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Crude oil shock clouds near-term outlook, but FY27 earnings growth still intact: Karthikraj Lakshmanan

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Crude oil shock clouds near-term outlook, but FY27 earnings growth still intact: Karthikraj Lakshmanan
Karthikraj Lakshmanan of UTI AMC in an interview with ET Now highlighted a cautiously optimistic top-down view on Indian markets, where the broader earnings trajectory into FY27 remains intact even as crude oil volatility emerges as the key near-term risk.

He noted that by February, most macro concerns had already been absorbed by the market, including progress on trade deals with the US and Europe, and expectations of double-digit nominal GDP growth along with mid-teen earnings growth after a subdued phase. However, the recent Iran–US conflict and the resulting sustained rise in crude prices over the past few months have reintroduced macro pressure, with potential implications for India’s current account deficit, inflation, and marginally even GDP growth. While acknowledging the possibility of some earnings cuts due to higher crude, he emphasized that India remains in a stronger position compared to past stress periods such as 2013, and still retains the potential for double-digit earnings growth in FY27.

He added that Q4 earnings have been relatively broad-based and better than earlier quarters, although Q1 could see some impact in select sectors due to elevated oil prices, making crude the most important variable to watch going ahead.

On the FY27 earnings outlook, Lakshmanan said consensus estimates are broadly in the mid-to-high teens range, though there could be some moderation at the index or large-cap level due to commodity pressures. He pointed out that while certain sectors may face margin pressure from higher crude and input costs, nominal revenue growth could remain strong due to inflation returning and overall higher nominal economic activity. On demand conditions, he said inflation is unlikely to spike meaningfully as the economy was earlier coming off a low inflation base, keeping overall conditions manageable. However, he flagged monsoon trends as an important near-term risk, noting that if rainfall comes in below the long-term average, food inflation could temporarily rise and add some pressure to consumption.

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On sector allocation, he remained positive on financials, particularly private banks and insurance, citing their strong long-term return ratios, attractive valuations relative to history, and the ability to grow consistently above nominal GDP as seen over the past three decades. He also highlighted that rising interest rates could further support profitability in the banking sector. Despite concerns about high domestic investor ownership in financials, he maintained that valuations and fundamentals remain the primary drivers of his investment thesis rather than fund flow dynamics, which he said are inherently unpredictable and should not guide long-term positioning.


He continued to hold an overweight stance on IT stocks, calling it a contrarian call given weak Street positioning. According to him, Indian IT companies continue to generate strong ROCEs and cash flows, while returning a large portion of earnings via dividends and buybacks, offering attractive yield support. He also highlighted that even modest rupee depreciation provides additional earnings visibility. While acknowledging concerns about slower constant currency growth and fears of disruption from AI, he argued that IT services companies are still likely to play an important role in AI implementation, and historical transitions such as ERP and cloud shifts have not structurally disrupted long-term growth trajectories.
On healthcare, he said mid and small-cap companies offer better growth opportunities compared to large-cap names, which are relatively mature and offer steadier expansion. In capital goods, he acknowledged strong near-term momentum driven by power sector demand, transmission and distribution opportunities, and potential long-term tailwinds from data centre-related capex. However, he cautioned that valuations in several capital goods stocks have run up sharply, already pricing in high growth expectations, and advised a more selective, bottom-up approach rather than broad sector optimism at current levels.Finally, on capital flows, he stressed that market positioning should not be based on assumptions around FII or domestic inflows, as these are highly unpredictable and can shift quickly. Instead, he reiterated that investment decisions should remain anchored in fundamentals, earnings visibility, and valuation comfort. Overall, his view suggested that while near-term volatility from crude oil and inflation risks cannot be ignored, India’s broader earnings cycle into FY27 still points toward steady growth, with selective sector opportunities continuing to drive market returns.

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Cristiano Ronaldo at 2030 World Cup Would Be ‘Huge Surprise’

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Cristiano Ronaldo

LISBON — Portuguese Football Federation president Pedro Proenca has cast doubt on the possibility of Cristiano Ronaldo playing at the 2030 World Cup, stating that it would require a “huge surprise” physiologically for the 41-year-old superstar to feature at age 45 when Portugal co-hosts the tournament.

Proenca, speaking at the Bola Branca Conference, acknowledged Ronaldo’s extraordinary career and enduring link to the national team but emphasized biological realities as the primary barrier to a sixth World Cup appearance. The five-time Ballon d’Or winner remains Portugal’s all-time leading scorer and a central figure for the Selecao, but questions about his long-term playing future continue to grow.

“I’ll say that, physiologically, a huge surprise would have to happen for him to be in another World Cup,” Proenca said. He added that any participation in the European Championship would depend on the coach at the time, Ronaldo’s form and various technical factors.

The comments reflect a pragmatic approach from Portuguese football’s governing body as it prepares for the 2030 World Cup, which Portugal will co-host alongside Spain and Morocco. While Ronaldo has defied age-related expectations throughout his career, Proenca suggested that expecting him to compete at the highest level in 2030 would be unrealistic without exceptional circumstances.

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Ronaldo’s Enduring Legacy

Despite the tempered expectations for on-field participation, Proenca made clear that Ronaldo’s connection to Portuguese football will remain permanent. The forward’s global brand, marketability and contributions to the sport have elevated the profile of the national team significantly.

“Cristiano Ronaldo will be whatever he wants to be in Portuguese football,” Proenca stated. “It’s an absolutely extraordinary case, not only in terms of notoriety, capacity, and brand mobilization. Sporting-wise, I dare say it’s a unique case of talent development in Portuguese football.”

This assurance suggests that once Ronaldo decides to retire from playing, the federation envisions a significant ongoing role for him, potentially in ambassadorial, coaching, or advisory capacities. Ronaldo’s influence extends far beyond the pitch, with his presence helping secure sponsorships, boost youth development programs and maintain international interest in the Portuguese team.

Planning for the Post-Ronaldo Era

Proenca emphasized that the federation is proactively preparing for life after Ronaldo’s playing career without treating it as a crisis. The organization has diversified its revenue streams and partnerships to reduce dependence on any single player or sponsor.

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“The Portuguese Football Federation has always been preparing its present and its future, in terms of revenue, so as not to depend on participating in international competitions solely on one or two sponsors and one or two players,” he explained.

This forward-thinking approach aims to ensure stability regardless of who wears the national team jersey. Portugal has produced several talented young players in recent years, and the federation is focused on creating a sustainable pipeline of talent to maintain competitive success.

Ronaldo’s Current Standing

At 41, Ronaldo continues to perform at a high level with Al-Nassr in Saudi Arabia and for Portugal. He was instrumental in Portugal’s Nations League success and remains a key goal threat in qualifying matches. However, the physical demands of elite international football at an advanced age present increasing challenges.

Ronaldo has repeatedly expressed his desire to play at the 2030 World Cup on home soil, viewing it as a potential fairytale ending to his international career. His dedication to fitness and recovery is legendary, but Proenca’s comments highlight the scientific limits that even the greatest athletes eventually face.

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Broader Implications for Portugal

The 2030 World Cup represents a monumental opportunity for Portuguese football. As co-hosts, the country will benefit from infrastructure development, increased global visibility and economic gains. Ensuring a competitive national team during the tournament is a priority, but the federation appears committed to building depth rather than relying solely on Ronaldo’s star power.

Younger talents such as Rafael Leao, Bruno Fernandes and Joao Felix are expected to form the core of the team in the coming years. The transition from the Ronaldo era will require careful management to maintain fan enthusiasm and competitive performance.

Ronaldo’s Global Impact

Regardless of his playing status in 2030, Ronaldo’s legacy as one of football’s greatest players is secure. His record-breaking goal tallies, Champions League successes and influence on the sport’s commercialization have reshaped modern football. In Portugal, he remains a national icon whose achievements inspire generations of young players.

The federation’s willingness to offer Ronaldo any role he desires post-retirement recognizes both his sporting contributions and his value as a global ambassador. This approach could help ensure a smooth transition while preserving the emotional connection between Ronaldo and Portuguese supporters.

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As the 2030 World Cup draws closer, discussions about Ronaldo’s future will intensify. For now, Proenca’s comments provide a realistic framework for expectations while celebrating Ronaldo’s unparalleled contributions to Portuguese football.

The coming years will reveal whether Ronaldo can continue defying age expectations or if 2030 will mark the beginning of his next chapter in a non-playing capacity. Whatever the outcome, his place in football history and Portuguese sporting culture remains firmly established.

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Retired Idaho Couple Sues Bitcoin Depot After Losing $76,000 Life Savings in ATM Scam

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Retired Idaho Couple Sues Bitcoin Depot After Losing $76,000 Life

BOISE, Idaho — A retired Idaho couple has filed a federal class-action lawsuit against Bitcoin Depot Inc., alleging the cryptocurrency ATM operator’s network enabled scammers to drain their entire $76,000 retirement savings over five days in August 2025 through a sophisticated social engineering scheme.

Retired Idaho Couple Sues Bitcoin Depot After Losing $76,000 Life
Retired Idaho Couple Sues Bitcoin Depot After Losing $76,000 Life Savings in ATM Scam

Karen and Robert Lacey filed the complaint on May 11, 2026, in U.S. District Court for the District of Idaho (Case No. 1:26-cv-00288-DKG), accusing Bitcoin Depot of processing suspicious high-value cash deposits without adequate intervention despite clear red flags. The suit claims the company profited from fraud while failing to protect vulnerable customers using its machines.

According to the 43-page filing, fraudsters posing as Norton customer service representatives and FBI agents convinced the Laceys that their accounts were linked to child pornography and illegal gambling investigations. The scammers instructed the couple to deposit large sums of cash at Bitcoin Depot ATMs between August 9 and August 13, 2025. To bolster the deception, the perpetrators allegedly caused wireless networks labeled “FBI” to appear on the couple’s phones — signals that reportedly remained visible for months afterward.

The lawsuit alleges Bitcoin Depot processed each transaction “without meaningful intervention,” despite the unusual pattern of first-time users making large cash deposits while actively speaking with unknown parties on the phone. The company charges transaction fees as high as 50 percent, and the plaintiffs describe its on-screen warning stickers as “demonstrably ineffective.”

After their son filed a federal crime complaint, Bitcoin Depot issued two $1,000 refund checks — an amount the lawsuit states did not even cover the fees collected by the company. Karen Lacey, already retired at the time of the fraud, has since returned to work with rotating hospital shifts to help rebuild their finances.

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Broader Pattern of Bitcoin ATM Fraud

The Laceys’ experience reflects a growing national problem. Federal Trade Commission data shows Bitcoin ATM fraud losses increased nearly tenfold between 2020 and 2023, with a median victim loss of $10,000. By 2025, the FBI reported Americans lost $333 million to Bitcoin ATM scams, affecting more than 10,000 victims in a single year.

Bitcoin Depot, once one of the largest operators of crypto ATMs in North America with more than 9,000 machines, filed for voluntary Chapter 11 bankruptcy on May 18, 2026. The company had previously disclosed a $3.6 million Bitcoin theft from its own wallets in March 2026 and reported a 49.2 percent revenue decline in the first quarter of 2026. It has since shut down its entire network.

The lawsuit cites Bitcoin Depot’s own SEC filings, which acknowledge that its services “may be exploited to facilitate illegal activity such as fraud” and that its risk management “may not be sufficient.” Plaintiffs are seeking a jury trial, injunctive relief, compensatory and punitive damages, restitution of fees paid, and attorney’s fees.

How the Scam Unfolded

The complaint details a classic “pig butchering” or grandparent-style scam variant tailored to cryptocurrency. Scammers created urgency by claiming immediate action was needed to prevent legal consequences. They directed the Laceys to specific Bitcoin Depot locations and remained on the phone during transactions to guide them through the process.

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This real-time coaching is a common tactic that allows fraudsters to bypass ATM warnings and complete large transfers quickly. The Laceys, like many elderly victims, trusted the authoritative personas presented by the callers and acted quickly out of fear.

Consumer protection advocates say Bitcoin ATMs are particularly dangerous because transactions are irreversible once completed, and many machines lack robust identity verification for high-value transfers. Critics argue operators have profited from these vulnerabilities while shifting responsibility to users through disclaimers.

Growing Regulatory Scrutiny

Bitcoin ATM operators have faced increasing legal and regulatory pressure nationwide. Several states have imposed stricter licensing requirements and transaction limits on crypto kiosks following surges in reported fraud. Consumer advocates have called for mandatory ID verification, transaction monitoring, and clearer consumer warnings at all machines.

The Lacey lawsuit seeks class-action status to represent other victims who allegedly suffered similar losses through Bitcoin Depot machines. If certified, it could expose the company to significant liability even amid its bankruptcy proceedings.

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Bankruptcy experts note that claims related to alleged facilitation of fraud may receive different treatment than standard creditor claims. The plaintiffs argue Bitcoin Depot’s business model inherently enabled criminal activity by prioritizing volume and fees over consumer protection.

Impact on Victims and Lessons Learned

For the Laceys, the financial and emotional toll has been severe. Losing their life savings at retirement age has forced lifestyle changes and renewed employment. Their story highlights the particular vulnerability of older adults to sophisticated scams that exploit trust and fear.

Financial crime experts recommend several precautions when dealing with unsolicited calls claiming security issues. Legitimate companies rarely demand immediate cash transfers to cryptocurrency, and the FBI or tech support services will never ask for payments in Bitcoin. Victims should hang up and contact authorities or known trusted contacts independently.

The case also underscores the irreversible nature of cryptocurrency transactions. Once funds are converted and sent, recovery is extremely difficult, even with law enforcement involvement. This reality makes prevention far more effective than recovery efforts.

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Industry Response and Future Outlook

Bitcoin Depot’s bankruptcy filing has left thousands of machines offline, temporarily reducing access points for both legitimate users and potential scammers. Other operators may face increased scrutiny as regulators examine industry practices more closely.

Consumer protection groups are pushing for federal legislation that would impose stricter oversight on crypto ATMs, including mandatory transaction monitoring for suspicious patterns and clearer liability standards for operators.

As the lawsuit proceeds, it may set important precedents for accountability in the cryptocurrency kiosk industry. The outcome could influence how similar businesses operate and the level of protection afforded to consumers using these machines.

For now, the Laceys’ case serves as a cautionary tale about the evolving tactics of financial scammers and the challenges of safeguarding retirement savings in an increasingly digital economy. Their federal complaint seeks not only compensation but systemic changes to prevent similar tragedies for other vulnerable individuals.

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Authorities continue to urge anyone who believes they may have been victimized through Bitcoin ATMs to report incidents to the FBI’s Internet Crime Complaint Center and their state consumer protection offices. Early reporting can help identify patterns and support broader enforcement actions against fraudulent operations.

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Damian Creamer: Disengagement Is an Alignment Problem, Not a Work Ethic Problem

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Damian Creamer: Disengagement Is an Alignment Problem, Not a Work Ethic Problem

When a team member starts to drift, the underlying assumption is almost always the same: the person has a discipline problem, and the fix is more accountability.

Damian Creamer, founder and CEO of StrongMind, thinks the entire diagnosis is wrong.

“I don’t see disengagement as a work ethic problem,” Creamer says. “I see it as an alignment problem. When there’s a real connection to the ‘why,’ effort feels lighter and momentum follows. When there isn’t, even small tasks feel heavy, no matter how capable someone is.”

It is the kind of take Creamer himself flags as contrarian, the kind of belief he is willing to admit “almost nobody agrees with.”

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And yet, having spent more than 25 years building organizations and watching people thrive or stall inside them, he has come to see it as one of the most consequential reframes a leader can make. Disengagement, in his view, is rarely about character. It is almost always about architecture.

The Orthodoxy He’s Pushing Against

Most modern management thinking treats motivation as the responsibility of the individual. The professional, in this framing, is someone who can deliver consistent, high-quality work regardless of personal interest, emotional resonance, or connection to the mission.

Damian Creamer does not entirely dispute that this approach can produce results. “You can produce acceptable work that way,” he acknowledges. The trouble, in his view, is that “acceptable” is the ceiling, not the floor.

“Great work is different,” Creamer says. “It requires extreme ownership, curiosity, and an extra level of thought that’s hard to fake. When people care about the outcome, the quality goes up, the thinking gets sharper, and accountability shows up naturally.”

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That last phrase is the one that quietly upends the conventional approach. Accountability, in Creamer’s framework, is a byproduct of alignment.

When the alignment is real, accountability emerges on its own. When the alignment is missing, no amount of process can manufacture it convincingly.

Why the Reframe Matters

The practical implications of this shift are significant. If disengagement is fundamentally a discipline issue, the manager’s job is to apply more pressure: clearer expectations, tighter deadlines, more visible consequences.

If disengagement is fundamentally an alignment issue, the manager’s job changes entirely. The first question is no longer “How do I get this person to try harder?” but “Where did the connection between this person and this work break down?”

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That second question demands honesty about the role itself, the stated mission, and whether the day-to-day work actually reflects the why a leader claims to be building toward.

It asks whether the person is in the wrong seat, the wrong company, or the wrong moment in their career, none of which can be fixed with a stern conversation.

Creamer’s framing also reorients hiring. If alignment is the variable that determines great work, then a hiring process focused primarily on capability is incomplete.

A highly capable person who cannot connect to the problem will produce work that meets the brief and never exceeds it. A moderately capable person who is genuinely obsessed with the problem will often outperform expectations in ways that are difficult to predict.

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Damian Creamer makes this point bluntly: “It’s really hard to do truly great work on something you don’t actually care about.” The statement reads as obvious until you consider how rarely organizations design around it.

The Founder’s Lens

This is not a theoretical position for Creamer. It is observable in how he runs StrongMind, the K-12 learning platform he has spent over two decades building. The company’s approach to product, leadership, and culture consistently reflects a belief that mission-clarity is not a soft variable.

“Ideas don’t come to life because they’re brilliant,” Creamer says. “They come to life because they’re aligned, actionable, and owned.”

Creamer’s own daily structure mirrors this principle in miniature. He aims to make all important decisions by 2 p.m., protects deep focus blocks aggressively, and is open about cutting nonessential meetings. The reasoning is not just personal productivity. It is that misaligned activity, even high-energy activity, dilutes the signal of what actually matters. “Less noise, more signal,” he says. “Fewer meetings, better decisions.”

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A leader who internalizes that discipline at a personal level tends to extend it to the team. The question stops being “Are people busy?” and becomes

“Are people working on what matters most, and do they understand why it matters?” Those are very different questions, and they produce very different cultures.

Where Most Managers Get Stuck

Treating disengagement as an alignment problem requires admitting that the problem might originate at the top.

This is why the alignment frame is uncomfortable for organizations built on the assumption that any sufficiently disciplined professional can be deployed against any reasonably defined task. That assumption keeps things simple. It also keeps things average.

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Damian Creamer‘s argument, distilled, is this: average is what you get when you treat people as interchangeable units of execution. Greatness is what you get when you treat alignment as a leadership responsibility, not an employee virtue.

The Practical Takeaway

For founders and managers, the implication is straightforward but rarely acted on. The next time someone on a team starts to disengage, resist the reflex to reach for the accountability playbook first. Instead, ask:

  • Does this person understand the why behind the work, not just the what?
  • Has the why genuinely been communicated, or just assumed?
  • Does the work itself reflect the why, or has the day-to-day quietly drifted from it?
  • Is this person in the right seat to contribute to that why, or has the role evolved past their genuine interest?

If the answers are uncomfortable, that is the diagnosis. The fix is to repair the problem. Sometimes, that might mean redefining the role. Othertimes, it could mean reframing the mission itself.

“When there’s a real connection to the why, effort feels lighter and momentum follows,” Creamer says.

It is a deceptively simple observation. It is also the difference between a team that performs and a team that does great work.

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Q1 2026 retail earnings fueled by tax refunds and BNPL

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Q1 2026 retail earnings fueled by tax refunds and BNPL

Shoppers enter and exit a Dior luxury boutique in Venice, Italy, on Nov. 16, 2025.

Michael Nguyen/NurPhoto via Getty Images

The retail industry emerged from a choppy first quarter relatively unscathed, but higher than usual tax refunds and an uptick in buy now, pay later use likely helped to buoy spending.

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As Wall Street looks ahead to the second quarter, the period could offer a clearer view on consumer health and just how much high gas prices and persistent inflation have disrupted the economy and pressured already-strained household budgets. 

“Once you got through April and May, you’re really not seeing the impact of tax refunds anymore, and those months were a little bit choppier, so there’s a lot of moving pieces that maybe kept the consumer going for longer than we would have expected,” said Janine Stichter, a retail analyst and managing director at BTIG.

“As you peel back these tax refunds, you might start to see some of the underlying weakness … the consumer has not yet fully fallen apart and that’s why I think people are really looking to Q2 to say, ‘All right, well, what does the health of the consumer actually look like?’”

The period between February and May — which encompasses many retailers’ fiscal first-quarter results — brought a fresh wave of concerns about household spending. President Donald Trump started a new conflict in the Middle East, which led to surging gas prices, plummeting consumer confidence and renewed concerns about the health of the U.S. economy

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But when retailers reported their first-quarter results over the last few weeks, there were few cracks to be found as sales rose, profits grew and outlooks stayed consistent at many of the largest U.S. companies.

“It was a surprisingly robust quarter,” said Neil Saunders, retail analyst and managing director at GlobalData. “Despite the rising gas prices, I think despite the choppiness in consumer sentiment, I think despite the uncertainty over the economy and everything else that’s going on in the world, consumers still showed up and they opened their wallets and they spent.” 

However, right around the same time the conflict in the Middle East began, tax refunds started trickling in. The number of people who received them, and the amounts they got, were higher than last year, which gave cash-strapped consumers some extra pocket money to go shopping. 

“That was a very helpful offset in terms of spending. I think without them there would have still been growth, but they really did provide the icing on the cake,” said Saunders.

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Take Target, which said same-store sales jumped 5.6% during its fiscal first quarter, its first positive same-store sales number in five quarters with strength across all six of its core merchandising categories. But the strength wasn’t just because of Target’s turnaround efforts, as finance chief James Lee acknowledged higher tax refunds helped to fuel spending.

“That benefit will be fading over the rest of the year,” Lee said last week. “While consumers have proven to be resilient so far, sentiment has been declining recently and we’re keeping a close eye on their spending behavior.” 

Why Walmart's stock is having its worst day since 2023

Similar trends were spotted at Best Buy, Burlington Stores, Ross and Wayfair. At Best Buy, comparable sales rose 2%, and executives acknowledged part of that growth came from higher tax refunds. Considering the overall electronics market grew by about 3.6% during the first quarter, Best Buy still underperformed and lost market share, even with extra stimulus in the economy, Saunders said in an emailed note last week. 

The impact was particularly acute in the off-price sector. Burlington estimated higher tax refunds were worth between 1.5 to 2 percentage points of its comparable sales growth, which was 6% during the quarter. Competitor Ross saw comparable sales jump a staggering 17%, beating expectations of 9%, and also attributed some of its outsize growth to extra stimulus. 

During a call with analysts in mid-May, Wayfair finance chief Kate Gulliver said tax refunds had helped “buttress” the impact of higher gas prices. 

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“The consumer’s been able to hang in there a little bit because of stimulus sort of helping,” she said. 

Meanwhile, there was also an uptick in buy now, pay later use during the quarter, which could’ve helped fuel spending as well, said Stichter. During the first quarter, buy now, pay later adoption hit new highs across income cohorts, with an estimated 15% to 17% of those making up to $150,000 using the services, Stichter said in a May research note, citing transaction data from Consumer Edge. Among shoppers making over $150,000, adoption rose to just under 13%.

“There probably is some level of either actual stress or kind of emotional pullback across all income cohorts on some level, we’re just not really seeing it in the earnings results yet,” she said. “Maybe it’s that they’re pulling back in other areas, maybe that they’re finding other ways to make payments.” 

That could start to change in the current quarter, as a range of retailers gave conservative guidance that suggested consumers may not be able to weather high gas prices as well as they did earlier in the year.

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“Ross had a ridiculously good quarter, I mean, almost unprecedented in terms of the level of growth,” said Saunders. “Even with that in the bank for the first quarter, their view going into the second quarter and the rest of the year is that things will still be good for them, but they will normalize.”

Walmart is another example. The mega retailer saw sales rise 7% during its fiscal first quarter, but only reaffirmed its full-year outlook, and issued weaker guidance for the second quarter than Wall Street expected.

Walmart finance chief John David Rainey told CNBC the company’s outlook was strong given everything happening in the economy, but said consumers may feel more strain as the effect of tax refunds fades in the second quarter.

“I think higher tax returns muted some of the pressure related to higher fuel prices,” said Rainey. “As we’re in a period of time right now where those tax refunds are largely not coming in, I think consumers are going to feel more of that pressure from higher fuel prices.” 

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TJX Companies also had a strong quarter – posting its biggest earnings per share beat since August 2021 as same-store sales jumped 6%, almost 2 percentage points above Wall Street expectations. Still, its second-quarter guidance for earnings per share and same-store sales came in short of estimates.

Meanwhile, E.l.f. Beauty delivered sizable beats on the top and bottom lines but still issued a weaker-than-expected outlook. CEO Tarang Amin told CNBC the “consumer is suffering” and said the company plans to roll back some tariff-fueled price increases as a result. 

While retailers can at times be “more cautious in their guidance than the reality might suggest,” executives and analysts generally agree they could see a more strained consumer in the current quarter and the rest of the year, said Saunders. 

“[That] tells you that retailers are kind of seeing the signs that some of this trough around the growth rate won’t persist across the balance of this year,” said Saunders. “Not that it will be terrible, but just the heat will come out of some of that momentum, and I think that is related to the fading impact of tax [refunds] and the picture of inflation that will probably pick up across the balance of this year.”

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UK house prices fall again as property market ‘deteriorates’

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Rising mortgage rates and energy costs driven by the Iran war are weighing on the property market

A woman looking at houses for sale

A woman looking at houses for sale(Image: David Cheskin/PA Wire)

House prices dropped once more in May as mortgage rate increases and soaring energy bills triggered by the Iran war continued to weigh on the UK’s vulnerable property market.

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The average UK house price declined by 0.6 per cent to £278,024 in May, compared with 0.4 per cent growth in April, according to Nationwide’s house price index.

Weakening house prices are accompanied by declining consumer sentiment in the property market, with the Royal Institution of Chartered Surveyors recording a sharp fall in new buyer enquiries in March.

Annual house price growth slowed from three per cent in April to 1.7 per cent in May, as last month’s average house price failed to surpass April’s record.

While mortgage rates jumped sharply at the beginning of the Iran war in February, experts at Nationwide say the housing market’s recent downturn comes as consumer confidence “deteriorates”, as reported by City AM.

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Britons’ confidence in their own spending power fell to its lowest level in two years in April.

“Given the uncertainty caused by developments in the Middle East and the subsequent rise in energy prices and market interest rates, some loss of momentum was to be expected,” Nationwide chief economist Robert Gardner said.

This comes despite a surprise improvement in the state of the economy at the start of this year, as GDP grew by 0.6 per cent across the first quarter.

“Nevertheless, economic growth is likely to be somewhat weaker and inflation higher than previously expected this year as a result of developments in the Middle East, although the impact will ultimately depend on the duration of the shock and the policy response,” Gardner said.

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Jason Tebb, president of property selling platform On The Market, said: “The fallout from the war in the Middle East is making itself felt, with uncertainty and the challenging economic backdrop resulting in a softening in the market and some loss of momentum.

“That said, the housing market continues to demonstrate resilience. Average prices dipped on a monthly basis as focused, price-sensitive buyers negotiate hard, while sellers realise that they will struggle to sell over-ambitiously priced homes.”

Property giant Savills last week downgraded its property price forecast for 2026, saying the Iran war had “fundamentally changed the outlook for the housing market”.

The property experts said that much of the downgrade was due to the surge in mortgage rates which followed the outbreak of the Middle East conflict.

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Former Royal Mint executives secure equity boost for new precious metals trading platform

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Cardiff-based Goldwise has secured £500,000 in equity to support its expansion plans

Goldwise investment deal, left to right: Gareth Tucker, co-founder of Goldwise; Tom Preene, fund manager at Angels Invest Wales; SV Rangan, lead investor of Goldwise; Jatin Patel, co-founder of Goldwise.

Two former Royal Mint executives have raised £500,000 in equity funding to support the roll-out of Goldwise which is pioneering new way for savers and investors to buy, manage and sell fractional physical gold, silver, platinum and palladium.

The investment includes £250,000 from the Wales Angel Co-Fund, managed by Angels Invest Wales, alongside £255,000 from a syndicate of business angels led by seasoned financial services professional SV Rangan, who partnered with six additional business angels in the funding round.

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Launched by Gareth Tucker, former head of direct-to-consumer at The Royal Mint, and Jatin Patel, former head of wealth management at the Royal Mint in Llantrisant, Goldwise has built an a precious metals trading platform to allow savers and investors to trade fractional amounts of allocated, vaulted physical precious metals.

The funding is being used to support the UK market launch of the platform and underpin its next phase of growth, focusing on product rollout, customer acquisition and performance over the next 12 to 15 months ahead of a further planned round of funding designed to scale the business into Europe and globally.

At the heart of the platform is the Goldwise engine, a proprietary enterprise-grade infrastructure, covering customer onboarding, institutional pricing and execution, payments, allocation and custody and recordkeeping that connects directly to the global precious metals ecosystem, delivered through a single scalable platform.

The technology enables fractional trading of London Bullion Market Association approved bullion, from as little as £5, with 24/7 access, set conditional orders and real-time portfolio tracking.

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It has recently launched a direct-to-consumer mobile app to buy, manage and sell fractional amounts of physical precious metals; and GoldwiseConnect, a precious-metals-as-a-service infrastructure solution that enables wealth platforms and financial institutions to embed physical precious metals trading into their own services without needing to build complex trading and custody infrastructure.

Goldwise enters a global physical precious metals market valued at more than £5 trillion, at a time when investor demand for portfolio diversification and protection assets is increasing. Despite strong long-term performance and liquidity, access to physical metals has historically been dominated by traditional dealer-led models.

Mr Tucker said: “Investing in most asset classes has become simple, digital and accessible – but physical precious metals have been left behind. Customers still face outdated buying experiences, marked-up pricing and limited trading functionality. Goldwise was built to change that, making precious metals investing easy, secure and efficient for all.

“Goldwise has been built from the ground up as trading infrastructure rather than e-commerce. This funding allows us to launch into the UK market with confidence, establish strong customer acquisition foundations and demonstrate the robustness of our model ahead of our next phase of expansion.”

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Mr Patel added: “During my time building and launching wealth management businesses and investment products, it became clear that both retail investors and wealth platforms want direct exposure to physical precious metals delivered through modern infrastructure that is easy, secure and efficient.

“Goldwise combines institutional pricing, execution and custody through a single scalable platform. We believe this creates a compelling proposition for individual savers and for wealth firms looking to embed physical metals trading without needing to build complex infrastructure themselves.”

Lead investor SV Rangan, who has extensive experience in financial services and high-growth financial technology businesses, said:“The founders bring a rare combination of domain expertise and proven execution in the precious metals sector. They understand both the retail and institutional sides of the market and have built a platform designed for scale from day one.

“What attracted the syndicate members and me to Goldwise is the focus on core infrastructure, the clarity of the business model and the opportunity to integrate into a much wider wealth management ecosystem over time. If paced correctly, the potential here is significant.”

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Tom Preene, fund manager at Angels Invest Wales, said:“Gareth and Jatin have already demonstrated their ability to build and scale precious metals propositions within a regulated, institutional environment. Through the Wales Angel Co-Fund, we are pleased to match private angel investment to support ambitious Welsh fintech founders with global aspirations.

“The participation of an experienced lead investor such as SV Rangan brings additional expertise and credibility to the business as it enters the market. This is a strong example of how the Angels Invest Wales ecosystem can mobilise both capital and capability to support the next generation of financial technology businesses in Wales.”

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Major Asset Classes: May 2026 Performance Review

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Weekly Commentary: Gradually Transitioning To Suddenly

Business professionals analyze data on digital screens in a modern office setting during a meeting focused on performance metrics

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Most markets continued to rise in May, extending April’s bounceback after March’s broad and deep selloff, based on a set of ETFs. The main exception among the major asset classes: commodities, which fell sharply, posting the first monthly decline this year.

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US Strikes Iranian Radar Sites as Kuwait Reports Drone and Missile Fire in Escalating Conflict

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DUBAI, United Arab Emirates — The United States conducted strikes on Iranian radar and drone facilities after Tehran shot down an American drone, prompting Iran to launch retaliatory attacks that led to Kuwait reporting incoming fire, as a fragile ceasefire between Washington and Tehran faces repeated tests.

U.S. Central Command confirmed the measured strikes occurred over the weekend near the city of Geruk and on Qeshm Island. The operation responded to Iran’s downing of a U.S. MQ-1 drone operating over international waters. “U.S. fighter aircraft swiftly responded by eliminating Iranian air defenses, a ground control station, and two one-way attack drones that posed clear threats to ships transiting regional waters,” Central Command said in a statement.

Iran’s paramilitary Revolutionary Guard responded by claiming it had targeted U.S. forces, without specifying locations. Kuwait reported its air defenses intercepted incoming drones and missiles early Monday. The incidents underscore the volatility of the nominal ceasefire between the U.S. and Iran, even as officials from both sides continue negotiations aimed at ending the conflict.

The fighting has disrupted global energy supplies through Iran’s chokehold on the Strait of Hormuz, a critical waterway for oil and natural gas shipments. The disruptions have driven up fuel prices worldwide and raised concerns about potential food shortages linked to fertilizer supply issues from the Gulf region.

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Ceasefire Repeatedly Tested

The latest exchanges represent the most recent escalation in a conflict that began with U.S. and Israeli strikes on Iran on February 28. President Donald Trump has offered shifting goals for the campaign, with preventing Iran from developing a nuclear weapon remaining a central objective. Iran has consistently maintained that its nuclear program is peaceful, though it possesses enough highly enriched uranium to build several nuclear weapons if it chose to do so.

Vice President JD Vance suggested last week that negotiators are working toward general terms on Iran’s nuclear activities, with detailed specifics to be addressed in subsequent talks. Trump expressed optimism about the prospects in a post on his Truth Social platform early Monday. “Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us,” he wrote. “Just sit back and relax, it will all work out well in the end — It always does!”

Despite the positive tone from the U.S. side, the repeated attacks highlight the fragility of the ceasefire. Over the weekend, the U.S. fired a missile into the engine room of a cargo ship attempting to break Iran’s blockade of its ports. A limited number of vessels have navigated the strait, but the overall flow of energy resources remains significantly constrained.

Regional Fallout and Hezbollah Clashes

The conflict has also intensified between Israel and the Lebanese militant group Hezbollah. Despite a nominal ceasefire, Israel has extended its occupation deeper into Lebanon. Hezbollah, which entered the conflict in support of its primary backer Iran, continues launching drones toward Israeli territory.

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Kuwait, home to U.S. Army Central headquarters, found itself directly affected by the latest exchanges. Its air defenses engaged incoming threats, highlighting how the broader U.S.-Iran confrontation is spilling over into neighboring Gulf states.

Iranian state television broadcast footage of a ballistic missile launch featuring a sticker depicting a bruised image of President Trump overlaid on a “closed” Strait of Hormuz, with the caption “Until the last American soldier leaves the region.” The imagery underscored Tehran’s continued defiance.

Global Energy and Economic Implications

The Strait of Hormuz, through which approximately one-fifth of globally traded oil and natural gas passes, remains a focal point of tension. Disruptions have ripple effects on energy markets, contributing to higher prices at the pump and increased costs for industries worldwide. The Gulf region also accounts for 30 percent of globally traded chemical fertilizers, raising alarms about potential impacts on global food security.

Markets have reacted with volatility to the ongoing instability. Energy futures showed gains following the latest incidents, while shipping companies have rerouted vessels to avoid the area, adding costs and delays to global supply chains.

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Diplomatic Efforts Continue

Despite the military exchanges, diplomatic channels remain active. Officials from both the U.S. and Iran are engaged in indirect talks aimed at de-escalation. However, each new incident carries the risk of derailing progress. The complexity of the negotiations — involving nuclear concerns, regional security guarantees and economic sanctions — makes a swift resolution challenging.

Trump met with advisers on Friday to discuss options for extending the ceasefire and reopening the strait. The administration has emphasized that any deal must address core security concerns while providing Iran with incentives to comply.

International actors, including European nations and Gulf states, have urged restraint and called for renewed diplomatic efforts. The United Nations and other multilateral bodies continue monitoring the situation closely, with concerns that further escalation could destabilize the entire Middle East.

Humanitarian and Strategic Concerns

The conflict has already caused significant disruption to civilian life in affected regions. Shipping delays and energy price increases disproportionately impact developing economies. Humanitarian organizations have warned of potential secondary effects, including higher food costs and supply shortages.

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Strategically, the U.S. maintains a significant military presence in the region through bases in Kuwait, Qatar and other Gulf partners. These assets support operations aimed at protecting maritime navigation and deterring further aggression.

Iran’s ability to project power through proxy groups like Hezbollah adds another dimension to the conflict. The interconnected nature of these relationships complicates efforts to contain the fighting to direct U.S.-Iran exchanges.

Looking Ahead

As negotiations continue behind the scenes, the risk of miscalculation remains high. Both sides have demonstrated willingness to respond forcefully to perceived provocations, even while claiming commitment to diplomatic solutions.

For global markets, energy consumers and regional populations, the coming weeks will be critical. Any breakthrough in talks could ease tensions and stabilize energy flows. Conversely, further incidents risk broader escalation with unpredictable consequences.

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The situation in the Middle East remains fluid, with military actions and diplomatic maneuvering occurring simultaneously. While President Trump projects confidence in an eventual deal, the reality on the ground shows a conflict that continues testing the limits of the current ceasefire arrangement.

Authorities in Kuwait, Iran and the United States have urged calm while investigations into the latest incidents proceed. International partners are monitoring developments closely, hoping for de-escalation before the situation spirals further.

The coming days may provide clearer indications of whether the latest exchanges represent isolated incidents or signs of deepening confrontation. For now, the focus remains on protecting vital shipping lanes and advancing diplomatic efforts to end the conflict.

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Kuwait International Airport Open Today as Flights Continue Through Terminals 4 and 5

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Kuwait International Airport

KUWAIT CITY — Kuwait International Airport is open today, with commercial flights operating through Terminals 4 and 5 as the airport continues its phased recovery from earlier regional disruptions.

The airport’s airspace reopened on April 23 and passenger flights resumed in stages beginning April 26, according to recent reporting and airport-tracking sources. Since then, Kuwait Airways and Jazeera Airways have been the main carriers using Terminal 4 and Terminal 5, respectively, while other airlines have gradually restored service.

Current flight-status data shows arrivals and departures moving through KWI on Monday, with some flights canceled or delayed and others operating normally. Airport-condition trackers also show the airport as active, though flight schedules remain uneven as airlines continue to rebuild networks after the disruption.

The airport’s reopening has been managed in phases rather than all at once. Wego reported in April that the airport’s airspace reopened after nearly two months of closure tied to the regional conflict with Iran, and that passenger flights restarted on a limited basis before expanding in early May. That phased approach remains the defining feature of the recovery.

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Recent airport updates indicate that Kuwait Airways serves 29 destinations from Terminal 4 and Jazeera Airways serves 27 from Terminal 5. Emirates also resumed Kuwait flights in May and was operating up to five daily services by late May, according to travel coverage cited in Wego’s reporting. The recovery has therefore moved beyond the initial restart stage, but it has not yet returned to a fully normal pattern across all terminals and carriers.

The official Kuwait International Airport website continues to direct travelers to practical information and flight details, while flight-status pages show the airport’s operating information in real time. Passengers are still advised to check directly with airlines before traveling because schedules can change quickly during the recovery period.

Current operations

At the time of the latest available flight-status data, the airport was handling both arrivals and departures, with some routes listed as canceled, delayed or en route. That pattern reflects a functioning airport with active traffic, not a shutdown. It also shows that the recovery is still uneven, with some flights operating as planned and others affected by schedule changes.

The airport’s current status is supported by multiple live flight-tracking services, which list Kuwait International as open and active. While those services do not provide a complete picture of the airport’s operational planning, they do confirm that flights are moving through the facility today.

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Kuwait Airways and Jazeera Airways remain central to the airport’s recovery. Wego’s April update said the two carriers resumed limited operations on April 26 and later expanded their networks in a second phase launched May 3. That progression has helped restore a large share of the airport’s regional traffic.

Recovery timeline

The recovery began after the airport’s airspace reopened on April 23, ending nearly two months of closure. Passenger flights restarted three days later on April 26, and by early May the airport had entered a broader second phase of operations. Wego reported that the second phase brought 29 Kuwait Airways destinations and 27 Jazeera Airways destinations back into the network.

That phased return has been the airport’s main operating model ever since. Rather than restoring every route and terminal at once, authorities and airlines have been reintroducing service gradually to keep operations stable. The approach has allowed the airport to remain open while the broader aviation system recovers.

What passengers should know

Travelers using Kuwait International Airport today should verify flight status with their airline before heading to the airport. Because schedules remain in flux, flight times and terminal assignments can change with little notice. Live-flight pages are the most reliable source for same-day arrivals and departures.

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Passengers should also expect some cancellations and delays as the network continues to normalize. That does not mean the airport is closed; it means the recovery is still ongoing and not every route is back at full frequency. The airport remains open and active, but the timetable is still stabilizing.

Broader context

Kuwait International Airport is one of the country’s most important transport hubs and a key link between Kuwait and destinations across the Middle East, Asia and Europe. Its reopening has significance beyond air travel because the airport supports business movement, tourism, family travel and broader economic activity.

The return of commercial flights has also been watched closely by airlines and travelers across the Gulf. Kuwait’s recovery follows a broader regional effort to restore normal air traffic after months of tension and disruption. The gradual reopening has helped rebuild confidence among passengers while giving airlines room to restore capacity carefully.

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Why is Lidl opening a pub?

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Why is Lidl opening a pub?

The debate about about what seems like a bizarre idea of having a cold pint after exploring the store’s well known middle aisle.

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