Plus, Trump says ceasefire still holds.

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Daily Briefing

Daily Briefing

By Kate Turton

Hello. In today's headlines, the UK's Starmer vows to fight on after Labour is punished in local polls and US and Iranian forces clash in the Gulf.

Elsewhere, Trump’s crackdown on China-linked solar firms stalls the US factory boom, and read our exclusive on the series of well-timed market bets on falling oil prices totalling as much as $7 billion.

Plus, happy 100th birthday David Attenborough. 

Today's Top News

 

Britain's Prime Minister Keir Starmer speaks during a press conference at Downing Street in London, Britain, April 1, 2026. Frank Augstein/Pool via REUTERS

  • Prime Minister Keir Starmer vowed to fight on to deliver on his promise to bring "change" to Britain after his Labour Party suffered heavy losses in local elections. Political editor Elizabeth Piper tells the Reuters World News podcast why Reform UK is the big winner.
  • US and Iranian forces clashed in the Gulf, and the UAE came under renewed attack, endangering a month-old ceasefire and ‌shaking hopes for a diplomatic solution to the crisis.
  • Russia and Ukraine accused each other of violating a unilateral two-day ceasefire announced by Russian President Vladimir Putin to cover the anniversary celebrations of the Soviet Union's victory over Nazi Germany.
  • Global perceptions of the US have deteriorated for a second consecutive year and are now worse than views of Russia, an annual study on democracy showed, as US President Donald Trump's policies continue ‌to severely strain the NATO alliance.
  • Tennessee Republicans approved a new congressional map dismantling a majority-Black US House district centered on Memphis, as several other Southern states seek to leverage last week's US Supreme Court decision that severely weakened the landmark Voting Rights Act.
  • A new suspected case of hantavirus was identified in a British national on the South Atlantic island of Tristan da Cunha, as efforts continue to trace passengers of the luxury cruise ship hit by ‌the virus and their immediate contacts.
  • Pope Leo asked that God would inspire world leaders to calm global tensions and reduce hatred in an address to mark his first anniversary as head of the ‌Catholic Church, a day after he met US Secretary of State Marco Rubio at the Vatican.
 

Business & Markets

 
  • Many American car buyers are gravitating toward hybrid vehicles to offset the recent surge in gas prices from the Iran war, according to fresh industry sales data and dealers. US hybrid sales rose 37% in the two months since the Middle East conflict began.
  •  A series of well-timed market bets on falling oil prices totalling as much as $7 billion during March and April spread across multiple exchanges and types of fuel and derivatives just before major Iranian policy announcements by Trump, according to traders, market experts and Reuters analysis of exchange data.
  • A US trade court dealt another blow to Trump's tariff strategy, ruling that his latest 10% temporary global duties are unjustified under a 1970s trade law, but blocked the levies only for two private importers and the State of Washington.
  • Nintendo and Sony both flagged the impact from surging memory prices on their games businesses, as the artificial intelligence boom constrains chip supply and deepens disruptions ‌across the tech sector.
  • Cloudflare said it would cut about 20% of its ‌workforce as the company restructures operations around the rapid adoption of artificial intelligence tools, and forecast second-quarter revenue slightly below Wall Street expectations.
 

The Week Ahead

  • Voters will head to the polls in the Bahamas for an early election on May 12, as the Caribbean nation battles affordability issues.
  • Tuesday's US April consumer price index is expected to rise 0.6% after March's 0.9% jump, the biggest increase in almost four years, according to a Reuters poll. 
  • The US President visits Beijing on ‌May 14-15, his first China visit in eight years.
  • This year's Cannes Film Festival will pit stalwarts of arthouse cinema against a small pool of newer voices as 21 titles compete for the gathering's prestigious main prize.
  • Here's all you need to know about the coming week in financial markets.
 

Trump’s crackdown on China-linked solar firms stalls US factory boom

 

An assembly line moves solar panels through manufacturing at First Solar in Perrysburg. REUTERS/Megan Jelinger/ File Photo

Top solar companies, banks and insurers have stopped doing business with at least a half dozen recently built US panel factories because of uncertainty over whether their ties to China could disqualify them from clean-energy subsidies, according to industry executives and documents reviewed by Reuters.

The shift, driven by new Trump administration policies, jeopardizes more than a third of US solar capacity in factories initially built by Chinese firms. Details of how the policy uncertainty is driving installers and insurers away from US solar factories with China ties have not been previously reported.

Read more