FirstFT: Oil snaps back after ships hit
Also in today’s newsletter: private credit default rates and Paris mayoral elections
Iran war risks higher household inflation expectations
Rate-setters will act so that medium-term expectations remain anchored
Private credit gets a shoulder tap
JPMorgan has marked down the value of private credit loans to software companies
Water takeovers to be referred to UK government for national security screening
Commercially available AI systems will be taken off the mandatory investment screening list in drive to cut red tape
Estée Lauder sues perfumer Jo Malone for breach of contract
US company objects to use of British entrepreneur’s name in her collaboration with Zara
Paris frontrunner bets on ‘new left wave’ sweeping big cities
Emmanuel Grégoire wants to extend 25 years of Socialist rule in the French capital
EU’s six biggest economies push for single markets watchdog
Proposal by ‘E6’ countries, including Germany and France, aims to reinvigorate plans to unify bloc’s capital markets
The AI-driven ‘kill chain’ transforming how the US wages war
Systems from Palantir and Anthropic are helping to turn torrents of battlefield data into thousands of strikes
Trump’s Iran folly is handing Xi Jinping weapons in the trade war
Despite China being a huge oil importer, US mismanagement will give Beijing the upper hand in upcoming talks
Supertankers rush to Red Sea port as Iran war chokes Gulf oil exports
Saudi pipeline allows ships to avoid perilous Strait of Hormuz but they must now brave notorious hotspot for Houthi attacks
The Holy Rosenbergs — a Jewish family grapples with the Gaza war in Arthur Miller-esque drama
Arguments swirl and thicken in a revival at the Menier Chocolate Factory that is strongly resonant yet belongs to the past
Hizbollah’s war with Israel deepens its isolation in Lebanon
Widespread opposition to conflict and mass displacement stoke sectarian tensions
FTAV’s further reading
Libel; Apple; futures; dead internet; AI; Angus the cow; Binance; and free speech
Military briefing: the closest US-Israel war yet
Not since the Suez Crisis has the IDF fought alongside an ally in a major military offensive
The shadow front in the war against Iran
Iraq has been a battleground for Tehran and Washington’s interests since 2003. A murky conflict has broken out there again
Should you lie to your kids about their Junior Isas?
Parents worry about their children getting access to a lump sum at an early age — some choose to keep it a secret
Which chokepoint wins in a game of geoeconomic Top Trumps?
It depends on its damage to the target, potential for blowback and durability
America risks financial credibility with payments deficit obsession
Imposing tariffs in response threatens to create a problem where none exists
‘Men retire, women get fired’ — the quiet crisis gripping museums
Arts institutions have made much of their new openness to women leaders — but there are growing concerns about a gender backlash
Investment fund questions valuations in Blue Owl’s private credit portfolio
Glendon Capital Management says debts are marked higher than similar publicly traded securities
UK’s water utilities may finally be worth a dip
Despite a recent price bump, valuations are still relatively low
Partners Group sounds alarm on private credit default rates
Chair of Swiss private capital group warns pace could double to above 5% in coming years
Art market’s return to growth threatened by geopolitical volatility
Worldwide sales edged up 4% to $59.6bn in 2025 after two years of decline
Rise of the five-star jammy dodger as top hotels embrace ‘bakery tourism’
Croissants, cheese straws and iced buns are drawing queues round the block — and smart hotels are taking note