▆ Middle East war day 22 as it happened: Trump sets 48-hour deadline for Iran to open Strait of Hormuz
US president threatens to strike Iran’s power plants if the waterway is not opened for shipping
▆ Canada’s oil producers in line for C$90bn windfall from Iran war
Rising crude price will boost export revenue as Mark Carney seeks to counter Donald Trump’s trade wars
▆ US fertiliser bosses cash in as Iran war boosts shares
CF Industries aided by access to low-cost US natural gas as energy crisis slams Asian and European competitors
▆ Chart of the Week: Global rates show deeper war fears
Investors are becoming increasingly hawkish
▆ Iran lets grain ships through Hormuz to shore up food supply
Agriculture has been a ‘pain point’ for Tehran after it imposes de facto blockade of waterway in response to US-Israeli war
▆ Iran launches 10mn rial banknote as war triggers dash for cash
Iranians queue to get hold of highest-ever denomination bills as US-Israeli strikes fuel demand for hard currency
▆ Iran war raises the risk of a bond market shock
Wild swings in UK gilts point to strains that will hurt government finances and jack up borrowing costs for us all
▆ EU member states urged to lower gas storage targets due to Iran war
European Commission proposes steps to try to reduce demand for energy from households and industry
▆ Cargill uses AI to get more meat from the bone as beef prices soar
System called CarVe spots flecks of meat on carcasses as they move along the production line
▆ Amazon-backed nuclear reactor group X-energy files for IPO
Start-up aims to capitalise on rising interest in atomic power due to growing power demand from AI
▆ Flagship Blackstone credit fund posts first monthly loss since 2022
Loan markdowns and market declines led to negative return for the first time in more than three years
▆ Middle East war day 21 as it happened: Trump considers ‘winding down’ US military operations, Pentagon orders thousands more troops deployed to region
President says US ‘very close’ to meeting its military objectives in Iran but does not want a ‘ceasefire’
▆ UK borrowing costs reach highest level since 2008 as economic hit from war mounts
Ten-year gilt yield jumps to 5% as fears over inflation shock intensify
▆ A bet on Bill Ackman’s new listing is complex
The hedge fund manager is seeking to extend his Pershing Square portfolio in multiple vehicles
▆ Iran war will scar the global economy
Scenarios that markets and policymakers hoped to avoid are now materialising
▆ How the oil shock might spread
Measures undertaken by vulnerable economies may be only the start of things to come
▆ Investors start to bet on US interest rate rises amid inflation fears
Traders price in almost 50% chance of higher borrowing costs by October, in potential blow to Trump’s calls for cuts
▆ Retail investors aren’t crazy for Farage and Kwarteng’s bitcoin business
Unpopular
▆ Why is the Iran crisis pummelling the gilts market?
An inflationary energy shock has drained optimism over UK rate cuts and hammered popular hedge fund trades
▆ Goldman’s chief warns private credit risks show cycle ‘has not been repealed’
David Solomon’s comments in annual shareholder letter underscore Wall Street’s wariness around non-bank lending
▆ UK regulator to probe collapsed mortgage lender MFS
Investigation follows failure of Mayfair-based lender and linked companies owned by founder Paresh Raja
▆ Iran war is the greatest threat to global energy ‘in history’, warns IEA
Agency’s head Fatih Birol says recovery of oil and gasfields in Gulf region could take more than six months
▆ Is it time for me to buy equities again?
Many price/earnings ratios have fallen back to long-run averages
▆ India’s central bank battles to protect rupee from Iran war fallout
RBI burns through more than $20bn of foreign exchange reserves this month trying to defend currency, say bankers
▆ IEA calls for working from home, driving slower and flying less to tackle energy crisis
Agency says consumer demand measures needed to manage Iran war’s disruption to global markets

Click on any headline to see the full article on the Financial Times website, FT.com.