One Man Band!                                           05 June 2026

Although March’s ValuStrat Price Index posted a 5.9% monthly decline, annual growth remained firmly positive at 8.9% – a possible indicator that Dubai’s market is facing a correction rather than any structural weakness, as well as signs of becoming more sustainable. Transactions have moved higher – specifically in the off-plan sector which accounted for 76% of all April sales – whilst price growth, still in positive territory but at a slower rate; estimates show that growth has gone from regular annual double-digit numbers, over the past five years, to hovering under the 10% level. The REIDIN-DLD citywide average sale price almost reached US$ 538 per sq ft in April, 3.0% and 8.0%. higher on the month, and the year, respectively.

There are other factors enhancing the property sector environment. Developers are playing their part by adapting to changing market dynamics by introducing Incentives such as fee waivers, lower upfront payments and more flexible payment plans to boost sales from both investors and end-users. Even as the market seems to have started on its path to maturity and sustainability, it still sees demand being driven by strong population growth, rising foreign investment, expanding infrastructure and continued demand for both luxury and off-plan properties.

After an understandable brief respite in March, at the start of the ME crisis for UAE residents, Dubai’s property market seems to have regained momentum as investor confidence returned, international travel normalised and buyers resumed transactions that had been temporarily put on the back burner. Data from the Dubai Land Department, pointing to the resilience of the local market in uncertain times, showed weekly transaction in May attaining values of between US$ 3.81 billion to US$ 4.09 billion. As in previous months, off plan transactions dominated, whilst luxury waterfront and branded residences remained among the most sought-after assets. April data saw the market fast recovering from a dull March performance, as total market transactions rose 3.0% to 13.80k, while there was a 9.0% increase in sales value to US$ 12.86 billion. Some would consider that the emirate’s property market is now entering a more stable phase of growth, characterised by stronger fundamentals rather than speculative activity.

A look at the mortgage activity indicates how well the market recovered in April; it is reported that in the first eight days of the month, more mortgage applications were submitted than during the whole of March, and that in the first half of the month, there was a 250%  week-on-week increase in submissions.

Another sign was that in Q1, there was an almost 26% annual increase, as the number of foreign deals climbed 11.0% to 48.45k. Reasons for these impressive returns continue to be Dubai being seen as an attractive destination for foreigners, offering strong yields, a favourable tax environment and long-term economic stability.

Despite the turbulent times, and the troublesome political and economic environment, it is obvious that the HNWI sector has kept its faith with Dubai. In May Three major deals in the month included a US$ 30.7 million residence at Solaya 5 in Jumeirah First, a US$ 22.7 million home at Aman Residences and a US$ 15.4 million property at Como Residences.  There are many factors that continue to attract this sector to move to Dubai including lifestyle advantages, world-class infrastructure, political stability and attractive investment returns.

Dubai Holding Community Management said it was undertaking a “comprehensive remediation programme across parts of the Remraam community to address essential works required to safeguard the quality and standards the community expects”, adding that residents are being supported with “clear communication and assistance mechanisms in place, including a defined compensation framework, where applicable”. It seems that several residents in the community have already been offered rent compensation and relocation allowance, after being asked to temporarily vacate their homes for remediation works that could take between sixteen and twenty months. DHCM also commented that residents are being supported with “clear communication and assistance mechanisms in place, including a defined compensation framework, where applicable”; it seems that compensation will be calculated as: period of vacation in months, multiplied by the average RERA index value for that unit type, plus a relocation allowance ranging from US$ 1.9k for a studio to US$ 4.4k for a three-bedroom apartment. The financial problems facing some residents include service charges continuing during the works, ongoing mortgage payments and the possibility of having to cover rental costs above the relocation allowance.

Despite ongoing regional tensions, a new global survey, considered to be the first of its kind in the country’s property market, commissioned by Arada, ranks the UAE as the world’s top property investment destination. The survey, carried out in April, (and after the start of the ME crisis), Arada’s UAE Property Investment Index, conducted by US-based Penta Group surveyed six hundred and eighty-nine investors across twelve key markets. It saw the UAE in top place of global investors, with 56% expressing serious interest in the local property market, followed by the US (54%), the UK (41%), France (28%) and Spain (27%). 51% of those surveyed showed familiarity with opportunities in the UAE’s real estate sector, compared to the US (53%) and the UK (51%). Indian, (91%), Egyptian (92%) and Saudi (85%) investors cited the UAE as a top three destination. Among European investors, the UAE was the top choice outside the home country for French (63%), German i (60%) and Swiss investors (57%). A total of 38% of respondents considered strong potential returns as the number one investment driver globally with Australian (57%), Spanish (56%) and UK investors (41%) all ranking return potential as their primary consideration. Safety/stability was the defining factor for 65% of Chinese investors and 58% of German investors. 34% of global respondents cited the UAE’s reputation as a low-barrier, investor-friendly market was reflected as ease of purchase and ownership, with Saudi investors (57%) and Egyptian investors (41%).

Despite all geopolitical problems arising from the ME crisis, the UAE’s non-oil private sector defied all its critics by expanding in May. The S&P Global UAE Purchasing Managers’ Index actually rose 0.5, on the month, in May to 52.6, indicating Dubai’s capacity to withstand even the most difficult of challenges and bounce back. Not many countries in the world can emulate the UAE’s ability to expand even when most other countries are struggling with heightened uncertainty and disrupted trade routes. Notwithstanding the challenges of a slowing export market, elevated transport expenses and longer delivery times, the country’s businesses can sustain activity. Pointing to stronger domestic demand, the welcome impact of government initiatives and project expansions, 21% of the companies surveyed posted higher business activity last month – and this despite supply-chain disruptions and rising operating expenses. One major difficulty was the closure of the Strait of Hormuz, with disruptions and restrictions resulting in supplier delivery delays reaching their highest level since April 2020, creating bottlenecks across several sectors and increasing procurement costs. Although at a much slower pace, new business growth remained positive. Export orders continued to face pressure but the pace of decline slowed somewhat in May. Strangely, employment growth remained positive during the month, albeit at a more moderate pace.

The slowdown in external demand also enabled firms to reduce outstanding workloads, with backlogs of work rising at the slowest pace in almost three years. This provided companies with greater capacity to complete existing orders and improve operational efficiency.

Employment growth remained positive during the month, albeit at a more moderate pace. Businesses cited a combination of slower demand growth, higher costs and increasing automation as factors influencing hiring decisions. Even so, firms continued to add staff, reflecting confidence in future business prospects. Selling prices declined marginally during the month, marking the first reduction since June 2025, as firms sought to remain competitive and protect market share.

One of the most notable aspects of the May survey was the divergence between rising input costs and pricing strategies. Input costs increased at the second-fastest rate in nearly two years, driven primarily by higher transportation expenses, fuel costs and material prices linked to global supply disruptions.

Dubai’s non-oil economy mirrored the broader national trend and saw a May 0.6 rise to 52.0 – a sign of continued expansion, albeit reduced, in business activity. Having posted its fifth consecutive fall, output growth sank to its weakest level since June 2021, but activity levels remained positive backed by ongoing investment, infrastructure development and steady domestic demand. Supplier delivery times slumped to their lowest level since July 2022 because of the supply chain hassles, whilst input costs rose sharply due to higher transportation, oil and raw material prices. Dubai businesses maintained a competitive stance and largely shielded customers from cost increases, helping to sustain demand, as business confidence remained strong.

Led by its President and CEO, Mohammad Ali Rashed Lootah, Dubai Chambers has held a series of meetings in Ethiopia, aimed at strengthening bilateral trade and investment ties. The Dubai delegation, which also visited Ghana, also met Ethiopian government officials, investment agencies and business leaders to explore opportunities in industry, trade and investment. A meeting with the Ethiopian Investment Commission discussed investment opportunities and ways to attract international companies to both markets. Dubai Chambers said the visit reflected growing economic links between Dubai and Africa and formed part of wider efforts to support the international expansion of Dubai-based businesses.

Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed, has reaffirmed that strengthening the resilience of Dubai’s economy remains a key priority to keep pace with global economic trends and that it is an intrinsic part of the Dubai Economic Agenda D33. During a visit to the Dubai Department of Economy and Tourism, he highlighted the importance and value of:

• the significance of robust public-private sector partnerships
• enhancing a diversified, innovation-driven economy
• the continued need to build a flexible economic system capable of adapting to global shifts
• maintaining a progressive and an appealing business environment that encourages opportunities for growth and expansion

Last week, the UAE’s Minister of Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, attended the Eurasian Economic Forum 2026, a year after an Economic Partnership Agreement (EPA) was signed between the UAE and the Eurasian Economic Union which has helped boost trade by 15% to US$ 33.3 billion. (The Eurasian Economic Union’s member states include Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia). The EPA was signed between the UAE and the EAEU last year to eliminate trade barriers and enhance collaboration across key sectors. In 2025, trade with Kazakhstan grew by 8.6% to US$ 6.1 billion, with the UAE remaining Kazakhstan’s leading trading partner among Arab countries. During the event, the Minister highlighted the importance of developing trade routes, implementing paperless logistics, and fostering multilateral investment projects in the transport and logistics sector.

June petrol prices in the UAE increased to figures last seen in August 2022 due to a surge in global oil rates resulting from the ME war and closure of the Strait of Hormuz. The UAE announced deregulation of local petrol and diesel prices in 2015 to bring them in line with global rates. Since then, the local retail fuel rates have revised at the end of every month to align with global oil prices.

		June	May	Rise	01 Jan
	US$
	Super 98	1.076	0.997	7.92%	0.689
	Special 95	1.044	0.967	7.96%	0.659
	EPlus	1.025	0.948	8.12%	0.638
	Diesel	1.18	1.278	-7.67%	0.695

Last year, Dubai’s Roads and Transport Authority collected US$ 1.44 billion in digital revenue – a 20.6% growth compared to 2024; transactions were 13.0% higher at six hundred and twenty-eight million. RTA’s supremo, Mattar Al Tayer, noted that the authority is “moving ahead with expanding digital services and adopting the latest artificial intelligence technologies to… enhance the customer experience…and reinforce the emirate’s position as a leading global model for smart cities”. Customer usage of services, via smart apps, increased to 25% – a 40% increase on the year – with the RTA launching eighteen new services, via the RTA Dubai app. It provides one hundred and three services through the website, with eleven million transactions completed and also added three new services – payment of advertising signboard fines, contesting violations, and the temporary passenger transport permit service, “Naqel”. Its digital services have been greatly enhanced, via the virtual assistant “Mahboub”, with thirty-two interactive services. Its smart kiosks, which offer twenty-four services covering drivers, vehicles and nol witnessed growing uptake, with a 17.3% hike in transactions, surpassing one million, as revenue rose 11.0% to US$ 116 million, including US$ six million from parking ticket reservations. Gross Transaction Value (GTV) across the company’s core services increased nearly fivefold, during the period, driven by growth in segments including Food, Quik, Plus and Pay.

A memorandum of understanding with Ajman-based AJ Industries sees Dubai Taxi Company in a strategic partnership aimed at expanding mobility services across the emirate. The two companies will assess ways to strengthen transport services in Ajman by combining Dubai Taxi Company’s operational expertise and digital platforms with AJ Industries’ local market knowledge. Both parties will review many factors including improving fleet operations and enhancing digital booking and dispatch systems, as well as integrating e-hailing platforms, such as Bolt, into Ajman’s taxi network. Ajman’s limousine services are expected to be upgraded through premium standards, modernised fleets and advanced technology.

The DFM opened the week on Monday 01 June on 5,693 points, and having shed two hundred and twenty-five points, (3.7%), the previous three weeks, gained seventy-five points (1.3%), to close the week on 5,768 points, by 05 May 2026. Emaar Properties, US$ 0.56 lower the previous three weeks, shed US$ 0.04 to close on US$ 3.09 by the end of the week. DEWA, Emirates NBD, DIB and DFM started the previous week on US$ 0.74 US$ 7.59, US$ 2.02 and US$ 0.40, and closed on 05 June at US$ 0.71, US$ 7.32, US$ 1.99 and US$ 0.39. On 05 June, trading was at two hundred and sixteen million shares, with a value of US$ one hundred and ninety-three million, compared to five hundred and seventy-seven million shares, with a value of US$ one hundred and forty-five million on 29 May.

By 05 June 2026, Brent, US$ 21.41 (19.0%) lower the previous fortnight, shed US$ 1,35 (1.5%), to close the week, on US$ 89.99. Gold, US$ 262 (5.6%) lower the previous three weeks, shed US$ 163 (4.0%), to end the week’s trading at US$ 4,366 on 05 June. Silver was trading at US$ 75.52 – US$ 0.99 (6.6%) lower on the week.

Bitcoin has taken somewhat of a battering in recent months, with the downward trend from its 2026 15 January US$ 96.2k high, swinging 15.1% lower to US$ 80.9k thirty days ago to start today, 05 June, 22.4% lower at US$ 62.8k – 34.7% lower from its 2026 high of US$ 96.2k posted on 15 January. These price swings have been driven by a mix of macro pressure, market structure, and sentiment shifts, rather than just one main factor. Inflation concerns, interest rate expectations, geopolitical tensions, profit-taking after a rally, and the fact that a large share of Bitcoin trading happens with borrowed money (leverage), so that when prices dip even slightly, exchanges automatically liquidate positions. It still trades as a high-risk asset, and it is all but inevitable that it will move at least 20% higher this year. The question is when?

The Brussels prosecutor’s office is investigating UK money transfer company, Wise, over suspicions criminals using its accounts for money laundering, with the company confirming that it was, but that “no specific findings have been shared with us to date”. It appears that the case, which is “nearing its conclusion”, is focused on Wise’s European operations and not its UK business. It added that “the findings primarily concern the use of Wise accounts for criminal purposes, with indications of non-compliance with anti-money laundering legislation, particularly due to a failure to identify customers and their activities”. The Bureau of Investigative Journalism reported the company’s platforms were suspected of being involved in around US$ 580 million worth of suspicious transactions spanning thirty European nations.  Last year, Wise was also fined US$ 4.2 million by six US states, over AML compliance violations, and US$ 483k  by Abu Dhabi’s financial services regulator in 2022. Following news of the investigation, Wise’s market cap slumped some 17.5%.

Reports indicate that Nissan has signed an agreement with China’s Chery to build its cars for them at its Sunderland car plant – the UK’s single largest facility. For some time, the factory has been operating at 50% of its 500k unit capacity. The Chinese automotive group, with its sub-brands, Jaecoo and Omoda, is the fastest-growing vehicle manufacturer in the UK. This will be good news for the industry and also Sunderland because the deal will secure the future of the six thousand-strong workforce at Sunderland. Nissan’s financial problems are well known, with it having to close plants and lay off thousands of workers around the world.

Although a bid has yet to be made, it appears that Castlelake could soon be in the market to make an offer for easy.Jet. The alternative asset manager, that focuses on aviation finance, has made known its interest in the budget airline that was suffering even before the current ME crisis. The board has described a potential offer from the US investment firm as “highly opportunistic”, commenting that “the board notes the timing when easyJet’s share price is temporarily depressed due to the current situation in the Middle East and its impact on customer confidence and jet fuel prices”. However, it did add that “it is clear in its duty of aiming to maximise shareholder value and will consider any proposal”. Although the FTSE 100 Index has climbed 40%, (and Ryanair by 70% in the six years since the pandemic), easy.Jet’s market cap has slumped some 60%; it has also posted a US$ 742 million loss – the worst half-yearly loss in its thirty-year history.  Last month, the budget carrier issued a profits warning that “bookings for the summer period are behind where they were at this point last year”.

UK holidaymakers have been warned by Wizz Air’s UK supremo, Yvonne Moynihan, that they should arrive at European airports three hours before their flight home departs due to lengthy queues caused by new border checks. Airports said queues were worsening under the Entry Exit System which requires travellers to register fingerprints when entering many European countries, which are then checked when they leave – hence the delay. No surprise to see the bureau agreeing, with an EC spokesperson saying that the EES was working well at “almost all border crossing points”.  Having been operational since last October, almost eighty million entries and exits have been registered, with thirty-five thousand refusals of entry recorded; by 10 April, it was meant to be fully in use at borders of the Schengen free movement zone, including airports.

Anthropic has been impressed by the boys needing aaing late in the ninth blocking nine major UK banks in previews of its version, Claude Mythos, OpenAI has offered to fill the breach by granting the banks access to its cyber security AI tool GPT-5.5 Cyber. Both platforms are designed to find hidden security weaknesses in digital systems and will often outperform humans at some hacking and cyber-security tasks. In April, Mythos hit the headlines by claiming, with Anthropic, that it had discovered a weakness in one legacy system which had remained hidden since the last century. This revelation caused great concern among governments, central banks and industry experts fearing the model could undermine the security of all financial systems. Major UK banks which will now gain access to OpenAI’s GPT 5.5 Cyber, but whether Anthropic, (which initially opened it up to a collective of forty-two companies, mostly other US tech firms), will be made available is still unknown.

In a bid to gain traction in the consumer market, Nvidia has announced a new chip for PCs for devices integrated with AI technology. The tech giant has unveiled the RTX Spark chip – “a new superchip… for the era of personal AI agents – offering a new class of computer that moves from tool to teammate”. Nvidia’s chief executive Jensen Huang added that “this reinvention of the computer is as big of a deal as the r

Reinvention of the phone into what we now know as the smartphone” will be included in a new line of Windows PCs (made by Lenovo, HP, Dell), Microsoft Surface, Asus, and MSI, the four of which in Q1 accounted for almost 75% of the world’s PC market. Separately on Sunday, the US agreed on selling Nvidia’s most advanced chips to Chinese firms. Meanwhile, Anthropic has said it plans to become a public company in the US and that it had submitted confidential paperwork with the US Securities and Exchange Commission in order to make an initial public offering later in the year. The tech giant confirmed that the price and number of shares to be offered “have not yet been set”. It will be interesting to see how it competes – and compares – with the expected launch of Elon Musk’s SpaceX and whether it piques investors’ interest. The five-year-old Anthropic, founded by Dario Amodei and a handful of other executives, recently raised money from private investors that valued the company at nearly US$ 1.0 billion; its nemesis, Open AI has recently been valued at US$ 852 billion

To nobody’s surprise, Elon Musk’s SpaceX has unveiled plans for what would become the largest ever initial public offering; the IPO is hoping to raise US$ 75.0 billion, via the sale of new shares, which would value the company at around US$ 1.75 trillion as it sets it sights on making humans “multiplanetary”. It seems the share price will be at US$ 135, with trading expected to start on Nasdaq New York later this month. Only six companies trading on the S&P 500 are currently worth more, with Nvidia streets ahead of the pack at US$ 5.2 trillion. The estimated proceeds from the SpaceX IPO would easily top the US$ 26 billion raised by oil giant Saudi Aramco in 2019.

Today, US stock markets fell – the Nasdaq index declining by more than 4%, the S&P 500 2.6% and the Dow Jones Industrial Average dropping 1.35%, with the tech-heavy Nasdaq index seeing its biggest one-day  loss since April 2025. It is evident that concerns are increasing that the gains made by the Magnificent 7 – and other tech/AI stocks – could be unsustainable. Add to the equation a robust May US jobs report and there are increased fears that the Federal Reserve will keep interest rates higher for longer, as inflation levels continue to remain sticky and stubborn. May saw the labour market adding 172k new jobs, unemployment remaining flat at 4.3% and there were some 100k employment gains for the third consecutive month; March’s payroll gains  were revised up by 29k to 214k, and April’s by 64k to 179k. 

Months after it granted Universal a five hundred-acre site in Bedfordshire permission to begin the first phase of works, it was announced that the Starmer administration will invest US$ 1.75 billion, of taxpayers’ money,  into the project; of that total, an expected US$ 637 million is for local road and rail improvements, and US$ 1.125 billion, some of which is conditional on community works being completed by the developer, is due to be paid in the form of grants including through the Regional Growth. Europe’s first Universal theme park, which is owned by Comcast, expects to open in 2031 and will be known as Universal United Kingdom Resort which will include a five hundred-room hotel and retail and entertainment complex. It is expected that the company will invest more than US$ 6.71 billion, during the construction phase, and a further US$ 1.31 billion in capital investment over the first 10 years of operation. The developer expects that the park will generate US$ 67.15 billion for the UK economy by 2055 and welcome eight million annual visitors. The project is expected to create about twenty-eight thousand jobs – twenty thousand during the construction phase and eight thousand more in hospitality and the creative industries when it opens. Other benefits for the region will include an expansion of Luton Airport, a new rail station at nearby Wixams, upgrades to the existing Bedford station, improvements to the A421 and extra hospitality courses at local colleges and universities to train students for hospitality jobs.

The state of the UK’s water suppliers is a disgrace, as Welsh Water becomes the seventh firm to face action over sewage spills in recent times. The public has every reason to be concerned as another utility faces a US$ 60 million “enforcement package proposed by Ofwat. The regulator noted that it had failed to operate, maintain and upgrade its wastewater assets adequately to ensure they could cope with the flows of sewage and wastewater coming to them. Furthermore, it accused senior management that it failed to meet legal requirements to operate, maintain and upgrade its wastewater assets adequately to ensure they could cope with the flows of sewage and wastewater coming to them.

Yet another UK water company has been fined – this time South West Water following a cryptosporidium outbreak which left hundreds ill in Brixham, Devon., and 16k homes without water in May 2024. Furthermore, some 39k consumers were subject to a boil water notice for a two-month period and there were three hundred and ninety customer contacts reporting illness. The utility was handed a record US$ 2.4 million fine by the Exeter Magistrates’ Court for pleading guilty to an offence under section 70(1) of the Water Industry Act 1991, which requires water companies to supply water that is wholesome and fit for human consumption.

For the first time since the end of pandemic in April 2021, April passenger traffic across European airports fell – by 0.7% on the year – driven not only by the ME crisis but probably more so by escalating disruptions and ongoing air traffic problems.

The 2026 EU report concludes that the bloc’s EU’s progress towards achieving its Sustainable Development Goals, is mixed. On the plus side, there were notable advances in economic and social areas, alongside continuing environmental and international challenges, whilst achieving significant progress in five key goals, particularly decent work, education and equality. Furthermore, moderate progress was noted in nine other goals, including industry and innovation, and zero hunger. On the minus side, there had been little to no progress being made regarding the goal of international partnerships, along with a marked decline in environmental objectives, particularly those related to life on land and clean water. It concluded that the EU continued to advance towards sustainable development despite obstacles posed by environmental degradation and difficulties in international cooperation mechanisms.

In Q1, there was a 3.4% hike, on the year, in the numbers of overnight stays, to 47.11 million, in EU tourist accommodations Over the three months, January posted 143.5 million nights (up 3.2%)), February 154.4 million (+3.4%) and March 173.2 million (+3.7%), with the biggest decreases being Lithuania (-12.9%), Romania (-6.7%) and Luxembourg (-3.8%); six other countries recorded quarterly decreases. Foreign visitors accounted for approximately 46.6% of all overnight stays with Malta, (93.3%), Cyprus (85.6%) and Luxemburg (85.1%) having the biggest share. At the other end of the scale were Germany (19.9%), Poland (20.2%) and Romania (22.4%). Compared with the first quarter of 2025, there was an increase in both nights spent by foreign (+5.5%) and domestic visitors (+1.7%). The largest increases in overnight stays by foreign visitors were recorded in Ireland (+42.3%), Lithuania (+24.1%) and Slovakia (+15.4%), with Latvia (-7.5%), Bulgaria (-4.3%) and Belgium (-4.0%) at the rear end.

April saw inflation in the OECD rise by 10% to 4.4% – 04% higher than in March, with headline inflation, in the twenty-three-nation bloc, increasing. The largest rises saw Belgium, Chile, Greece, Italy, and Türkiye posting over 1.0% increases, as inflation in six member countries was almost flat and falling in nine, with the largest decline being 0.8% in Sweden, where falling food prices more than offset the surge in energy prices. Annual year-on-year OECD energy inflation continued to surge in April, up 5.1% on the month to 13.2%, whilst food inflation also increasing, by 0.4%. to 4.0%, and core inflation (inflation excluding food and energy) remaining broadly stable at 3.6%. Most OECD countries – thirty-one out of thirty-seven with available data – recorded an increase in energy inflation. Despite an increase, inflation remained negative in Colombia, Costa Rica, Denmark, Iceland, and Japan. Year on year G7 headline inflation was 0.4% higher on the month at 2.8%.

In April, year-on-year headline inflation in the G7 increased to 3.2%, up from 2.8% in March. Among G7 countries, headline inflation was highest in the US at 3.8% – its highest level since May 2023. Inflation in Canada, France, Germany and Italy also rose to levels last seen in 2023 or 2024. By contrast, in the UK, core inflation fell to 2.8% – its lowest level since September 2021 – contributing to a decline in overall inflation. Year-on-year energy inflation in the G7 reached 13.6%, with double-digit energy inflation rates recorded in Canada (partly due to a base effect from the removal of the consumer carbon price on 1 April 2025), France, Germany, and the US. Nevertheless, core inflation remained the main contributor to headline inflation in the three G7 countries with the highest inflation rates – Germany, the UK and the US. In the euro area, year-on-year headline inflation, as measured by the Harmonised Index of Consumer Prices, rose further to 3.1% in April, up from 2.6% in March. Energy inflation jumped to 10.8%, its highest level since February 2023, while core and food inflation remained broadly stable at 2.2%. Eurostat’s flash estimate indicates that headline and energy inflation in the euro area remained broadly stable at 3.2% and 10.9%, respectively, in May 2026, while core inflation was estimated to have risen to 2.5%. In the G20, year-on-year headline inflation increased to 4.3% in April, up from 4.0% in March. Headline inflation increased in Brazil, China, India and South Africa but fell in Indonesia (by 1.1%.), and, to a lesser extent, in Argentina, while it remained broadly stable in Saudi Arabia.

For the second time, since the February US Supreme Court decision to cancel some of the Trump administration’s tariffs, he has announced new tariffs of 10-12.5% on sixty countries accounting for almost all its imports, citing that they were not doing as much as they could do to curb forced labour. Already the likes of India, (saying it was a trade negotiation tactic), the EU (declaring the levies were unjustified), China (confirming that no goods were made with forced labour) and the UK, (saying it was tackling the problem) have responded. The US cited that trading with countries, which buy things made with forced labour, is unfair on the US whose workers were operating “on an unlevel playing field”. The tariffs announced have yet to be implemented. Of the sixty countries targeted, it seems that six – Canada, the EU, Ecuador, Indonesia, Mexico and Pakistan – had “failed to effectively enforce a forced labour import prohibition”, whilst the remaining fifty-four had “failed to impose a legal prohibition on the importation of goods produced wholly or in part with forced labour and to effectively enforce such a prohibition”. Fifteen countries – Canada, the EU, UK, Indonesia, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, El Salvador, Guatemala, Indonesia, Malaysia and Taiwan – will face 10% tariffs and the remaining forty-five, 12.5%.

According to Nationwide, May annual house price growth slowed last month, mainly because of the impact of the Iran war on energy prices and the financial markets. House prices were 0.6% lower on the month, with its house price index showing 1.7% year-on-year growth in May, down from 3.0% in April. The building society also commented that “consumer confidence has weakened noticeably since the start of the conflict, with GfK’s headline index falling to its lowest level since late‑2023 in April, with only a marginal increase in May”.

Meanwhile, the UK’s largest mortgage-lender, Halifax, posted, on an annual basis, that May house prices were up 0.1% to 0.5% but fell, for the third straight month – by 0.1%. The monthly decline took the average property value in May to US$ 402k, with the declines attributable to the ME conflict and slowing consumer confidence. Halifax added that “property price trends continue to reflect the uncertainty linked to developments in the Middle East. Despite recent cuts to mortgage rates, higher inflation expectations have kept borrowing costs above the level seen at the start of the year, continuing to stretch affordability for many buyers and temper demand”. It is to be noted that Halifax uses a slightly different method to calculate values – hence the difference between the two firms.

This year, the unemployment rate among young people could top 16.9%, with every chance that it would climb a further 0.9%, to 17.8% by 2027. The British Chambers of Commerce cited that greater use of AI tools has made certain jobs redundant, which, in turn will drive this sector’s unemployment rates even higher. Much of the blame for this situation has been laid at the door of the Starmer administration for raising employer national insurance contributions, by 1.2% to 15.0% and the minimum wage significantly, which came into effect in April 2025.

A warning from the Organisation for Economic Co-operation and Development indicates that UK’s economic growth is set to sink to below 1.0% this year, with the unemployment rate rising to 5.5%; to make matters even worse, the OECD expects an 0.5% decline, to 0.9%, in the UK’s GDP and the inflation rate to close 2026 on 3.7%. On a global basis, growth will dip 0.6% to 2.8% should the Strait of Hormuz open in the coming weeks but could slump to as low as 2.1%, if no solution to the crisis is found this year.

A new report by Pensions UK paints a grim picture for some 77% of the working population, who are considered not to have sufficient funds to maintain a moderate lifestyle in their retirement years. The study estimates that only 23% have the required funds to live retirement in comfort which they put at US$ 43.9k, for one, and US$ 61.0k for a couple The figures for what it considers a minimum retirement lifestyle would be US$ 18.7k and US$ 30.3k  and for a comfortable lifestyle US$ 61.0k and US$ 84.3k, which the study estimates only 9% of workers were in line to get to that level with 82% of the working population reaching the minimum standard. The latter standard is calculated to include money for a couple’s weekly groceries, a week’s holiday in the UK, eating out about once a month and some affordable leisure activities about twice a week. It also estimated that women have about 50% of money saved in pensions as men.

It does seem that FIFA is returning to the wild west days as reports show that football’s world body is under investigation by both the attorneys-general of New York and New Jersey. The allegations are of “artificially inflating prices” and “misleading fans” over the sale of World Cup tickets. Reports claim that fans have been “misled” about the location of seats, including the creation of more expensive “front” category tickets released after the initial sales. Its president, Gianni Infantino, had defended the prices last month, saying that they reflect the public’s “absolutely crazy” appetite.

However, in February the FIFA president said that “every match is already sold out”, but “we keep some tickets back for some last-minute sales, of course, but every match is sold out”. It is obvious to any football fan that the all the ‘big’ games will be sold out and that the same should apply to the opening games involving the three host nations – US, Canada and Mexico. However, it is reported that the opening match between South Africa and Mexico still has over five hundred tickets available – but they will cost in FIFA’s face value site US$ 2.27k! The New Jersey attorney general has called the process a “gauntlet of confusion, fake scarcity and impossibly high prices”, adding that there would be a ‘thorough investigation of FIFA’s conduct”.

Strangely there seems to be little public criticism of the Italian-Swiss-Lebanese footballer administrator, who succeeded the very corrupt former FIFA president, Sepp Blatter, whose former close working relationship deteriorated soon after Infantino’s 2016 appointment. One of the few who have raised their head above the parapet has been Sergio Marchi, the president of global players’ union FIFPRO, who released a statement during last year’s FIFA Club World Cup titled “The Man Who Thinks He’s God”, in which he accused Infantino of making the tournament “reminiscent of the ‘bread and circuses’ of Nero’s Rome”, and that he “lives in his own world — the only thing that matters to him are these grand spectacles”. He also raised a few eyebrows when he decided that, contrary to FIFA’s regulations, he unilaterally declared the creation of a FIFA Peace Prize, awarded to Donald Trump. Not many senior football officials have the balls to ask how the controversial ticket pricing for this summer’s tournament was arranged and what process confirmed Saudi Arabia as host of the 2034 tournament – only twelve years after Qatar had somehow secured the event in 2022. Who decided, (and approved), that he should have his name engraved twice on the FIFA Club World Cup trophy including ‘“Founding President Gianni Infantino”, followed by his signature’. It does appear that FIFA may, once again, have become a One Man Band!