Good morning. Markets await more details on the Israel-Iran plan after Donald Trump met with his national security team. London’s sky-high rents are pushing even flat-sharers out of the market. And hedge funds are rushing to Dubai and Abu Dhabi. Listen to the day’s top stories.
Oil traded near a five-month high as Israel and Iran each indicated they plan to ratchet up the conflict. Tehran prepared missiles to strike regional US bases should Washington join the war, the New York Times reported.
London’s sky-high rents are even pushing room-to-let seekers out of the market, with the number of flat sharers declining steadily since 2022, according to SpareRoom. The drop comes as the outlook is being darkened by rising bills, a deteriorating labor market and the US trade war, which is showing some signs of undermining confidence in the economy.
Hedge funds are rushing into Dubai and Abu Dhabi as they try to keep star traders happy. Escalating conflict in the region hasn’t deterred them so far.
Lured by zero personal income tax, a time zone that talks to both East and West and a lifestyle tailor-made for the rich, many traders have been demanding to relocate despite the heightened regional tensions of the past two years.
London is the city that has lost by far the biggest number of jobs to the UAE.
Dubai is home to more than 75 of these firms, up from 10 or so a decade ago. Its finance hub is building more office blocks, and a site for hedge funds. The workforce on Al Maryah Island, home to Abu Dhabi’s hub, rose 17% in a year.
Israel’s war with Iran is really three conflicts, Hal Brands writes. It’s waging a war for the Middle East, a war for nuclear nonproliferation, and a war against an axis of aggressors that is testing the international order on several fronts.
An installation view of Hauser & Wirth’s booth featuring Alberto Giacometti’s Homme assis (Seated Man) from 1950, and Mark Rothko’s No.6/Sienna, Orange on Wine from 1962. Source: Stefan Altenburger/Hauser & Wirth
At Art Basel, dealers played it safe by avoiding politics and war. David Zwirner sold 68 pieces, including a $9.5 million Ruth Asawa sculpture, while Hauser & Wirth reported 33 sales. “We live in a crazy time, and I think that a lot of people want to take refuge in some other universe,” said dealer Larry Gagosian.
