The SpaceX IPO made Musk a trillionaire. The old rules of capitalism no longer apply

The economic principles taught in school aren’t as relevant as hype, connections and total, arbitrary control

US consumer sentiment improves in June due to easing gas prices

Consumer sentiment still remains at historically low levels amid Iran war and rising inflation, new survey shows

Oil prices plummet as Trump claims he is close to US-Iran deal

Brent crude falls as optimism rises that strait of Hormuz could reopen over the weekend

Reeves grudgingly resorts to departmental salami slicing to fund UK defence budget

Starmer shows no will to pursue the main options for rising commitments: spending cuts, tax rises or borrowing

UK economy shrank by 0.1% in April as Iran war held back growth

GDP hit by higher energy prices caused by Middle East conflict, after 0.3% rise in March

Middle East war is hurting eurozone economy, warns ECB, after announcing first interest rate rise since 2023 – as it happened

European Central Bank has lifted interest rates and warned that the war in the Middle East is generating inflation pressures

Global growth is slowing to lowest level since pandemic, says World Bank

Forecast for this year downgraded to 2.5% and inflation expected to jump as a result of war in the Middle East

ECB raises eurozone interest rates as Iran war stokes inflation

European Central Bank increases main deposit rate to 2.25%, with two further rises expected by next spring

Young people in Britain are suffering a joblessness epidemic – and, so far, Labour is just making it worse

Youth unemployment is harming the mental health of a generation. A sluggish economy will only make things harder, says Guardian columnist Larry Elliott

Trump says ‘I love the inflation’ as rate rises to 4.2% amid Iran war pressure

Before the conflict began, inflation was at 2.4%, but the closure of the strait of Hormuz has affected energy prices

We economists have done the maths: ‘growth’ is a doomed strategy – there is a better way

Our roadmap has been shaped by experts across the world. We call on political leaders at all levels to use it, says Olivier De Schutter and others

Chip stocks bouncing back on Wall Street and South Korea; UK investigating Paramount-Warner Bros merger – as it happened

Rolling coverage of the latest economic and financial news, as the AI trade bounces back

Trump claims US fuel prices ‘not very high’ as costs surge amid Iran war

National average gas price stands at about $4.16 per gallon as Americans grapple with price hikes sparked by the war

The spectre of gen Z socialism is haunting the world … according to the Economist

The magazine writes: ‘Resisting Gen-Z socialism is therefore an urgent task.’ That urgency must outweigh any urgency of feeding hungry people

Oil price falls back and Wall Street rallies after Iran announces ‘end of military operations’ against Israel – as it happened

Rolling coverage of the latest economic and financial news, as South Korea’s KOSPI index slumps by 8%