Good morning. Oil climbs on a report that Israel is preparing to strike Iran. Trump reveals more about his “Golden Dome” missile-defense shield. And Amazon is giving refunds for years-old returns. Listen to the day’s top stories.
Elsewhere in markets, the Swiss franc and the yen, traditional haven assets, inched higher amid a broad weakening of the dollar. Morgan Stanley strategists said buy America except for the US currency. Traders are piling into bets that long-term US bond yields will surge. And in the UK, data today are expected to show a pickup in inflation.
Donald Trump thinks Russia would probably walk away from Ukraine talks if the US threatens more sanctions, Secretary of State Marco Rubio said. The EU is expected to propose a quota to enforce an import ban on Russian gas by the end of 2027, potentially offering companies a legal basis to end their contracts.
The UK is planning to reduce the amount of cash savers can put in tax-free accounts in a bid to create a US culture of retail investing among British households, according to Chancellor Rachel Reeves.
White House Chief of Staff Susie Wiles in the Roosevelt Room on May 12. Photographer: Andrew Harnik/Getty Images North America
Trump vowed that a “Golden Dome” shield should be “fully operational” by the end of his term, saying it would be able to protect the US from threats including ballistic missiles, hypersonics and advanced cruise missiles.
“We will truly be completing the job President Reagan started 40 years ago,” Trump said, in reference to Reagan’s unfulfilled quest for a space-based missile defense system, widely known as “Star Wars.”
Trump said the system would include “next generation technologies” across the land, sea and space, and also that Canada wanted to be part of the program.
It’s time for the UK to embrace the opportunity to reset relations with the EU and go for growth, writes Rosa Prince. To misquote Dr. Strangelove, what if Starmer stopped worrying about Reform and learned to love the EU?
The pope’s childhood home in Dolton, Illinois. Source: Prestige Real Estate Images
A Chicago-area town plans to seize control of Pope Leo XIV’s childhood home, through eminent domain, just days after it was put up for auction with a starting bid of $250,000. The town plans establish the three-bedroom house as a historic site.
Better late than never. Amazon customers are suddenly getting refunds for products they purchased and returned as far back as 2018, after the retail giant discovered “unresolved” issues. The company’s execs have hinted the scope of the refunds may be hundreds of millions of dollars.
