Markets keep the faith – but oil staying above $100 could test that optimism | Nils Pratley

Was it only at the new year that the fanfare was heard for the FTSE 100 index breaking through 10,000 for the first time? It was – on 2 January – and the index then added another 900 points by the end of February. On Thursday, the Footsie briefly fell below that round number as Iran struck Qatar’s enormous Ras Laffan complex, which normally supplies a fifth of the world’s liquefied natural gas, before closing at 10,063, down 2.3% on the day.There are two ways to view that price action. One is to say the sharp reversal from the peak represents a necessarily severe reaction to the war on Iran

US moves to soften capital rules: ‘Big banks can declare mission accomplished’

US federal regulators are trying to soften bank requirements, loosening the amount of capital US banks must have, in what would be some of the biggest changes to bank restrictions since the 2008 financial crisis and a huge win for financial institutions.On Thursday, US Federal Reserve officials are expected to vote to lower capital requirements – the funds they need to cover risky assets – for the biggest banks by 4.8%, which could free up capital for banks such as JPMorgan Chase, Goldman Sachs and Morgan Stanley.Larger regional banks like PNC would see their requirements drop by 5.2%, while requirements banks with less than $100bn in assets would fall by 7

Why is the FBI buying people’s location data and how is it using the information?

Kash Patel’s disclosure Wednesday that the FBI has resumed buying location data on Americans has many people, including members of Congress, wondering: how does private information get into the hands of the US government in the first place – and how can federal law enforcement use that information to track peoples’ whereabouts?Federal law enforcement agencies generally must obtain a warrant, which requires establishing probable cause in the eyes of a judge, to gather historical or real-time cell phone location data. The US supreme court has ruled that the fourth amendment to the US constitution, which protects against “unreasonable search and seizure”, prohibits the warrantless collection of individuals’ location histories. Buying such information, usually en masse, can circumvent this requirement, leading many privacy advocates to label the practice unconstitutional.The FBI director’s admission came in response to a question from Ron Wyden, a Democratic senator of Oregon and a longtime opponent of the warrantless surveillance of Americans. Wyden told Patel that his predecessor, Christopher Wray, testified in 2023 that the FBI did not at that time purchase location data derived from internet advertising, although he acknowledged that it had done so in the past

Cryptocurrency firms suffer heavy losses in Illinois primaries after spending big

The cryptocurrency industry spent big and lost often in this week’s Illinois primaries.As the industry prepares to make massive donations in the 2026 midterm elections to replicate its success in 2024, the Illinois losses mark an early setback for firms that are trying to establish themselves as power players in American politics.Crypto companies flooded the state’s Democratic primaries with millions of dollars to promote candidates they believed would have a light touch when it came to regulating digital assets. AI firms, meanwhile, backed opposing candidates and seemed to cancel each other out.Using Super Pacs that are allowed to spend unlimited sums of money, crypto and AI companies ran television advertising and distributed campaign fliers that only occasionally alluded to their industries

Liam Marshall double edges Super League leaders Wigan past York Knights

These were the nights that critics of Super League’s decision to expand to 14 teams feared but as the new season settles into a rhythm, they are fast becoming some of the most enjoyable.Yes, the result was what almost everyone – even the most optimistic York Knights supporter – would have predicted at kick-off. But goodness, what a rollercoaster ride this was as Super League’s newest team pushed arguably its biggest and most recognisable heavyweight every step of the way on a thrilling evening in Wigan.Next weekend, Super League celebrates the 30th anniversary of its inaugural game. That night, Paris Saint-Germain announced their arrival as rugby league’s big hope for expansion with victory over Sheffield

Francesca Jones defeats Venus Williams in Miami for WTA 1000 breakthrough

In her first training session at the ATX Open in Austin last month, weeks after injury put an end to her Australian Open, Francesca Jones found herself in an unusual, delightful situation. Her training partner across the net was none other than Venus Williams, the most successful active female tennis player.Being able to train with such a legendary player was a dream itself, but Jones can now say that she has also defeated her as she closed out a 7-5, 7-5 win over the 45-year-old seven-time grand slam champion in the first round of the Miami Open. The victory marks Jones’s first WTA 1000 match win in her career, breaking a four-match losing streak.This was an intense battle that Williams, a three-time Miami Open champion between 1998 and 2001, could have won