International - Financial Times - Credit Squeeze

A belief in resilience underwritten by big lasting state support is keeping stocks high

Healthy payrolls growth and steady unemployment in April reinforces Fed holding stance

Low stocks of crude and products in Europe are bigger risks for the continent

Also in today’s newsletter: Donald Trump’s 10% global tariffs ruled illegal

Figures undershoot expectations but pressure to tighten is still on

American companies fear an update to Brussels’ ‘Product Liability Directive’ will make it easier for consumers to sue

Also in this newsletter: Prime Minister Giorgia Meloni expected to reaffirm Italy’s commitment to good ties with Washington

Officials discussed resources investments as Washington tries to break China’s control of critical minerals production

When countries act to insulate domestic markets, the result is often higher prices and greater volatility

The market is reacting more strongly to rate decisions by the Bank of England than those of its peers, signalling potential communication issues

Court of International Trade says levies applied under Section 122 of trade act are ‘unauthorized by law’

The US president says he will hit the bloc with ‘much higher’ tariffs if it does not implement agreement by July 4

Fast food group beats expectations but executives say rising expenses are constricting cash flows for franchisees

Offshore transactions worth nearly $10bn in first quarter as companies target resources, consumer and manufacturing sectors

Ten topical questions to test your news nous

The FT’s trade columnist replied to reader questions

Also in today’s newsletter: virus-hit ship sails for the Canary Islands, and Wall Street’s salacious lawsuit

Previous US presidents have been undone by oil price shocks, but rarely ones of their own making

François Villeroy de Galhau warns policymakers to focus on ‘second-round effects’ of energy shock

Norges Bank says situation in Middle East is ‘still causing substantial uncertainty about the economic outlook’