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LONDON/MOSCOW (Reuters) -Eight OPEC+ countries unexpectedly agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day in May, a decision that prompted oil prices to extend earlier sharp losses. Oil, which was already down over 4% on U.S. President Donald Trump's announcement of tariffs on trading partners, extended declines after OPEC updated its plans in a statement, with Brent crude dropping over 6% to below $70 a barrel. Eight members of OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia, had been scheduled to raise output by 135,000 barrels per day in May as part of a plan to gradually unwind their most recent layer of output cuts.

Trump’s sweeping tariffs have sent tech stocks tumbling.

Western banks and regulators need to take note of Emirates NBD’s crypto innovation argues Blandina Szalay

Jack Dorsey says Bitcoin will fail if it doesn’t evolve beyond just a store of value — and offers a blunt take on what it needs to survive.

Shares of surprise tariff avoiders like pharmaceuticals and drinks firms and rate-sensitive stocks such as real estate were among the few to post gains in Europe on Thursday, as fears of a global recession sent wider markets tumbling. The broad STOXX 600 dropped to its lowest in two months and was last down 1.2%, but U.S. index futures fell more, around 3%, as President Donald Trump’s drastic trade tariffs sent investors out of stocks into the safety of bonds and gold. Among the gloom in the stocks world, surprise bright spots appeared, particularly in those sectors where investors had been bracing for high tariffs, but did not see their worst fears materialise.

Retail sales could grow 3.7% at best — or well under 3% — as many consumers reach the limits of their spending power, the trade group said.

(Bloomberg) -- President Donald Trump’s shake-up of the global trading system is hurting US assets more than those in many of the big economies he has just slapped with additional tariffs.Most Read from BloombergMetro-North Is Faster Than Acela on NYC-New Haven Route After Signal UpdatesLondon Clears Final Hurdle for More High-Speed Trains to EuropeLocal Governments Vie for Fired Federal WorkersChicago School District Agrees to Minimum 16% Teacher Pay RaiseUS equity index futures tumbled more th