Great expectations (for earnings)
Stocks look cheaper — if everything goes perfectly
HSBC profits hit by fraud-related credit losses
First-quarter income falls $100mn to $9.4bn, missing analysts’ expectations
Australia bucks trend and raises rates under inflation pressure
Central bank cites higher fuel prices as result of Iran war as it unveils third increase this year
Trump’s threats give EU pause for thought ahead of US trade deal vote
Also in this newsletter: Compromise in Italo-Swiss fight over Alpine fire tragedy costs
FTAV’s further reading
Central banks; more central banks; Photoshop; Ask.com; strangers at the gym; K-shape economics; road money; and Silicon Valley
Join FT Alphaville for drinks this Thursday from 9pm at Market Place St Paul’s
The pub quiz after-party is ON
FirstFT: Renewed attacks threaten US-Iran truce
Also in today’s newsletter: LVMH to offload brands and Deutsche Bank lawsuit
Sports Exchange
This series features insights from some of the most influential figures in sports ownership and leadership. In this instalment, Mark Darbon, chief executive of the R&A, says the governing body must balance golf player rewards with reinvestment in the sport
Transcript: Disney’s new CEO faces first challenge
Marc Filippino talks to Anna Nicolaou and Ryan McMorrow
Quantum computing moves closer to drug discovery with enzyme study
Scientists have used the technology to model the behaviour of protein molecules
Golf must be careful of soaring prize money, says head of R&A
Mark Darbon says golf must heed lessons of English rugby, where clubs raised wages beyond what revenues could support
How not to defeat antisemitism
The only way to overcome this scourge is to see it for what it is: racism
Consumers face more pain as companies threaten price rises
Executives warn that a prolonged energy shock would increase pressure to pass on costs to customers
Can Wachtell withstand Big Law’s free-agent era?
The firm’s lockstep pay structure looks quaint as fierce rainmaker poaching wars reshape the sector
How Germany’s Merz torpedoed his plan to contain Trump
Swipe at US president appears to wipe out year-long effort to establish rapport
Why the Iran war might not spur a faster transition to low-carbon energy
Increased priority on security of power supply might see some countries double down on fossil fuels
Reeves rowed with Bessent over Iran war criticism
Dispute between UK chancellor and US Treasury secretary underscores allies’ diverging stances on the conflict
Welcome to the Great Hunkering Down
Why aren’t more people quitting their jobs?
Deutsche Bank denies training bankers to manipulate markets
Former commodities trader’s £12mn lawsuit alleges German lender breached a ‘duty of care’
R&A CEO warns on golf prize money
Mark Darbon says the governing body must balance player rewards with reinvestment in the sport
Mon Cher Amour — Camus, Maria Casarès and a love story in letters
The correspondence between the writer and the actress charts the passionate highs and bitter lows of their 16-year relationship
What is at stake in Britain’s elections?
Reform, the Greens, SNP, Plaid Cymru and Lib Dems are hoping to make gains at the expense of the two mainstream parties
Starmer loyalist urges prime minister to go further on tax
Jeevun Sandher says Labour MPs ‘have to do the deep thinking’ to solve Britain’s problems
Shell lobbying EU over rules on how green its green hydrogen must be
Debate on power standards is playing out across industries