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US markets closed in the red on Friday, also ending the week down, as it snapped a 2-week winning streak.

Israel is launching airstrikes on Iran, which has pushed the energy prices up, dragging the market down.

The S&P 500 index fell 1.13% to 5,976.97. The Nasdaq dropped 1.30% to 19,406.83. The Dow Jones plunged 1.79% to 42,197.79.

All but one of the 11 S&P 500 sectoral indices ended up in the red. Only the S&P 500 energy index was up in the session, gaining 1.42%.

S&P 500’s decline took off the gains it had seen in the week, and the index is down 0.43% for the week.

Energy and defence stocks were among the top gainers in the session.

Oracle Corporation, Occidental Petroleum, and Lockheed Martin were among the top gainers in the market. Oracle surged more than 7%.

Tesla, Exxon Mobil Corp also gained in the session with up moves between 1% to 2%.

Adobe Systems was among the top losers with a 5% decline as its sales outlook failed to satisfy investor concerns about AI.

Visa, Master Card, and Alibaba Group were also among the top losers with declines ranging between 3% and 4%.

Airline stocks, United Airlines and American Airlines Holding, fell 4% in the session as higher fuel costs and dampening travel demand dragged the stocks down.

Oil and energy stocks were up in the session due to higher energy prices. Oil prices surged by nearly 7% in the session.

Defense and shipping stocks also gained due to the anticipation of higher defense spending.

Visa and Master Card fell after a report came that retail companies like Amazon and Walmart are considering issuing their own stablecoins.

Israel-Iran conflict intensifies

Israel’s military strikes killed several high-ranking Iranian military officials, including the Chief of Staff of the Armed Forces, the Commander of the Islamic Revolutionary Guard Corps (IRGC), and the head of Iran’s Emergency Command.

Iran first responded by launching over 100 drones towards Israel. Later on Friday, Iran launched more ballistic missiles towards Israel.

Reuters reported that explosions were heard over Israel’s capital, Jerusalem, and Tel Aviv.

Israeli military says most of the missiles were intercepted.

An Iranian official said Tehran will target Israel’s economic and energy infrastructure if Iran’s structures are attacked.

The Israeli offensive, reportedly targeting nuclear enrichment sites, marks the largest attack on Iran since the Iran-Iraq War in the 1980s and comes just days ahead of a planned sixth round of nuclear talks between the US and Iran.

US President Donald Trump said it was not too late for Iran to stop the bombing campaign by reaching a nuclear deal.

US Energy Secretary Chris Wright said his team is monitoring the energy situation in the Middle East and any potential impacts to global energy supply.

The post US markets end in red as tensions in Middle East intensify appeared first on Invezz

Here’s a quick recap of some of the most impactful resource sector news items for the week.

The period saw the Trump administration move to reverse a Biden-era ban on copper and nickel mining near Minnesota’s Boundary Waters, while Dundee Precious Metals (TSX:DPM,OTC Pink:DPMLF) penned a deal for assets in Bosnia and Herzegovina and Serbia, and China exerted control over rare earth mines in Myanmar.

Trump admin moves to roll back mining moratorium near Boundary Waters

The Trump administration is starting the process of reversing the Biden-era 20 year moratorium on copper-nickel mining in a 350-square-mile area upstream of Minnesota’s Boundary Waters Canoe Area Wilderness.

The decision could allow the restart of development at the proposed Twin Metals underground mine, owned by Chile’s Antofagasta (LSE:ANTO,OTC Pink:ANFGF). The Biden administration had cancelled the leases for the project, located in the region affected by the moratorium, as part of the 2022 decision.

Agriculture Secretary Brooke Rollins and Interior Secretary Doug Burgum argue that the original mineral withdrawal was unnecessary and pledged to boost domestic critical mineral supply.

Rollins shared the news on her social media account.

The news was quickly denounced by the Save the Boundary Waters advocacy group and Tina Smith, US Senator for Minnesota.

“The announcement by Secretaries Burgum and Rollins is shocking,” said Ingrid Lyons, the group’s executive director. “They claim to have consulted with the people of Minnesota about the Boundary Waters when they clearly have not. We deserve so much better than this, as Minnesotans and as Americans.”

Senator Smith took to social media to highlight her dismay and condemn what she described as ‘pseudoscience (used) to justify bad actions.’

The Trump admin decision aligns with a broader push to accelerate mining approvals and reduce red tape, aiming to enhance US supply chain security for critical minerals.

Dundee Precious Metals to acquire Adriatic in US$1.3 billion deal

Canada’s Dundee Precious Metals has agreed to acquire UK-based Adriatic Metals (LSE:ADT1,OTCQX:ADMLF) in an approximately US$1.3 billion cash-and-stock transaction.

The deal secures Dundee full control of Adriatic’s high-grade Vareš underground silver-lead-zinc-gold mine in Bosnia and Herzegovina, plus its Raška zinc-silver project in Serbia.

Vareš offers an estimated 15 year mine life with annual payable output around 168,000 ounces gold equivalent and low all-in sustaining costs of US$893 per ounce.

“Vareš is a logical fit with our portfolio, as it significantly increases DPM’s mine life while adding near-term production growth, a highly prospective land package, and cash flow diversification,” said David Rae, president and CEO of Dundee Precious Metals.

Upon closing, Dundee shareholders will own 75.3 percent of the combined entity, with Adriatic shareholders holding 24.7 percent. The transaction is expected to close by year-end, pending shareholder, regulatory and Bosnian competition approvals.

China tightens grip on Myanmar’s rare earths

The United Wa State Army (UWSA), a China-supported militia, has taken control of newly established rare-earth mining operations in Myanmar’s Shan State, according to a Reuters report. Satellite imagery confirms the construction of leaching pools and chemical extraction facilities, with Chinese-speaking managers overseeing operations and trucks ferrying ore across the border.

As noted in the report, China currently relies heavily on Myanmar for heavy rare-earth elements like terbium and dysprosium, critical materials for high-tech industries including EVs, wind turbines and electronics. The country supplied nearly half of China’s imports during the first four months of 2025.

Rare earth exports to China have surged since Myanmar’s military junta took power in 2021. Between 2021 and 2024, Myanmar exported US$3.6 billion worth of rare earth metals to its neighbor, a dramatic increase compared to just US$400 million in the prior four year period.

The majority of these imports previously came from mineral belts in Kachin State, but this supply was disrupted in October 2024 when the Kachin Independence Army seized control of the region from the junta.

Analysts suggest this move to protect operations in Shan State helps Beijing reinforce its global dominance in rare earth supply chains by tapping into more stable regions under Chinese-aligned militia protection.

China has further tightened its grip on the global rare earth industry over the past year, reinforcing control across multiple fronts. Domestically, Beijing implemented new regulations in late 2024 to centralize mine quotas, smelting, separation and export licensing, reinforcing state dominance across the entire rare earth supply chain.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

: More Americans support rather than oppose Israeli airstrikes on Iran’s nuclear facilities, according to a new national poll conducted before Israel’s Friday attack on Iran.

But the survey, released by the Ronald Reagan Institute, indicates that most Democrats and Republicans don’t see eye-to-eye on the issue.

According to the poll, which was first shared with Fox News on Friday, 45% of those questioned said they would support Israel conducting targeted airstrikes against Iran’s nuclear facilities if diplomatic efforts between the U.S. and Iran fail.

Thirty-seven percent said they opposed Israeli airstrikes, with 18% unsure.

But the poll indicates a partisan divide.

Six in 10 Republicans said they support the airstrikes, but that backing dropped to 35% among independents and 32% among Democrats.

Twenty-seven percent of Republicans opposed the Israeli airstrikes, with a third of independents and just over half of Democrats opposed.

The poll of adult Americans was conducted, May 22-June 2, before Israel’s unprecedented attack on Iran, named ‘Operation Rising Lion,’ which included strikes on both the Islamic State’s nuclear program and military leaders.

This post appeared first on FOX NEWS

Iran will not be participating in the nuclear negotiations with the United States scheduled on Sunday, the country announced on state television on Friday in the wake of Israel’s airstrikes on Iran’s nuclear program and ballistic missile sites this morning.

Iran has also launched retaliatory attacks with Israel claiming the country has launched over 100 drones in the last few hours. 

Explosions were reported across Tehran, the central city of Natanz—home to one of Iran’s major nuclear enrichment plants—and several other locations.

Israeli Prime Minister Benjamin Netanyahu declared that Israeli forces had “struck at the heart of Iran’s nuclear enrichment program,” claiming they had also eliminated top Iranian military figures.

Among those reportedly killed in the strikes were Mohammad Bagheri, Iran’s Chief of Staff, and Hossein Salami, commander of the Islamic Revolutionary Guards Corps (IRGC), according to both Israeli authorities and Iranian state media.

Former US President Donald Trump, who withdrew the US from the original 2015 nuclear agreement during his first term, had expressed concern over the timing of the Israeli strikes.

“I worry this could blow the negotiations,” Trump said Thursday, adding that he had ordered some American personnel to evacuate the Middle East in case of Iranian counterstrikes that “could include missiles flying into their buildings.”

Iran has retaliated with over 100 drones, Israel claims

As news of the airstrikes broke, Iran launched a retaliatory barrage, with Israel claiming over 100 drones were deployed in response.

Air raid sirens reportedly sounded in several Israeli cities, though details of the damage remain sparse.

The situation has cast a shadow over the US-Iranian diplomatic efforts.

Negotiators from both countries were set to meet in Oman for the sixth round of discussions aimed at reviving the 2015 nuclear deal, which imposed strict limits on Iran’s uranium enrichment in exchange for sanctions relief.

However, with Iran pulling out of the talks, the future of diplomatic engagement appears increasingly uncertain.

The talks had already been strained over whether Iran should be allowed to continue enriching uranium on its own soil—a right Tehran insists is non-negotiable.

IAEA confirms Natanz hit, but no radiation leak

The IAEA confirmed that the Natanz nuclear facility, a critical site for Iran’s uranium enrichment, had been struck but reported no abnormal radiation levels.

Iran’s Bushehr nuclear power plant, the country’s first civilian nuclear facility, was not targeted in the attacks, Iranian officials told the watchdog.

Natanz, located about 150 miles south of Tehran, houses Iran’s most advanced centrifuges and has long been viewed by Western and Israeli intelligence agencies as a focal point of its nuclear ambitions.

“The type of concrete that (the Iranians) use is actually a very specialized, hardened concrete,” CNN military analyst Cedric Leighton said.

“It’s unclear whether Israel’s bombs can penetrate that type of concrete,” he said, adding that the Israelis would have to mount waves and waves of attacks.

Visual evidence from the scene showed thick plumes of smoke rising above the complex, though the full extent of the damage remains unclear.

Why does Israel oppose Iran’s nuclear activities?

Israel has long opposed any scenario where Iran could obtain a nuclear weapon.

The enmity between the two countries dates back to the 1979 Iranian Revolution and is exacerbated by Iran’s financial and military support to Hezbollah, Hamas, and other militant groups arrayed against Israel.

Analysts warn that Iran’s nuclear program has reached a critical point.

The International Atomic Energy Agency (IAEA) issued its first censure of Iran in two decades on Thursday, accusing Tehran of failing to comply with its nuclear nonproliferation commitments.

Iran rejected the censure, claiming it undermined the credibility of the global nuclear watchdog.

In May, Reuters reported seeing an IAEA report that found that Iran had carried out secret nuclear activities with material not declared to the nuclear watchdog at three locations that have long been under investigation.

In a separate report by IAEA, the watchdog said Iran now possesses enough enriched uranium—at 60% purity—to theoretically produce material for nine nuclear weapons if further refined to weapons-grade levels of 90%.

The fragile legacy of the 2015 deal

The original 2015 nuclear accord, signed under President Barack Obama, aimed to restrict Iran’s enrichment capabilities.

Under the agreement, Iran could enrich uranium to no more than 3.67% and maintain only a limited stockpile of 300kg using basic centrifuge technology.

After Trump’s 2018 withdrawal, Iran began incrementally breaching the deal’s limits, eventually reaching enrichment levels of up to 60%.

Despite severe economic sanctions and covert operations—including the assassination of top Iranian nuclear scientist Mohsen Fakhrizadeh in 2020—Iran’s nuclear development has continued.

With regional tensions at a boiling point, the immediate future of diplomacy looks bleak. As the possibility of further strikes and counterstrikes looms, the world watches nervously for signs of either a renewed dialogue—or a broader conflict.

Will the attack set Iran back on its nuclear programme?

Will Israel’s attack dent Iran’s efforts to advance its nuclear programme?

The Natanz facility has long been the centerpiece of Iran’s nuclear program, producing the majority of the country’s enriched uranium — including much of the near-weapons-grade material accumulated over the past three years.

The full scale of damage to the site following Israeli airstrikes remains unclear.

There is still no confirmation on whether Israel also targeted Fordow, Iran’s second major enrichment facility.

Located deep within a mountain and housed inside an Islamic Revolutionary Guards Corps base, Fordow was deliberately constructed to withstand aerial attacks.

International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi, who has toured the site, has noted that it sits nearly a half-mile beneath the surface — making it the most fortified installation in Iran’s nuclear network.

“It may take days, or weeks, to answer one of the most critical questions surrounding the attack of Iran’s facilities: How long has Israel set back the Iranian nuclear program?” David E Sanger, White House and national security correspondent for The New York Times, who has covered Iran’s nuclear program for two decades, writes in a report.

“If the program is delayed only a year or two, it may look as if Israel has taken a huge risk for a fairly short-term delay. And among those risks is not only the possibility of a long-lasting war, but also that Iran will withdraw from the Nuclear Nonproliferation Treaty, take its program underground, and race for a weapon — exactly the outcome Mr. Netanyahu was out to prevent.”

Brett McGurk, who has advised multiple US administrations on Middle East affairs, emphasized the centrality of Fordow:

If you don’t get Fordow, you haven’t eliminated their ability to produce weapons-grade material.

American officials have said Israel does not have the bunker-busting bombs to get at that facility, where Iran’s most advanced centrifuges have been installed.

And if Fordow survives the attacks, then there is a good chance the key technology of the country’s the nuclear program will survive with it.

The post Iran pulls out of US talks after Israel attack: can it dent Iran’s nuclear efforts? appeared first on Invezz

Harvest Gold Corporation (TSXV: HVG) (“Harvest Gold ” or the “Company ”) is pleased to announce the finalization of drill targets for its planned diamond drill program at the Company’s Mosseau Project, located in the Urban-Barry Greenstone Belt of Quebec (Figure 1).

Rick Mark, President and CEO of Harvest Gold, states: “Our geological team has done a tremendous job in compiling and collating the many datasets from the historic work of many companies in the northern area of Mosseau. They also built a new database for the central area with Harvest Gold’s 2024 air and ground programs data, captured using today’s technologies, layered over the data from historic work done sporadically. Drill permits are secured and a drill contract for a 5,000-metre program is signed. We are ready to drill.”

The planned 5,000 metre diamond drill program will focus on testing near-surface gold targets in two key areas of the property, the northern and central areas. (Figure 2, Figure 3, Figure 4). Both of these areas host similar geological, geophysical and structural features:

The more known northern area hosts numerous gold showings that remain open along strike and at depth.

The central area, and particularly the Kiask River Mineralized Corridor, has seen very limited historical exploration and was the focus of Harvest’s 2024 field work.

The drill targets have been developed through a detailed review and integration of:

  • Historical showings
  • Previous exploration work, including Induced Polarization and geological mapping surveys
  • High-resolution airborne magnetic surveys
  • Prospecting and reconnaissance mapping
  • Soil sampling program

These exploration efforts have highlighted fifteen high-priority targets that can host significant gold mineralization. The planned drill program will also be the first systematic testing of the central area of Mosseau and is the beginning of unlocking the mineral potential of the Mosseau Project.

Permits Secured from Quebec Government

Harvest Gold is pleased to report that it has received the required Authorization to Initiate (ATI) permits from the Quebec Government, allowing the Company to proceed with its upcoming drill program. The ATI permits cover the planned drill sites and associated activities for the next two years, ensuring the program is compliant with all regulatory requirements.

Drill Contract Awarded to Forage Rouillier

The Company is also pleased to announce that it has awarded the drill contract for the upcoming program to Forage Rouillier Drilling, based in Amos, Quebec. Forage Rouillier is a highly regarded, locally-based contractor with extensive experience drilling in the Abitibi region. Harvest Gold looks forward to working with Forage Rouillier to execute the program safely and efficiently.

About Harvest Gold Corporation

Harvest Gold is focused on exploring for near surface gold deposits and copper-gold porphyry deposits in politically stable mining jurisdictions. Harvest Gold’s board of directors, management team and technical advisors have collective geological and financing experience exceeding 400 years.

Harvest Gold has three active gold projects focused in the Urban Barry area, totalling 377 claims covering 20,016.87 ha, located approximately 45-70 km west of Gold Fields – Windfall Deposit (Figure 1).

Harvest Gold acknowledges that the Mosseau Gold Project straddles the Eeyou Istchee-James Bay and Abitibi territories. Harvest Gold is committed to developing positive and mutually beneficial relationships based on respect and transparency with local Indigenous communities.

Harvest Gold’s three properties, Mosseau, Urban-Barry and LaBelle, together cover over 50 km of favorable strike along mineralized shear zones.

Qualified Person Statement

All scientific and technical information in this news release has been prepared and approved by Louis Martin, P.Geo., Technical Advisor to the Company and considered a Qualified Person for the purposes of NI 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark
President and CEO
Harvest Gold Corporation

For more information please contact:

Rick Mark or Jan Urata
@ 604.737.2303 or info@harvestgoldcorp.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

This news release includes certain statements that may be deemed ‘forward looking statements’. All statements in this news release, other than statements of historical facts, that address events or developments that Harvest Gold expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Source

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Nintendo sold more than 3.5 million units of its flagship Switch 2 gaming system in the four days following its launch, with online stores of major U.S. retailers putting up “out of stock” signs.

The record-breaking start for the company’s first new console in eight years, puts Nintendo on the path to realizing its aim of selling 15 million units of the Switch 2 console in the fiscal year ending March 2026.

However, analysts continue to believe that those expectations are modest, and forecast the strong initial demand to sustain.

“The market expected a record from Nintendo, and as it turns out, Nintendo delivered,” Serkan Toto, CEO and founder of gaming industry consultancy Kantan Games, told CNBC.

“All signals prior to launch pointed to significant demand, and I believe we will see further records broken over the next weeks or months,” he added.

Toto has maintains that the Switch 2 will sell over 20 million units in its first 12 months. David Gibson, senior research analyst at MST Financial told CNBC that he expects 20 million sales for the year ending March 2026.

The Switch 2, which was released on June 5, has been met with much fanfare, with people lining up for hours ahead of midnight releases at Nintendo stores.

“Fans around the world are showing their enthusiasm for Nintendo Switch 2 as an upgraded way to play at home and on the go,” Nintendo of America President and Chief Operating Officer Doug Bowser said in a statement, adding the company was thankful for the response.

Tokyo-listed shares of Nintendo, which have gained nearly 30% so far this year, were down 3.5% on Wednesday, LSEG data showed. The company has seen its shares rise nearly fivefold since the original Switch debuted in early March 2017.

It remains to be seen if the Switch 2 can recapture the magic of its predecessor, which had set the bar with 15 million unit sales in its first year. It went on to sell more than 152 million units to become the second-highest selling Nintendo device ever, behind the Nintendo DS.

The record initial sales of the Switch are in line with the strong demand analysts had predicted. However, the rush has put into question Nintendo’s ability to meet demand.

Retailers including Walmart, GameStop, Target and Best Buy were out of stock of the consoles, their online stores showed Wednesday.

In April, Nintendo’s Bowser told CNBC that the company had been working with “retail partners to ensure there’s ample supply for not only the launch weekend, but well beyond.”

However, Nintendo President Shuntaro Furukawa stated the same month that 2.2 million people in Japan had entered the lottery to purchase the Switch 2 on launch day, exceeding expectations and what the company had initially planned to deliver to stores.

Kantan Games’ Toto said shortages in Japan were expected to persist, but would be less impactful elsewhere.

“Except for Japan where demand for Switch 2 is extraordinarily high, it looks like fans who really want the console and invest time in trying to secure one actually can get one,” he said. “It might take a while, but as far as can be monitored, supply seems to be more robust than around the launch of the original Switch in 2017.”

President Donald Trump’s “reciprocal tariffs” on most countries around the world also present headwinds for the Switch 2.

In April, the company announced that it would delay preorders of the Switch 2 in the U.S. while it considers the impact of tariffs.

The Switch 2 retails for $449 in the U.S., which makes it Nintendo’s priciest console to date.

Nintendo’s Bowser said in April the company was going to “monitor where tariffs are going” before making any further decisions on price hikes.

MST Financial’s Gibson said that a resolution to Trump’s tariffs and lower duty rates could see the Switch 2 prices drop in the U.S.

The Switch 2 builds on the success of the original Switch, featuring a larger screen and improved performance. The system also introduces the new GameChat2 feature, which allows players to voice or video chat with friends online and share game screens.

This post appeared first on NBC NEWS

Israeli Prime Minister Benjamin Netanyahu confirmed that one of Iran’s top nuclear facilities had been hit in Thursday night’s strike against the regime.

‘Iran has produced enough highly enriched uranium for nine atom bombs, nine,’ Netanyahu said. ‘In recent months, Iran is taking steps that it has never taken before, steps to weaponize this enriched uranium. And if not stopped, Iran could produce a nuclear weapon in a very short time.’

The Natanz Nuclear Facility – one of Tehran’s key nuclear sites and which has been flagged by security experts that in coordination with the Fordow Fuel Enrichment Plant, could produce enough weapons-grade uranium to produce 11 nuclear weapons within a month – has been hit in the strikes, though the extent of the damage remains unknown. 

‘We struck at the heart of Iran’s nuclear enrichment program. We struck at the heart Iran’s nuclear weaponization program,’ Netanyahu said in live remarks. ‘We targeted Iran’s main enrichment facility in Natanz. 

‘We targeted Iran’s leading nuclear scientists working on the Iranian bomb,’ he added. 

The Nantaz Nuclear Facility was at least partially destroyed in 2020 following an explosion, and satellite imagery has suggested Iran began constructing deep underground tunnels to further secure and obscure their nuclear program, reported the Institute for Science and International Security earlier this year. 

It is unclear at this time if any of the underground structures were hit in the Thursday night strikes. 

‘We will not let the world’s most dangerous regime get the world’s most dangerous weapons, and Iran plans to give those weapons, nuclear weapons, to its terrorist proxies,’ Netanyahu said. ‘That would make the nightmare of nuclear terrorism all too real. 

‘The increasing range of Iran’s ballistic missiles would bring that nuclear nightmare to the cities of Europe, and eventually to America,’ he added. 

Reporting by The New York Times also said the Parchin military complex had been hit in the overnight strikes, though Fox News Digital could not independently confirm the hit.

The extent of the damage also remains unknown as it was reported in November that the Parchin military complex had been significantly damaged in Israel’s October strikes which housed a nuclear weapons research facility. 

Another five military bases surrounding Tehran were also reportedly hit. 

This post appeared first on FOX NEWS

The UK economy shrank by 0.3% in April, a sharper-than-expected decline that has raised fresh concerns about the fragility of the recovery and the growing pressure on both households and businesses.

Figures released by the Office for National Statistics (ONS) on Tuesday showed that the fall in gross domestic product (GDP) was driven by a 0.4% drop in the services sector — the largest contributor to the overall contraction.

Production output also declined by 0.6%, while construction output offered a rare bright spot with a 0.9% increase.

The latest data underscores the challenges facing Prime Minister Keir Starmer’s Labour government, which took office after a landslide election victory last summer.

The April decline marked the sharpest monthly fall in GDP since October 2023 and the worst performance since Labour came to power.

Economists surveyed by Bloomberg had predicted only a 0.1% decline in GDP for April. The larger contraction may complicate the government’s fiscal plans ahead of the autumn Budget.

Chancellor of the Exchequer Rachel Reeves told Sky News:

“We know that April was a challenging month.”

“There was a huge uncertainty about tariffs, and one of the things, if you dig into those GDP numbers today, is exports weakening and also production weakening because of that uncertainty in the world around tariffs.”

She added that the figures for April were “disappointing, but also perhaps not entirely unexpected”, given global economic uncertainty.

Source: The Guardian

Exports fall by £2 billion amid Trump tariffs, pulling growth down

A significant drag on growth came from the collapse in exports to the United States, which fell by £2 billion in April.

The ONS said this was the largest monthly drop in US-bound goods exports since records began in 1997.

The decline followed President Donald Trump’s announcement on April 2 of a blanket 10% tariff on imports from the UK, part of a wider effort to reshape global trade.

The impact was felt across several sectors, with notable declines in car shipments, non-ferrous metals, and chemical exports.

While UK officials have since negotiated a new trade agreement with the US, the tariffs still applied during April and were cited as a major factor in the economic downturn.

“After increasing for each of the four preceding months, April saw the largest monthly fall on record in goods exports to the United States with decreases seen across most types of goods, following the recent introduction of tariffs,” said Liz McKeown, Director of Economic Statistics at the ONS.

Tax pressures, weak demand weigh on output

Domestically, the economic landscape in April was shaped by higher energy bills, increases to payroll taxes and the national minimum wage, and an overall tightening of household finances.

Retail sales fell as consumers pulled back after stronger spending earlier in the year.

Real estate and legal services experienced a sharp drop in activity, reflecting a slowdown in home sales amid tax-related transaction changes.

The latest figures contrast sharply with the stronger-than-expected performance in the first quarter, which Labour had touted as evidence that the UK economy was turning a corner.

However, economists have warned that much of that strength was driven by temporary factors, including a rush by exporters to ship goods ahead of anticipated tariffs.

“Weaker growth is a headache for the chancellor as it makes generating the revenue government needs to support its sizable spending plans more difficult, increasing the chances of further tax rises in the autumn Budget,” said Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales in a Bloomberg report.

Outlook dims for second quarter

The outlook for the second quarter remains muted.

Most analysts now expect growth of just 0.1% between April and June, significantly below earlier forecasts.

The fragile trajectory of the economy is further clouded by Trump’s escalating trade measures and ongoing global uncertainty.

While April’s construction growth offered a glimmer of resilience, the broader picture remains troubling for policymakers, businesses and consumers alike.

With mounting job losses and tighter financial conditions, the challenge of sustaining growth in the face of global headwinds and domestic constraints continues to loom large.

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FireFly Metals (ASX:FFM,TSX:FFM,OTC Pink:MNXMF) has attained firm commitments to raise up to about AU$95 million, giving it a total of AU$135 million for its multi-pronged growth strategy.

The company highlighted on Tuesday (June 10) that the equity financing will be completed via the issuance of approximately 94.7 million fully paid ordinary shares; it will receive around AU$1 per new share.

The funds will be raised via three transactions, with the first being an AU$11.2 million charity flow-through placement to Canadian investors. This will be followed by a AU$54.9 million two-tranche institutional placement, as well as a AU$28.8 million fully underwritten Canadian bought-deal offering with BMO Capital Markets.

Alongside the equity raising, FireFly is inviting shareholders to participate in a non-underwritten share purchase plan (SPP) that can potentially raise up to AU$5 million before costs.

Proceeds of the equity raising and the SPP will collectively be allotted to advance the Green Bay copper-gold project in Canada, including transaction costs and working capital.

Located in the Baie Verte district of Northeast Newfoundland on Canada’s east coast, Green Bay was acquired by FireFly in August 2023. Green Bay includes Ming underground mine, which was mined between 1972 and 1982, with activity restarting in 2012. Historic production totaled 6.7 million metric tons (MT) at 2 percent for 134,000 MT of copper.

Measured and indicated resources at Ming are at 21.5 million MT at 1.8 percent for 307,000 MT of copper equivalent, while inferred resources are at 28.4 million MT at 2 percent for 576,000 MT of copper equivalent.

FireFly began drilling at Ming in October 2023, completing 79 drill holes across 37,110 meters within a year.

“The overwhelming demand for the raising reflects the quality and growth outlook at Green Bay, our commitment to a multi-rig exploration campaign and the demand among global investors for top-shelf copper-gold projects,” said FireFly Managing Director Steve Parsons in the company’s press release.

He called the asset, alongside FireFly’s exploration team and AU$135 million in funding, “the ideal recipe for growth.”

FireFly states on its website that it will continue with its low-cost rapid resource growth strategy, with the underground exploration drill drive at the Ming deposit to be extended during this year.

The company debuted on the Toronto Stock Exchange in December 2024.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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Nintendo sold more than 3.5 million units of its flagship Switch 2 gaming system in the four days following its launch, with online stores of major U.S. retailers putting up “out of stock” signs.

The record-breaking start for the company’s first new console in eight years, puts Nintendo on the path to realizing its aim of selling 15 million units of the Switch 2 console in the fiscal year ending March 2026.

However, analysts continue to believe that those expectations are modest, and forecast the strong initial demand to sustain.

“The market expected a record from Nintendo, and as it turns out, Nintendo delivered,” Serkan Toto, CEO and founder of gaming industry consultancy Kantan Games, told CNBC.

“All signals prior to launch pointed to significant demand, and I believe we will see further records broken over the next weeks or months,” he added.

Toto has maintains that the Switch 2 will sell over 20 million units in its first 12 months. David Gibson, senior research analyst at MST Financial told CNBC that he expects 20 million sales for the year ending March 2026.

The Switch 2, which was released on June 5, has been met with much fanfare, with people lining up for hours ahead of midnight releases at Nintendo stores.

“Fans around the world are showing their enthusiasm for Nintendo Switch 2 as an upgraded way to play at home and on the go,” Nintendo of America President and Chief Operating Officer Doug Bowser said in a statement, adding the company was thankful for the response.

Tokyo-listed shares of Nintendo, which have gained nearly 30% so far this year, were down 3.5% on Wednesday, LSEG data showed. The company has seen its shares rise nearly fivefold since the original Switch debuted in early March 2017.

It remains to be seen if the Switch 2 can recapture the magic of its predecessor, which had set the bar with 15 million unit sales in its first year. It went on to sell more than 152 million units to become the second-highest selling Nintendo device ever, behind the Nintendo DS.

The record initial sales of the Switch are in line with the strong demand analysts had predicted. However, the rush has put into question Nintendo’s ability to meet demand.

Retailers including Walmart, GameStop, Target and Best Buy were out of stock of the consoles, their online stores showed Wednesday.

In April, Nintendo’s Bowser told CNBC that the company had been working with “retail partners to ensure there’s ample supply for not only the launch weekend, but well beyond.”

However, Nintendo President Shuntaro Furukawa stated the same month that 2.2 million people in Japan had entered the lottery to purchase the Switch 2 on launch day, exceeding expectations and what the company had initially planned to deliver to stores.

Kantan Games’ Toto said shortages in Japan were expected to persist, but would be less impactful elsewhere.

“Except for Japan where demand for Switch 2 is extraordinarily high, it looks like fans who really want the console and invest time in trying to secure one actually can get one,” he said. “It might take a while, but as far as can be monitored, supply seems to be more robust than around the launch of the original Switch in 2017.”

President Donald Trump’s “reciprocal tariffs” on most countries around the world also present headwinds for the Switch 2.

In April, the company announced that it would delay preorders of the Switch 2 in the U.S. while it considers the impact of tariffs.

The Switch 2 retails for $449 in the U.S., which makes it Nintendo’s priciest console to date.

Nintendo’s Bowser said in April the company was going to “monitor where tariffs are going” before making any further decisions on price hikes.

MST Financial’s Gibson said that a resolution to Trump’s tariffs and lower duty rates could see the Switch 2 prices drop in the U.S.

The Switch 2 builds on the success of the original Switch, featuring a larger screen and improved performance. The system also introduces the new GameChat2 feature, which allows players to voice or video chat with friends online and share game screens.

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