Trade, City of London, sterling and EU markets
The European Commission presents its Fertilisers Action Plan during the May plenary in Strasbourg, addressing EU agriculture’s dependency on imported nitrogen, persistently elevated prices since the 2022 energy crisis, and the necessity of anchoring strategic production capacity within the Union.
European equity markets traded firmer on Monday 18 May 2026 as the CAC 40 reclaimed lost ground and the FTSE 100 reasserted technical control, whilst oil prices kept swinging on Strait of Hormuz tension. The ECB countdown to the 4-5 June decision is now fully on.
Anglo American announced on Monday 18 May 2026 the sale of its Australian steelmaking coal portfolio to UK-registered Dhilmar Ltd for up to US$3.875 billion in cash, completing its exit from coking coal ahead of its merger with Teck Resources.
The European Central Bank held its deposit rate at 2% for a third consecutive meeting on 30 April, though a Bloomberg survey of economists now anticipates two summer rate rises as the Iran war pushes eurozone headline inflation towards a projected 2.6% in 2026.
The European Parliament prepares to vote on the EU’s toughest steel trade defence in eight years: a 50% out-of-quota duty, a 47% cut in tariff-free import volumes and a Melt and Pour traceability requirement, set to enter force on 1 July 2026.
Industrial production in the euro area rose 0.2% in March and 0.8% in the EU compared with February, according to Eurostat data published on 13 May. The annual comparison remains firmly negative, with output down 2.1% in the euro area and 1.0% in the EU, reflecting the cumulative impact of the Iran energy shock on European manufacturing.
Burberry released its full-year FY26 results on Thursday 14 May 2026. Consensus forecasts pointed to revenue of approximately £2.43 billion (down 1% year-on-year), operating profit of £96m and EPS of 20.14p. Investors are scrutinising progress under Joshua Schulman’s ‘Burberry Forward’ turnaround, which has entailed up to 1,700 redundancies.
MEPs prepare measures to counter global steel overcapacity flooding European markets, as the bloc’s manufacturers warn of plant closures and structural damage to industry.
Swiss pharmaceutical giant Roche has secured European regulatory approval for the first blood-based Alzheimer’s diagnostic test, signalling a shift in early dementia detection.
Preliminary data reveals the eurozone economy expanded by a mere 0.1 per cent in the first quarter of 2026 as Middle East energy shock hampers consumption and investment.
