqai plans’ as it cuts costs; from bendy bananas to £350m for the NHS – how many Brexit promises actually came true?
