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UK first-quarter GDP gives BoE no urgency to cut rates

Stronger headline growth and deflator figures suggest rate setters’ main concern should be price growth not activity

Expansion picks up after a lacklustre second half last year

The Great Game 3.0

A 24-hour bombardment centring on Kyiv included 56 missiles and more than 1,000 explosive suicide drones

American business leaders tell president they attach ‘deep importance’ to Chinese market

Under Labour rules, someone seeking the party leadership needs the nominations of at least 81 MPs

News opens way for her to potentially enter a contest to topple Keir Starmer

Chinese president tells US counterpart there are ‘no winners’ in trade war

Chinese and US leaders to discuss trade, technology, Iran and Taiwan

Health secretary expected to resign while former deputy prime minister Angela Rayner says HMRC has cleared her over tax case

Japan’s second-biggest carmaker reports worse than expected result but forecasts return to profit this year

Plus, US oil producers aren’t drilling

Jane Street interview simulator; Von der Leyen; Dawkins and AI; Magnus the Wandering Walrus; Eurobonds revisited

Our Ask an Expert Q&A with Stephen Bush, Miranda Green and Robert Shrimsley will take place today at 1pm (BST)

Also in today’s newsletter: Starmer faces leadership challenge and Warsh’s Fed confirmation

The US Treasury has proposed investing some of the idle cash it keeps at the Federal Reserve into money markets

Body for pension and sovereign wealth funds wants costs shared between investors and buyout groups

Suriname, South America’s smallest and greenest country, is tying its future to a $10.5bn offshore oil development led by TotalEnergies

Ministers should reconsider import measures due to take effect in July, says British Chambers of Commerce

Private capital groups have a new opportunity to buy significant risk transfers tied to credit funds

Gideon Rachman speaks to James Crabtree

Data suggests shipments of refined fuels are not picking up in blow to Asian economies starved of supplies by Iran war

Sonja Hutson talks to Martin Arnold and Anne-Sylvaine Chassany

Bringing groceries to customers within minutes is a competitive front in battle with ecommerce giant Amazon