Bloomberg — 2026-04-28#

Lead Story#

The United Arab Emirates will officially leave OPEC and its wider alliance on May 1, dealing a severe structural blow to the cartel and its de facto leader, Saudi Arabia. The historic departure comes as global energy markets grapple with massive supply disruptions stemming from the war in Iran, which has sent Brent crude surging past $110 a barrel and effectively shuttered the Strait of Hormuz.

Markets & Economics#

• Bank of Japan Delivers Hawkish Hold But Yen Remains on Brink: The BOJ left its benchmark interest rate unchanged, but a shock split vote with three policymakers backing a hike sent the yen surging against the dollar. The central bank also raised its core inflation forecast to 2.8%, signaling increased odds of a rate hike in June amid mounting risks from energy prices.
• OpenAI-Linked Stocks Slump on Report of Startup’s Missed Targets: US stock futures and technology shares tied to artificial intelligence retreated after a report indicated OpenAI failed to meet internal sales and user-acquisition targets. The news revived broader market anxieties about whether massive corporate infrastructure spending on AI will yield timely returns.
• US Consumer Confidence Unexpectedly Climbs on Jobs Outlook: The Conference Board’s gauge of consumer confidence edged up to 92.8 in April, beating economist estimates of 89. The improvement suggests Americans are growing more hopeful about the labor market, offsetting anxieties linked to the Middle East conflict and elevated fuel costs.
• UK Bond Selloff Sends 10-Year Yield Back to 5% Ahead of BOE Meet: British government bonds slid under pressure from surging oil prices and domestic political risks, pushing the 10-year yield above 5% for the first time in a month.

Business & Industries#

• Kone Is Said to Near €29 Billion Deal for Rival TK Elevator: Finland’s Kone Oyj is approaching a massive cash-and-stock acquisition of rival TK Elevator. The transaction would mark one of the largest private equity exits in European history.
• BP Profit Jumps as Oil Trading Boomed During Iran War: BP reported a surge in first-quarter earnings as extreme market volatility from the Middle East conflict delivered a windfall for its oil trading desk. Despite the profit jump, executives noted they are prioritizing balance-sheet repair over reinstating share repurchases.
• GM Boosts Profit Outlook as Truck Sales Buck Rising Gas Prices: General Motors raised its full-year profit guidance by $500 million, bolstered by strong demand for highly profitable pickups and SUVs. The automaker has largely avoided significant price hikes and observed that its core consumers are weathering the surge in gasoline prices.
• Why Is China Blocking Meta’s Acquisition of Manus?: Beijing unexpectedly ordered Meta Platforms to unwind its $2 billion purchase of agentic AI startup Manus. The intervention highlights China’s growing regulatory sensitivity regarding the leakage of advanced technology to US firms.

Policy & World#

• King Charles Urges US to Reject Isolationism in Landmark Speech: In a pointed address to a joint session of Congress, King Charles III called on lawmakers to maintain “unyielding resolve” for NATO and the defense of Ukraine. The speech followed a White House meeting with President Donald Trump aimed at repairing a bilateral relationship deeply strained by the US-Iran war.
• Trump to Address Iran Proposal ‘Very Soon’ as Oil Rises Further: President Trump convened his national security team to discuss a proposal from Tehran to end the two-month conflict and reopen the Strait of Hormuz. Trump stated that Iran has formally requested the US lift its naval blockade to facilitate the peace talks.
• FCC Chief Said to Review ABC License Renewals Over DEI Concerns: The Federal Communications Commission is launching an early review of TV station licenses owned by Walt Disney’s ABC network, citing investigations into potential “unlawful discrimination”. The regulatory pressure follows President Trump’s public demand that the network fire late-night host Jimmy Kimmel over a recent monologue.

Opinion & Analysis#

• The UAE’s OPEC Exit Is Existential for the Oil Cartel: Bloomberg Opinion argues the UAE’s sudden departure is quantitatively more serious than past member withdrawals, threatening other defections. It poses the biggest threat to OPEC’s relevance and market grip since the group’s founding half a century ago.
• Reopening the Strait of Hormuz Will Take More Than US Power: A diplomatic agreement between Washington and Tehran won’t instantly restore global shipping flows. True success requires a massive multinational coalition to clear sea mines, establish credible vessel escorts, and ultimately restore insurability for maritime trade.