UPDATE: UK Jobless Rate Hits 5-Year High, Social Media Backlash

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On today's podcast:

(1) UK unemployment reached its highest since the pandemic and wage growth eased as the labor market continued to weaken, prompting traders to increase bets on further interest-rate cuts from the Bank of England.

(2) Iranian Foreign Minister Abbas Araghchi held talks with the head of the UN’s atomic watchdog in Geneva on Monday, ahead of a second round of nuclear negotiations with the US.

(3) BHP Group posted earnings at the upper end of analyst expectations, as a years-long effort to shore up copper production combined with a historic metals rally to offset a lackluster period for its giant iron ore business.

(4) Elon Musk’s SpaceX and wholly owned subsidiary xAI are competing in a secretive new Pentagon contest to produce voice-controlled, autonomous drone swarming technology, according to people familiar with the matter.

(5) The UK government abandoned plans to cancel local elections scheduled for May in 30 areas, after the move sparked a fierce backlash including a lawsuit from Nigel Farage’s populist Reform UK party.

(6) Secretary of State Marco Rubio showered Viktor Orban with praise on a visit to Hungary as the US doubled down on its support for the strongman leader before an election that could bring an end to his 16 years in power.

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