U.S. President Donald Trump visits the Ford production center in Dearborn, Michigan, on January 13, 2026.
Evelyn HochsteinReuter
US President Donald Trump said in a post on Truth Social on Tuesday that he had “cancelled all meetings with Iranian officials” and reiterated his support for the protesters who are stirring up one of the largest anti-government demonstrations in the Middle Eastern country.
President Trump’s move suggests that diplomatic measures aimed at getting Iran to halt its violent crackdown on protesters may be off the table for now.
WTI crude oil and global benchmarks brent Prices rose more than 2.5% during U.S. trading hours as the U.S. government’s involvement in Iran, a major oil producer with influence in the Strait of Hormuz, could destabilize oil markets.
Elsewhere in the energy sector, British oil giant BP warned on Wednesday that it expects to incur impairment charges of $4 billion to $5 billion in the fourth quarter related to its gas and low-carbon energy sectors.
Stocks fell in US markets on Tuesday even though December’s core consumer price index was lower than expected.
“We’ve seen this movie before. Inflation hasn’t reheated but remains above target,” said Ellen Zentner, the firm’s chief economic strategist. morgan stanley wealth management.
President Trump’s continued attacks on Federal Reserve Chairman Jerome Powell using epithets such as “bastard” and “bad Fed guy” are also likely to be fueling investor anxiety.
“It’s probably not a good idea to chip away at[central bank independence]. In my opinion, it would have the opposite effect.” JP Morgan Chase CEO Jamie Dimon said on a conference call with the media on Tuesday. “Inflation expectations will rise and interest rates will likely rise over time.”
—CNBC’s Michael Considine contributed to this report.
What you need to know today
And finally…
The battle over UK investment trusts
In the world of British listed companies, mutual funds are often looked down upon as a sleepy backwater, an uninspiring and boring corner of the market.
However, there is no discussion at this time. The sector is currently highly talked about due to US activist investor Boaz Weinstein, founder and chief investment officer of hedge fund Saba Capital. He unveiled two new positions in the British trust at the Son Investment Conference in London last November, and launched a new attack on EWIT just before Christmas.
— Ian King
