Asian shares mostly rise after Wall Street rallies on lower oil prices
TOKYO (AP) — Asian shares are mostly rising, echoing the rally on Wall Street that came as oil prices eased on hopes the United States and Iran may try again on talks to end their war. Benchmarks rose in early Wednesday trading in Japan, Australia, South Korea and China. Oil prices rose slightly but did not recoup all its overnight decline. U.S. stocks rallied to the edge of their all-time high, with the S&P 500 rising 1.2%, bringing the index within 0.2% of its record set in January. The Dow gained 0.7%, and the Nasdaq composite climbed 2%. Lower oil prices help bring down costs for all kinds of businesses.
US wholesale prices surged 4% last month after the war in Iran sent energy prices flying
WASHINGTON (AP) — U.S. wholesale prices surged last month as the Iran war drove up the cost of energy. The Labor Department reported Tuesday that its producer price index — which measures inflation before it hits consumers — rose 0.5% from February and 4% from March 2025. Energy prices surged 8.5% from February. Excluding volatile food and energy prices, so-called core producer prices rose a modest 0.1% from February and 3.8% from a year earlier. The gains in wholesale prices were smaller than economists had forecast.
The Walt Disney Co. begins laying off 1,000 employees
NEW YORK (AP) — The Walt Disney Co. has begun layoffs expected to lead to 1,000 job cuts across the company. Josh D’Amaro on Tuesday announced broader layoffs following a move in January to consolidate Disney’s marketing division. He succeeded Bob Iger as chief executive in February. The cuts are expected to fall across the Burbank, California-based company’s traditional television businesses, including ESPN, as well as its movie studio. Employees in product and technology, and in certain corporate functions will also be affected. Contraction has recently been a widespread concern in Hollywood.
In apparent flub, Energy Secretary Wright says US heading 'in the wrong direction'
WASHINGTON (AP) — Energy Secretary Chris Wright raised eyebrows Tuesday after saying the country “looks like we’re going in the wrong direction” in remarks hailing a new natural gas pipeline project. Speaking at a groundbreaking for a project that will transport natural gas from Pennsylvania into New York City and Long Island, Wright said President Donald Trump “is about driving down costs for Americans and driving up job opportunities and wages for Americans.” Moments later, Wright apparently misspoke as he said, “Just because it looks like we’re going in the wrong direction doesn’t mean that’s the direction we are going.” The Energy Department later posted excerpts of Wright’s speech that did not include the “wrong direction” comment.
Carney suspends Canada's fuel tax in first act after securing a majority government
TORONTO (AP) — Canadian Prime Minister Mark Carney has suspended the fuel tax in response to the Iran war. Tuesday's announcement is his first act after securing a majority government. The federal fuel excise tax will be suspended from next Monday until Labor Day. Carney calls it a “responsible, temporary measure” to reduce costs for truckers and businesses. His Liberals now hold 174 of the 343 seats in the House of Commons, allowing them to pass legislation without opposition support. Carney’s government is the first in Canada’s history to switch from a minority to a majority between elections.
Citing fallout from the Iran war, IMF cuts the outlook for global growth, expects higher inflation
WASHINGTON (AP) — The Iran war has stalled the world’s economic momentum this year, likely pushing growth lower compared to 2025, the International Monetary Fund warned Tuesday. The IMF downgraded its forecast for global growth to 3.1% in 2026 from the 3.3% it had forecast back in January. The expected growth would mark a deceleration from a 3.4% expansion in 2025. Citing higher energy prices caused by the war, the IMF marked up its expectation for global inflation this year to 4.4% from 4.1% in 2025 and from the 3.8% it had forecast for this year in January.
Banks see a 'resilient' US economy but warn of negative impacts from rising energy prices
NEW YORK (AP) — The nation’s biggest banks posted strong profits in the first quarter, driven by a resilient economy and increased dealmaking in investment banking. However, executives warn that high oil prices and geopolitical uncertainty could impact future growth. Jamie Dimon, CEO of JPMorgan Chase, highlights risks like wars and energy prices. Investment banks drove revenue, with JPMorgan reporting a 30% jump in fees. Citigroup saw a 12% rise. Volatile markets and company mergers have boosted Wall Street's revenue. Wells Fargo notes that customers are spending more on gas, cutting discretionary purchases.
China’s exports grew 2.5% in March in a sharp slowdown as Iran war raises uncertainty
HONG KONG (AP) — China’s exports grew 2.5% in March from a year ago, significantly slowing from the previous two months as uncertainties rose from the Iran war and its impact on energy prices and global demand. The March export data released by China’s customs agency Tuesday missed analysts’ estimates and was sharply down from the 21.8% export growth recorded for January and February. Imports last month surged 27.8%, up from the 19.8% year-on-year increase in the first two months of this year. Technology-related exports, including a jump in semiconductor shipments from China on the global AI boom, have powered its robust exports, but economists say impacts from the prolonged Iran war could affect overall global demand this year.
Ben & Jerry's co-founder wants the company to be independent once more
BURLINGTON, Vt. (AP) — As Ben & Jerry’s celebrated its annual Free Cone Day on Tuesday, one of the brand’s co-founders was focused on a different sort of freedom. On the corner where his first ice cream shop opened in 1978, Ben Cohen called on Ben & Jerry’s owner The Magnum Ice Cream Co. to sell the brand. Cohen said Magnum is stifling Ben & Jerry’s social activism and he wants to see the brand sold to a group of socially-minded investors. But Amsterdam-based Magnum, which was spun off from Unilever in 2024, said Tuesday it has no interest in selling Ben & Jerry's.
7-Eleven expects to close hundreds of its stores in North America this year
NEW YORK (AP) — 7-Eleven expects to close hundreds of its convenience stores this year. According to earnings filings published last week, 7-Eleven’s North American operator plans to close 645 stores in the 2026 fiscal year — outpacing the 205 locations it forecasts it will open during that same time. Seven & i Holdings, the Japan-based parent of the convenience chain, noted that these closures “include the conversion to wholesale fuel stores.” The company did not specify which locations could be impacted. But the latest cuts arrive as higher prices strain consumers worldwide.
