Business
ASX 200 Plunges 0.58% as Rate Hike Fears, Oil Surge Hammer Australian Shares
SYDNEY — The S&P/ASX 200 index tumbled more than 50 points in midday trading Tuesday, closing in on its recent lows as investors braced for an expected Reserve Bank of Australia interest rate hike and grappled with soaring global oil prices amid escalating Middle East tensions.
At around 1 p.m. AEST, the benchmark stood at 8,646.9, down 50.2 points or 0.58% from Monday’s close of 8,697.1. The index swung between a high near 8,697 and a low of 8,621.6, reflecting broad selling pressure across key sectors.
The decline comes ahead of the RBA’s policy decision later Tuesday, with markets pricing in a strong likelihood of a 25-basis-point increase to 4.35%. Economists widely expect the central bank to tighten policy for a third consecutive meeting to combat persistent inflation, fueled in part by higher energy costs.
“This move reflects caution ahead of the RBA call,” one Sydney-based trader noted. “Higher-for-longer rates are weighing on consumer-facing stocks and adding pressure to an already softening economy.”
Energy and Mining Drag Heavily
Rising oil prices provided a mixed signal but ultimately hurt sentiment. Brent crude jumped sharply overnight, climbing toward $114 a barrel after reports of Iranian military actions disrupting shipping in the Strait of Hormuz. While energy giants like Woodside Energy saw some support earlier, broader commodity weakness and profit-taking hit miners.
BHP Group fell around 0.86%, while Rio Tinto shed over 1%. The materials sector lagged as investors weighed the inflationary impact of expensive oil against potential demand destruction from higher rates.
Consumer and Financial Stocks Under Pressure
Rate-sensitive sectors bore the brunt. Banks faced selling amid expectations of further tightening, even as recent earnings from majors like Westpac highlighted resilience in net interest margins. Consumer staples also slipped, with companies exposed to discretionary spending feeling the pinch from squeezed household budgets.
Notable decliners included Codan Limited, down over 8%, and Magellan Financial Group, which dropped more than 7%. A2 Milk faced additional pressure following a product recall announcement that hit sentiment in the staples space.
Tech Provides Rare Bright Spot
Technology stocks offered some resistance, bucking the broader trend as investors sought growth-oriented names less sensitive to immediate rate moves. The sector’s relative strength helped limit losses, echoing resilience seen in some U.S. peers despite Wall Street’s overnight pullback.
Broader Market Context
The ASX 200 has now given up much of its early 2026 gains, sitting virtually flat year-to-date. The index has faced repeated headwinds from geopolitical risks, stubborn inflation and shifting global central bank outlooks. Last week’s modest rebound proved short-lived as new concerns over energy markets and domestic policy took center stage.
U.S. markets closed mixed to lower overnight, with the Dow Jones Industrial Average dropping over 1% as energy and rate-sensitive names weighed on the blue chips. The S&P 500 and Nasdaq also eased, reflecting similar caution. Bond yields climbed, with the U.S. 10-year Treasury note pushing higher on inflation worries.
The Australian dollar traded softer, reflecting expectations of tighter policy but also global risk aversion.
What Lies Ahead
Traders will watch the RBA’s statement closely for signals on the pace of further tightening. While most economists forecast the hike to 4.35%, a hawkish tone could accelerate selling in rate-sensitive assets. Conversely, any dovish surprises might spark a relief rally.
Corporate earnings season continues to provide mixed signals. Strong results from some banks contrast with warnings from retailers and consumer firms about cost pressures and softening demand. Building permits and job ads data have also pointed to cooling in parts of the economy.
Analysts remain divided on the broader outlook. Some see value emerging in beaten-down sectors if the RBA signals a pause after this move, while others warn of further downside if oil stays elevated and inflation proves sticky.
Investment Implications
For investors, the current environment underscores the importance of diversification. Defensive names in healthcare and certain tech areas have held up better, while exposure to commodities requires careful monitoring amid geopolitical volatility.
Longer term, Australia’s resource-heavy market could benefit if global growth stabilizes, but near-term volatility is likely to persist. The RBA’s path will remain a key driver for local equities through the rest of 2026.
The S&P/ASX 200, which tracks the 200 largest companies on the Australian Securities Exchange by float-adjusted market cap, serves as the primary benchmark for Australian equities. Its performance influences superannuation funds, ETFs and individual portfolios nationwide.
As trading continues into the afternoon, all eyes remain on the RBA announcement and any fresh developments from energy markets. With the index testing support levels near recent lows, a decisive break could open the door to deeper corrections, while a hold above key moving averages might encourage bargain hunting.
Market participants are advised to stay nimble as new data and policy signals emerge.
Business
'Vodafone sold us a dream – the reality was something different'
Two women from Lincolnshire are among 62 former franchisees taking the phone company to court.
Business
(PHOTO) Tate McRae Shines as Golden Goddess in Custom Ludovic de Saint Sernin Gown at First Met Gala
NEW YORK — Pop star Tate McRae made a dazzling debut on fashion’s biggest stage Monday night, gliding down the Met Gala red carpet in a luminous custom gold gown that perfectly embodied the “Fashion Is Art” theme and cemented her status as one of the evening’s breakout style stars.

The 22-year-old Canadian singer, known for hits like “Greedy” and her rising dance-pop dominance, arrived at the Metropolitan Museum of Art radiating confidence in her first-ever Met Gala appearance. Her look, a collaboration with designer Ludovic de Saint Sernin, transformed her into a living sculpture of golden-hour glamour.
The floor-skimming gown featured intricate lace detailing through the bodice, fluid Grecian-inspired pleats, and soft draping that skimmed her figure with effortless movement. Delicate feathering at the neckline added texture and dimension, while the warm metallic finish caught every flash of light as she ascended the iconic steps. Styled with jewelry from The Back Vault, the ensemble balanced ethereal beauty with modern edge.
McRae told Vogue interviewer Emma Chamberlain on the carpet that she felt “a little nervous” walking her first Met but was thrilled to collaborate with de Saint Sernin, with whom she has worked closely over the past nine months. “He’s actually here tonight,” she shared, highlighting the personal connection behind the custom creation.
A Perfect Fit for ‘Fashion Is Art’
The 2026 Met Gala honored the Costume Institute’s “Costume Art” exhibition, challenging guests to treat fashion as fine art. McRae’s golden goddess interpretation stood out for its sculptural quality and luminous palette, evoking classical statues brought to life. Critics and fans quickly dubbed her a highlight, with social media exploding over the “golden goddess” aesthetic.
Stylists Chloe and Chenelle, who helped execute the look, emphasized its focus on movement and light. The gown’s construction allowed for dramatic yet natural flow, making McRae appear as if she had stepped out of a Renaissance painting or ancient frieze reimagined for the 21st century.
Her hair and makeup complemented the theme with soft, undone waves and glowing, sun-kissed tones that enhanced the metallic fabric. Minimal yet impactful accessories kept the focus on the gown’s artistry, proving that restraint can be as powerful as extravagance on the Met carpet.
From Dance Floors to High Fashion
McRae’s Met Gala debut caps a meteoric year that included her first Grammy nomination and high-profile red carpet appearances, such as a striking custom Balenciaga look at the 2026 Grammys. Her evolution from viral TikTok dancer to fashion risk-taker has been deliberate, with bold choices that blend pop accessibility and couture ambition.
This gold moment builds on recent successes, including a plunging red Ludovic de Saint Sernin gown at the Vanity Fair Oscar Party. Her growing partnership with the designer reflects a shared vision of sensual, body-conscious dressing with artistic depth.
Industry insiders note McRae’s appeal lies in her authenticity. Unlike some attendees who opted for overt theatricality, her look felt personal — a celebration of confidence and femininity that resonated widely. Fans flooded social platforms praising the “effortless” yet meticulously crafted result.
Reactions and Cultural Impact
Social media lit up within minutes of her arrival. Hashtags like #TateMcRaeMetGala and #GoldenGoddess trended as users shared side-by-side comparisons to classical art and modern icons. Fashion commentators hailed it as one of the night’s most wearable yet memorable interpretations of the theme.
Cosmopolitan and other outlets quickly named her among the best dressed, noting how the gown’s luminous quality stood out against the evening’s varied palette. The look’s success underscores McRae’s transition into a new phase of her career where music and fashion mutually reinforce her brand.
De Saint Sernin, known for provocative and body-positive designs, found an ideal muse in McRae. The collaboration reportedly involved extensive fittings to ensure the gown moved with her signature dance-trained grace. Sources close to the process described it as a true artistic partnership rather than a standard celebrity dressing.
Broader Evening Context
McRae’s appearance fit into a night filled with artistic statements. Co-chairs including Beyoncé and Anna Wintour set an elevated tone, while fellow newcomers and veterans alike embraced painting, sculpture and performance-inspired looks. Her golden ensemble provided a warm, radiant counterpoint to more dramatic or minimalist offerings.
The Met Gala remains one of the year’s most scrutinized events, raising millions for the Costume Institute while shaping fashion conversations for months. McRae’s debut adds her name to a growing list of young musicians using the platform to expand their cultural footprint beyond charts and streams.
For McRae, the night represented more than fashion. In interviews leading up to the event, she spoke about embracing vulnerability and growth. Her poised carpet walk and genuine excitement in post-arrival chats reflected that mindset, charming observers and solidifying fan loyalty.
Looking Ahead
As McRae continues her global tour and prepares new music, last night’s Met moment will likely influence her upcoming public appearances. The golden gown’s success may open doors to further high-fashion collaborations and cement her as a red-carpet force.
Fans can expect more boundary-pushing style from the artist who once said she wants her fashion to feel as free and expressive as her dancing. Monday’s Met Gala debut delivered exactly that — a luminous, artistic statement from a star clearly comfortable in the spotlight.
Tate McRae’s first Met Gala wasn’t just an attendance; it was a declaration. In a sea of elaborate creations, her golden goddess look shone with clarity, confidence and artistry, marking her arrival as a multifaceted talent ready to conquer both stages and staircases.
Business
Amazon opens supply chain services to all shippers; stocks plunge, reaction overdone says Stifel

Amazon opens supply chain services to all shippers; stocks plunge, reaction overdone says Stifel
Business
Inflation risk more persistent than growth shock, says Tanvee Gupta Jain amid oil price surge
Speaking on ET Now, she underlined that the Middle East conflict represents “a historically large energy shock with an asymmetric macro risk,” adding that high-frequency indicators are already signalling a moderation in momentum.
Growth momentum softens as activity indicators weaken
Gupta Jain pointed to internal indicators tracking economic momentum, noting a divergence between demand and activity trends.She said, “As you rightly pointed out, this Middle East conflict represents a historically large energy shock with an asymmetric macro risk. In fact, we have a lead indicator known as UBS India Composite Economic Indicator, which is basically a compilation of 15 high frequency data points on India. And this is telling me that for the month of March, economic momentum has started to moderate.”
However, she highlighted resilience in consumption demand even as broader activity cools.
“If I look at the auto sales data for the month of March, even for the month of April, the demand indicators are actually holding up. The activity indicators have started to moderate and that is where the problem is because supply disruptions is having a disproportionate impact on selective sectors.”
GDP forecast cut to 6.2%, downside risks remain open
The growth forecast has been revised downward, incorporating both external energy shocks and domestic monsoon uncertainty.
“We are now estimating GDP growth from 6.7% which was our estimate earlier to 6.2%. This is almost 50 basis point below consensus and this is actually taking into account both the external shock on account of the energy and as well as monsoon related uncertainty,” she said.
She added that scenarios remain highly fluid:
“In case the conflict deescalates quickly and from June onwards we start to see oil starting to flow through the Hormuz, there will be upside towards 6.5% to my GDP growth forecast. But in an extended energy shock scenario where say oil is at $150, eventually India’s GDP can even slow down to 5–5.5%.”
Supply-side stress visible; demand impact likely delayed
On transmission of shocks, Gupta Jain noted that supply-side disruptions are already visible in data, while demand tends to respond with a lag.
“I can clearly see fertiliser production contracting by nearly 25% year-on-year. We did realise that now the gas supply to the fertiliser sector was actually adjusted higher in the month of April, so that would have provided some relief,” she said.
She added that demand resilience may not last indefinitely if supply pressures persist.
“Supply disruptions at least in the data is already visible. Demand side data points when you start seeing a slowdown, it should happen with at least a quarter lag.”
Inflation concerns rise; CPI forecast revised upward
While growth risks remain significant, inflation appears to be the more persistent macro challenge.
“Even if there is a quick deescalation, the inflation concerns could linger a bit longer than the growth concerns,” she said.
The CPI inflation forecast has been revised higher.
“We have also revised our CPI inflation forecast from 4.6% which we were estimating earlier to 5.2%. This is reflecting both higher energy prices plus the broader spillover from the Middle East conflict.”
She flagged multiple inflationary triggers already visible:
“Airfare prices have started going up driven by elevated ATF prices, prices because of higher commercial LPG cost, there are supply chain disruptions on the ground. Rupee has underperformed and there are inflation risks coming because of weaker INR.”
Fiscal pressure manageable, but risks of overshoot remain
On the fiscal side, Gupta Jain said policy response has leaned more on fiscal tools in the current global stagflation-like environment.
“We have seen that the policy mix has actually tilted towards fiscal rather than monetary,” she noted.
She added that while the official fiscal target remains largely intact, risks persist if energy disruptions continue.
“The central government targeted a fiscal deficit of 4.3% of GDP. My starting point of fiscal deficit is coming at 4.4% of GDP. As of now, we are seeing that the government might actually stick to the 4.4% GDP fiscal deficit target. There is definitely a risk of temporary overshoot of around 20 to 30 basis points if the energy disruptions persist for longer.”
Outlook: Inflation to outlast growth shock
Even in a scenario of geopolitical de-escalation, Gupta Jain believes inflation pressures may prove stickier than growth disruptions, with food inflation and currency weakness emerging as key watchpoints for policymakers in the coming quarters.
Business
At Close of Business podcast May 5 2026
Claire Tyrrell and Ella Loneragan discuss the growth of Perth’s large format retail sector.
Business
Referees Ruled Self-Employed in Landmark Ruling
HM Revenue & Customs has suffered a major blow in one of the longest-running and most consequential employment status disputes in British tax history, with a tribunal ruling that 60 football referees engaged by the Professional Game Match Officials Limited (PGMOL) were genuinely self-employed, not employees, as the tax authority had insisted for almost a decade.
The decision, handed down at the First-tier Tribunal, means HMRC will be denied £584,000 in employment taxes it had argued were owed. The department retains the right to appeal, but the verdict has already been seized upon by tax specialists as a potentially seismic moment for the millions of contractors, freelancers and businesses operating in the UK’s flexible labour market.
Specialist contractor insurance provider Qdos described the outcome as one of the most significant employment status rulings in history, warning that it lays bare a “fundamental flaw” in HMRC’s own Check Employment Status for Tax (CEST) tool, the digital instrument introduced in 2017 and used millions of times to determine whether a worker should be taxed as employed or self-employed.
The case turned on two principles long regarded as the bedrock of employment case law: mutuality of obligation (MOO), whether a worker is obliged to accept work and the engager obliged to provide it, and control, namely the extent to which a business directs how services are performed. The tribunal ruled that referees were neither mutually obliged to work for PGMOL nor sufficiently controlled in how they performed their duties to be classed as employees.
Seb Maley, chief executive of Qdos, said the ruling directly undermines HMRC’s interpretation of the very rules it polices.
“This landmark verdict directly challenges HMRC’s very understanding of employment status, exposing a fundamental flaw in the tax office’s employment status tool, which is in desperate need of an overhaul,” he said.
“For years, HMRC has insisted that mutuality of obligation exists in every contract, so much so that its CEST tool barely scratches the surface on it. The latest twist in this case highlights the need for a rigorous review of CEST, which has been used millions of times to set the employment status of individuals, in turn determining whether they pay tax as a self-employed worker or employee.”
Maley added that the result should reassure firms that engage contractors. “Make no mistake, this result is good news for businesses that engage contractors and self-employed workers, ultimately because it proves that factors like mutuality of obligation and control really aren’t as narrow as HMRC has been contending.”
He also took aim at the sheer length of the proceedings. “With the first hearing in 2018, we’re nearly a decade into this case, the result of which could yet be appealed. If that doesn’t highlight the desperate need for the simplification of employment status, I don’t know what does. With a government consultation on the matter underway, it’s vital that verdicts like this, which put people through hugely stressful ordeals and cost the taxpayer a staggering amount, are taken into account.”
A decade in the courts
The dispute stretches back to PGMOL’s engagement of referees as self-employed contractors during the 2014/15 and 2015/16 tax years. HMRC opened the first front in 2018, arguing at the First-tier Tribunal that the officials should have been treated as employees because they were mutually obliged to work for PGMOL.
The FTT disagreed, finding insufficient mutuality of obligation. HMRC appealed and lost again at the Upper Tribunal in 2020, which upheld the original ruling that the minimum test for employment had not been met.
A further HMRC appeal took the case to the Court of Appeal in 2022, which reversed the earlier decisions and concluded that mutuality of obligation did exist on each match day, sending the dispute back to the FTT for reconsideration.
PGMOL escalated matters to the Supreme Court in 2024, where its appeal was dismissed, again sending the case back to the FTT. It is at this latest hearing that PGMOL’s position has now finally been vindicated, with the judge ruling that the referees were neither mutually obliged to work nor sufficiently controlled by PGMOL to be employees.
For Britain’s SME community, which leans heavily on freelance and contract labour, the decision is more than a footnote in a niche sporting dispute. It strikes at the heart of how HMRC interprets and enforces the very employment status rules it designed, and adds further pressure on Whitehall to deliver the long-promised simplification of a system that has tied businesses, workers and the courts in knots for years.
Business
Aussie shares trim losses but higher rates here to stay
Australia’s share market has pared back some early losses after falling to its lowest level in a month, with a Reserve Bank rate hike and the ongoing Persian Gulf conflict gutting investor confidence.
Business
Labour’s Workers’ Rights Reforms Blamed
Britain’s over-50s are paying the heaviest price for Labour’s workers’ rights overhaul, with the number of older jobseekers unable to find work climbing by 22 per cent since 2023, according to the latest figures.
Just shy of a million workers aged 50 and above are currently locked out of the labour market, the latest Labour Force Survey data shows, with the age group consistently registering the highest rates of redundancy across the workforce.
Some 917,000 people aged 50 to 66 are unable to find a job, rising to 996,743 once those aged 66 to 70, many of whom remain keen to work despite being eligible for the state pension, are included.
Industry leaders have laid the blame squarely at the door of the Employment Rights Act and the Chancellor’s increase in employer National Insurance contributions (NICs), arguing that the combined cost has made firms markedly more cautious about taking on new hires, particularly more experienced and therefore more expensive ones.
“Older workers, likely on higher salaries than their Gen Z colleagues, have borne the brunt of businesses reassessing their hiring strategies,” said Kevin Fitzgerald, UK managing director at jobs platform Employment Hero.
Alex Hall-Chen of the Institute of Directors echoed the concern, pointing to the Employment Rights Act, the rise in employer NICs and successive increases to the minimum wage as a triple blow that has dampened employer appetite for risk.
Although the Act’s provisions apply to workers of all ages, several measures hit older employees disproportionately hard in practice. The scrapping of the cap on payouts for successful unfair dismissal claims is widely expected to prove costlier in cases involving over-50s, who tend to command higher salaries and whose tribunal awards are typically calculated as multiples of pay.
The Act’s expanded right to request changes to hours or location, particularly where employees are juggling health conditions or caring responsibilities — is also likely to be invoked more frequently by workers in their 50s and 60s, many of whom are supporting elderly parents or managing their own long-term conditions.
Compounding the picture are structural shifts beyond Westminster’s control. The rapid adoption of artificial intelligence across white-collar roles and the lingering hangover from the post-Covid jobs downturn have together hollowed out mid-to-senior positions that older workers have traditionally relied upon.
Lyndsey Simpson, founder of career-coaching platform 55/Redefined, said the fallout from losing a senior or well-remunerated role in one’s 50s can be devastating and long-lasting.
“That’s why people are ‘age-scrubbing’ their CVs. They remove dates, hide early roles and play down seniority because they know age can work against them before they even get an interview,” she said.
Dr Andrea Barry of the Centre for Ageing Better warned that the scale of the crisis among older workers is now comparable to the much-discussed plight of young people not in education, employment or training (Neets), yet receives a fraction of the attention.
“The Government is right to invest in solutions for the current youth employment crisis, but the labour market is in crisis at both ends of the age range and on a similar scale,” she said.
For SME employers already grappling with rising payroll costs, tightening tribunal exposure and the spectre of further regulation, the temptation to play it safe at the recruitment stage is proving difficult to resist, and it is Britain’s most experienced workers who are bearing the cost.
Business
Why are there so many vape shops on our high streets?
New research has shown a 28% growth in shops selling vape products in Scottish towns and cities.
Business
Allspring International Equity Fund Q1 2026 Commentary (WFENX)
Allspring is a company committed to thoughtful investing, purposeful planning, and the desire to elevate investing to be worth more. Allspring is reimagining investment management to be worth more—creating an investment, distribution, and operational experience that changes the game for clients. Note: This account is not managed or monitored by Allspring, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Allspring’s official channels.
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