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The advance estimate shows US economic activity accelerating to 2% in the first quarter of 2026, a sharp turn from the 0.5% growth recorded at the end of 2025. The rebound is driven by a resurgence in government spending and domestic investment, even as consumer sentiment weakens under the shadow of the Iran war. GDP Growth Rebounds 2% in Q1 2026 After a contraction in the fourth quarter of 2025, the economy posted a 2% annualized increase, marking the first positive reading of the year. Government employment has fallen by 355,000 workers (or 11.8%) since October 2024, but fiscal outlays jumped 10% from the previous quarter, shifting from a 5.4% contraction to a 4.4% increase. Numbers Behind the Rebound Q1 2026 GDP growth: 2% (annualized) Q4 2025 GDP growth: 0.5% Federal workforce reduction: 355,000 jobs (11.8%) Government spending change: +10% quarter‑on‑quarter Domestic investment growth: 6.4% Oil price peak: $126 per barrel, up 13% in 24 hours Inflation expectations: 3.8% in March → 4.7% in April Annualized inflation (March): 3.3% (up ~1%) War cost to US government (to date): $25bn Requested additional defense budget: $1.5tn War‑Driven Energy Shock and Consumer Sentiment The conflict with Iran has throttled oil flows through the Strait of Hormuz, a chokepoint for roughly one‑fifth of global supply. Prices surged to a wartime high of $126 a barrel, feeding a jump in inflation expectations from 3.8% to 4.7%—the steepest one‑month rise since April 2025. Consumer spending growth slowed by 0.3% compared with the previous quarter, reflecting heightened uncertainty and eroding purchasing power. What the Fed and Policy Makers Face Next Outgoing Fed Chair Jerome Powell reiterated a “hold and wait” stance, arguing that premature rate cuts could exacerbate price pressures amid the war and new tariff measures. At the same time, Defense Secretary Pete Hegseth testified that the war has already cost the Treasury $25bn and that a further $1.5tn in military spending is being sought. The Federal Reserve must balance inflation containment with the political push from the Trump administration for lower rates, while monitoring the longer‑term impact of elevated energy costs on the broader economy.

Executive Overview: WPP’s Role in the US Oil Advertising MachineWPP, the London‑based advertising conglomerate, has been identified as the primary conduit for a $1.5 bn (£1.1 bn) spend by four major oil companies in the United States since the 2015 Paris Agreement. The spend, uncovered by climate‑investigations platform DeSmog, highlights a systematic effort to shape public perception of fossil‑fuel producers while contradicting declared climate goals.WPP’s $1.5 bn Campaign Fuelling US Oil Advertising Since the Paris AccordThe DeSmog analysis shows that ExxonMobil, Chevron, Shell and BP relied on WPP’s global network—including agencies Ogilvy and Wavemaker—to design, place and optimise ads across TV, social media and outdoor venues. WPP was the only major holding company to partner with all four majors on US projects, accounting for roughly two‑thirds of the total ad volume.Period covered: 2015‑2025Total US ad spend by the four oil majors: $1.5 bnWPP’s share of that spend: ~66%Comparable visual: enough to fill Times Square billboards daily for a decadeFinancial Scale: $1.5 bn in US Ad Spend Across Four MajorsThe $1.5 bn figure translates into millions of dollars in annual revenue for WPP, despite the firm’s 2022 policy that purportedly barred work “frustrating” the Paris goals. By contrast, rival agencies Omnicom and IPG together accounted for less than half of WPP’s exposure.Omnicom & IPG combined spend: ~$800 mFourth‑place holder Dentsu: $255 mFifth‑place holder Havas: $230 mHow WPP’s Greenwashing Undermines Climate CommitmentsInternal testimonies describe “deceptive and misleading” messaging designed to stall policy action, from slogans likening fossil‑gas‑renewable blends to a “peanut butter and jelly sandwich” to claims that “we see possibilities in planes that fly on garbage.” Employees report that senior managers framed the work as promoting “cleaner business models,” yet the ads largely served to normalise continued fossil‑fuel dependence.These practices appear to breach WPP’s own 2022 sustainability policy, which forbids projects that could “frustrate” the Paris Agreement. The exposure adds pressure on regulators and investors demanding transparent climate‑aligned advertising practices.What Lies Ahead for WPP and Industry RegulationWith new CEO Cindy Rose set to outline a turnaround strategy at the May 8 AGM, sustainability has not featured prominently in the previewed agenda. However, the report’s revelations could trigger:Heightened scrutiny from US congressional committees and European regulators.Potential shareholder resolutions demanding stricter green‑ad policies.Increased demand from climate‑focused investors for disclosure of fossil‑fuel ad contracts.If pressure mounts, WPP may need to overhaul its client‑vetting processes, adopt third‑party audit mechanisms, and publicly report ad spend linked to high‑emission industries to restore credibility.

The Lead: Historic Champions League ShowdownHistory is being made as Mikel Arteta's Arsenal faces Atlético Madrid in the Champions League semi-final first leg. This marks the first time Arsenal has reached consecutive semi-finals in the club's history, representing a remarkable transformation from being the 15th-best team in England to one of Europe's finest.The Defensive Duel: Tactical Battle of TitansThis semi-final features two teams best known for their defensive excellence, creating a fascinating tactical clash. Atlético Madrid, under Diego Simeone, has built a reputation for organized, resilient defending that has taken them to three Champions League finals (1974, 2014, 2016) without ever lifting the trophy. Arsenal, under Mikel Arteta, has developed a similarly robust defensive structure that has been crucial to their European campaign.The Historical Context: Two Teams Seeking First European GloryFor the second consecutive year, Arsenal's semi-final involves arguably the two best teams never to win the European Cup or Champions League. Atlético Madrid holds the record for most appearances in the final without victory, while Arsenal lost their only final to Barcelona 20 years ago. This meeting represents a significant opportunity for either club to break their European hoodoo.The Previous Encounters: A History of Competitive MatchesThis is the fourth meeting between the two clubs. Their previous encounters include:Europa League semi-final 2017-18: Atlético won 2-1 on aggregate with goals from Griezmann and CostaChampions League league phase 2025-26: Arsenal dominated the second half in their previous encounterThe Road to Budapest: Final at StakeBoth teams will be acutely aware that winning this semi-final is just the first step. The victor will advance to the final in Budapest on May 30, where they will have another chance to etch their name in European football history. For either Atlético or Arsenal, reaching the final represents not just sporting achievement but the potential culmination of decades of pursuit of European glory.

The Historic All-English European Showdown Aston Villa and Nottingham Forest are set to clash in what promises to be a thrilling Europa League semi-final, marking the first major European semi-final between English sides since Manchester United overcame Arsenal in the Champions League in 2009. This all-Premier League encounter at the City Ground represents not just a chance for silverware but also a milestone in both clubs' European journeys. Team Evolution and Management Contrasts Under Unai Emery, Aston Villa has experienced transformative success, with eight of the current starting XI having been part of the squad since before Emery's arrival. This stability has been crucial to Villa's rise, with Emery given complete autonomy and supported by director of football Damian Vidagany. In contrast, Nottingham Forest have cycled through four managers across the past nine months, though Vítor Pereira's appointment has proven a masterstroke, guiding the team to European success while Premier League survival remains in sight. Historical Context and Recent Encounters The teams' history includes a memorable Championship classic in 2018, a topsy-turvy 5-5 draw at Villa Park where Tammy Abraham scored four goals. While this is their first top-flight meeting this millennium, they drew 1-1 earlier this month, with both teams missing chances to capitalize. That match came during one of Forest's flattest performances under Pereira, who has since implemented a more effective 4-4-2 formation featuring Chris Wood. Current Form and Key Players Forest are unbeaten in eight matches and, since Pereira's arrival in February, have scored more goals than anyone in the Premier League. Morgan Gibbs-White has been particularly impressive, scoring 10 goals this calendar year – more than any other player. Villa, meanwhile, are on course to qualify for the Champions League for the second time in three seasons, with Ollie Watkins hitting double figures in each of his six seasons at the club. European Ambitions and Domestic Pressures For Villa, this tie represents a third straight major semi-final in three years, with the team determined to overcome past disappointments. As captain John McGinn noted, they have "that determination in the back of our heads to prove this team we have built over the past five or six years is worth more than a quarter-final, worth more than a semi-final." Forest, meanwhile, are somewhat liberated in Europe due to their focus on avoiding relegation, having blown away Fenerbahce and overcome Porto in previous rounds. Trophy Dreams and Legacy Building Villa are chasing their first trophy in 30 years, with Watkins admitting envy for teammates who have previously won silverware. "That feeling of getting Champions League football a few years ago was unbelievable, but to lift a trophy... personally I have never done it," he said. For Forest, this is their fourth major European semi-final and first since 1984, with Pereira inspired by the legacy of former manager Brian Clough, whose statue in the city center serves as a reminder of what's possible. The Path to Istanbul Should Villa prevail, they would be favorites to end their 30-year trophy drought next month in Istanbul. Emery is hunting a record fifth Europa League title, having previously won the competition four times with Sevilla. For Forest, a European final would represent the culmination of an incredible season that has seen them transform from relegation candidates to European contenders under Pereira's guidance.

The Simeone Legacy Continues At the beginning of the final training session before their biggest game in a decade, Atlético Madrid's players lined up by the centre circle at the Metropolitano and waited for their coach to come. Diego Simeone arrived and ran through the middle of them, from Juan Musso and Jan Oblak at one end to Antoine Griezmann and Ademola Lookman at the other. As he passed, head down, they cheered and hit him – if not quite as hard as they do when it's a player's turn. Gauntlet run, applause echoed round the empty stadium. Happy birthday, mister. Simeone turned 56 on Tuesday. He has spent almost 20 of those here: first as the captain who won the double, then the coach who lifted Atlético's next league title, 18 years on, and now leads them into his fourth and their seventh European Cup semi-final, nine years since the last. What do you get the man who has it all? "Buah! You can't imagine how good it is to be in the four best teams in Europe," he said after the quarter-final; "I have no birthday wish," he said before this semi-final, "just pure gratitude to be able to be with my three sons on my birthday, with my two daughters, my mum, my wife, my lifelong friends." From Ballboy to Professional One of the sons was hidden in the crowd somewhere, hitting him. The day that Simeone bade farewell to the Vicente Calderón as a player in December 2004, he carried his youngest son, two-year-old Giuliano, in his arms. The days before he came back to Madrid as coach in December 2011, he stopped in a cafe in Mar del Plata and, over a croissant and a glass of milk, asked Giuliano, then eight, what he thought. "You're going to coach [Radamel] Falcao?!" the kid replied, excitement giving way to reality. "But … if it goes well, you won't come back." It did and he didn't, but that was all right. Fourteen years later, Giuliano's dad is still there – no manager in Spanish history has lasted longer – and now so is he. Born in Italy in December 2002, Giuliano grew up in Argentina with his elder brothers, Giovanni and Gianluca, but they visited often and their dad visited them too. They would eat "together" via an iPad on matchday mornings. Football was their thing, of course, bound by a shared passion. Glasses would be moved round the table in formation and they would find bits of paper all over the house, Gio recalled: tactical scribblings their dad did. The Making of a Footballer During celebrations after Atlético's 2012 Europa League title, Simeone Sr was caught on camera excitedly talking on the phone: "And did you see Falcao's goal?!" On the other end was Giuliano. The night Atlético won the Copa del Rey in 2013, it was a school night, too late, but the brothers went through the usual routine at home, scarves draped around the room. When Atlético won the derby in January 2015, a tiny ballboy in a white bib and long hair came racing along the touchline – something he was going to be very good at – and leaped into the coach's arms. That was Giuliano too. As a ballboy he was invariably by the bench and, yes, there were times his dad told him to slow down a bit if they were winning. He would visit training at Cerro del Espino in Majadahonda near the family home and have a kickabout. "It was crazy seeing the players up close," he has said. "I always thought: 'Imagine being out there; that would be mad.'" After Falcao, his idol became Antoine Griezmann. Overcoming the Family Legacy Competition came closer to home. "They would kick me, throw me to the floor, and if I cried, I couldn't play with them any more; I learned to be tougher," Giuliano said of playing with his brothers. Gianluca and Gio were good, becoming professionals like their dad, and they suspected Giuliano would be good too. Just maybe not this good. He was 16 when he left River Plate's academy and crossed the Atlantic to join Atlético's youth system, living with his dad, watching him pore over formations every morning. When he turned 18, though, Simeone Sr kicked him out; it was time to be a man. Now, his dad is his manager and his hero is his teammate. Which might make it sound easy, but it hasn't been – in part precisely because it might sound easy. In a recent interview with Jorge Valdano, Giuliano admitted: "At times, it can feel strange to me, wondering what others might think." When Valdano joked that the best thing is, when your teammates speak badly of the manager, speak even worse. The reply came back rapidly: "No doubt!" Giuliano admitted that had affected him when he was younger, telling Cadena Ser: "When I was 12 people said I was playing because I was my father's son. I try to isolate myself from [that]. I know I won't be gifted anything." The Father-Son Dynamic Quite the opposite. Simeone Sr once said that there was no way he would sign his son because of the baggage it would bring: the suspicion, the pressure. "I don't want to say never, but …" he said. "It would be very difficult to have a son in the dressing room. Very difficult for him, for the relationship, for everyone." But he said that about Gio not Giuliano, and Atlético didn't sign the latter nor really plan for father and son to coincide. He was just another kid from the academy, trying to prove himself.

The Arctic Heatwave That Redefined Europe's Climate RealityThe Nordic heatwave that pushed temperatures above 30C (86F) in the Arctic Circle in July was part of a record-breaking year that saw abnormal heat sear more than 95% of Europe, a report has found. Parts of Scandinavia were scorched by 21 days of punishingly hot weather that led to "tropical nights" in typically cool countries such as Norway, Sweden and Finland.Europe's Unprecedented Temperature AccelerationThe scientists found temperatures in Europe have risen by 0.56C per decade since the mid-1990s – faster than any other continent on the planet – due to the blanket of fossil fuel pollution covering the Earth. Svalbard, one of the fastest-warming places on the planet, has heated at three to four times the average European rate, the report found.Record Wildfires and Devastating Land LossHot weather fueled deadly wildfires in 2025 that set large parts of Europe ablaze. More than one million hectares of land went up in flames, 4.7% more than the previous record set in 2017. The Iberian peninsula suffered the worst of the wildfires due to a dry summer after a wet spring. In Spain, volunteer firefighters died as they raced to carve out breaks in the vegetation around their villages with little more than farming tools to fend off flames. The burned area in Spain accounted for 38% of the European total.Vanishing Snow and Shrinking GlaciersThe heat melted snow and shrunk glaciers in every region of Europe, the report found, with Iceland witnessing its second-greatest loss of glacier mass on record. Meanwhile, the Greenland ice sheet lost 139 gigatons of ice in 2025 and raised global sea levels by nearly half a millimetre, according to the report. Annual snow cover fell by 31% and snow mass by 45% from their average over the last few decades.Europe's Waters Reach Record High TemperaturesEuropean waters were the hottest ever seen after the fourth year in a row of broken sea surface temperature records, the scientists found. A record 86% of its ocean experienced "strong" heatwaves at some point in 2025, while 36% experienced "severe" or "extreme" heat. Annual sea surface temperatures in Europe reached the highest levels recorded, according to the EU's Copernicus and the World Meteorological Organization (WMO).The Climate Emergency Warning System"All the emergency warning lights are flashing red," said John Hyland from Greenpeace, which has said the EU's climate targets are too low to fulfill its responsibilities. "Either governments take swift and effective action to cut carbon pollution right now or they can continue irresponsibly rolling back protections, placing countless people's health, homes, jobs and livelihoods at risk."The 1.5C Target and BeyondWorld leaders promised in 2015 to try to stop the planet from heating by more than 1.5C (2.7F) above preindustrial levels by the end of the century, a task that requires dramatic reductions in the burning of coal, oil and gas. The failure to cut pollution in line with scientific roadmaps has pushed global heating past 1.3C. Limiting global heating to 1.5C now relies on removing vast amounts of carbon dioxide from the atmosphere to bring temperatures down.Preparing for a Warmer FutureCeleste Saulo, the secretary general of the WMO, said record greenhouse gas levels had made it "virtually impossible" to keep global heating below 1.5C without temporarily overshooting the target. "What is important is to keep this overshoot as short and as shallow as possible." In February, the EU's scientific advisers urged it to prepare for 3C of global heating and described current efforts as "insufficient, largely incremental [and] often coming too late." They called on the EU to mandate climate risk assessments, embed climate resilience into all policies and channel more money into protective measures.

The Rise of Oliver Glasner at Crystal Palace When Oliver Glasner took over from Roy Hodgson at Crystal Palace in February 2024, the club was in a desperate situation. The lack of an identity and coherent strategy at all levels soured Hodgson's tenure. Transfers that hadn't worked out, injuries, and lackluster tactics meant they were only a few points above the relegation zone. Glasner's Achievements and Managerial Style Glasner helped spark a revival. Not only did he preside over a return to mid-table stability, he also helped deliver memories through cup success that will live on with Palace fans for years. His achievements at Selhurst Park make him one of the most intriguing managerial free agents when he leaves his post at the end of the season, although he is not without his faults. The Data Analysis: A Look at Glasner's Track Record Perhaps the simplest argument in favor of Glasner is that at every stop he's had tangible success. He led Wolfsburg to Europa League qualification in 2020, then went a step further in 2021 securing a place in the Champions League after the club finished fourth in the Bundesliga. Glasner's first season at Eintracht Frankfurt in 2021-22 saw them finish an underwhelming 11th in the Bundesliga, but that was offset by the club winning the Europa League. In his second season they improved to seventh in the league and made it to the round of 16 in the Champions League. The Impact Analysis: Scalability of Glasner's Game Model However, there are questions over how Glasner would fare at a bigger club who are expected to take the initiative more often. Palace were ranked 17th last season in possession share, and 14th this season. Their recent draw against West Ham showed how tough it can be for them to create chances when they're being asked to take the initiative. The Prediction: Glasner's Future Prospects Perhaps Glasner will have a better time than Thomas Frank if he is given a similar opportunity. His teams in Germany and England have won high-leverage matches, albeit it usually involved them not having to be the proactive side in possession. How would he fare at a club – he has been linked with Newcastle and Chelsea among others – where the onus is on his team to take the initiative? And would clashes with club executives become even more likely amid the pressure of coaching a bigger team? Those are questions which will dictate this summer's coaching carousel.

The Unusual Start Jannik Sinner moved past British 19th seed Cameron Norrie 6-2, 7-5 to reach the quarter-finals of the Madrid Open. The match started at 11am local time, which Sinner described as 'quite unusual'. The Scheduling Concern Sinner suggested that the Madrid Open organisers should reconsider their tournament scheduling to avoid late-night finishes. He cited the example of Rafael Jodar, who finished his match at 1am on Monday morning. 'Two matches [starting] from 8pm is very late,' Sinner said. 'Even though you have one day in between, it's still very, very late.' The Performance Analysis Sinner won 81% of his first-serve points and 63% of the points behind his second delivery. He recorded his 25th consecutive victory at the Masters 1000 level and became the second man in series history to win his first 20 Masters 1000 matches of the season. The Impact Analysis The scheduling concerns raised by Sinner could have implications for the tournament's future. Late-night finishes can affect players' recovery time and overall performance. Sinner's comments may prompt organisers to review their scheduling strategy. The Prediction Sinner will face either Jodar or Vit Kopriva in the quarter-finals. He is competing in Madrid for just the fourth time in his career and is bidding to reach the semi-finals for the first time in the Spanish capital.

The NBA playoffs opened with a dominant performance by the top‑seeded Oklahoma City Thunder, who eliminated the Phoenix Suns in a 131‑122 blowout, and a crucial victory for the Orlando Magic that gave them a 3‑1 edge over the Detroit Pistons. The results not only end three teams' opening series but also set the stage for new match‑ups and strategic adjustments across both conferences.Thunder Complete Historic Sweep of Suns in Western Conference OpenerShai Gilgeous‑Alexander led the Thunder with 31 points and eight assists, while Chet Holmgren added a double‑double (24 points, 12 rebounds). The victory marks the Thunder’s third consecutive first‑round sweep, underscoring their offensive depth and defensive pressure.Final score: Thunder 131, Suns 122Key contributors: Shai Gilgeous‑Alexander (31/8), Chet Holmgren (24/12), Ajay Mitchell (22/6)Thunder will face the winner of the Lakers‑Rockets matchup in the second roundScoring Explosion Highlights: 131‑122 Thunder VictoryThe Thunder posted 131 points, the highest total in a first‑round game this postseason, driven by balanced scoring across five players with 14+ points each. Phoenix managed 122 points, but defensive lapses in the fourth quarter allowed Oklahoma City to pull away.Thunder 3‑point shooting: 15‑of‑33 (45.5%)Suns 3‑point shooting: 12‑of‑30 (40.0%)Turnovers: Thunder 9, Suns 13Magic’s 3‑1 Lead Signals Shifting Power in Eastern ConferenceOrlando’s 94‑88 win over Detroit gave the Magic a 3‑1 series advantage, highlighted by Desmond Bane’s 22 points and five three‑pointers in the closing minutes. The Pistons, despite Cade Cunningham’s 25 points, were shut out in the final five minutes, exposing their reliance on late‑game shooting.Key stats: Magic 94 points (Bane 22, Wagner 19 before injury)Pistons 88 points (Cunningham 25, Stewart buzzer‑beater)Injury impact: Franz Wagner exited with a calf strainWhat the Results Mean for the Rest of the PlayoffsWith the Thunder advancing, the Western Conference now features a potential showdown between Oklahoma City and either the Lakers or Rockets, both of which bring veteran experience. In the East, the Magic’s early lead forces the Pistons to adjust defensively and manage Wagner’s absence, while the Nuggets’ win over the Timberwolves keeps Denver alive for a possible clash with the Thunder.Projected second‑round match‑ups: Thunder vs. Lakers/Rockets; Nuggets vs. potential Western opponentKey narratives: Thunder’s offensive versatility, Magic’s resilience despite injuries, Denver’s reliance on Nikola Jokić’s triple‑double production