The UK economy grew by an unexpected 0.5% in February, the fastest monthly rise since January 2024, the Office for National Statistics said on April 16. January’s estimate was revised up to 0.1%. The three months to February saw GDP expand by 0.5% versus 0.3% in the previous quarter. Services — which account for more than three-quarters of the economy — led the increase, with production also rising and construction up about 1.0% in February. The rise included a recovery in car production following an autumn cyber incident. The data cover activity before the outbreak of major hostilities involving Iran on Feb. 28, a shock that has driven oil, gas and aluminium prices higher and prompted the IMF to cut its 2026 UK growth forecast to 0.8%, saying Britain is likely to be the hardest-hit G7 economy. Economists warn the energy-driven shock could push inflation higher, complicate Bank of England policy, lift mortgage costs and squeeze households and businesses — risks that may erase February’s momentum in the coming months.

Taiwan Semiconductor Manufacturing Co (TSMC) reported a record first-quarter net profit of T$572.5 billion (about $18.2 billion), a 58% year-on-year increase, and beat market expectations as global demand for AI processors surged. Revenue rose roughly 35% to T$1.13 trillion for January–March. TSMC said advanced 3-nanometre chips now account for about a quarter of sales, up sharply from 6% in late 2023. The company raised its annual revenue outlook to more than 30% growth in U.S. dollar terms and forecast second-quarter sales of $39.0–$40.2 billion. Management said 2026 capital expenditure will be at the high end of prior guidance ($52–56 billion), and highlighted a $165 billion investment plan for new fabs in Arizona and expanded 3nm production in Japan and the U.S. Executives acknowledged Middle East tensions could raise input costs for gases like helium and hydrogen but said they hold safety stocks and multiple supplier sources. Strong results from equipment supplier ASML reinforced signs of robust sector spending on AI chips.

April 16, 2026 — The Travelers Companies reported a strong start to 2026, posting core profit of $1.7 billion, or $7.71 a share, for the first quarter. Results were driven by a $1.17 billion underwriting gain (versus a $305 million underwriting loss a year earlier) and lower catastrophe losses net of reinsurance of $761 million, down from $2.27 billion a year earlier. Net investment income rose 9% to $833 million. Revenue was $11.92 billion, ahead of Street estimates, and the company delivered favorable prior-year reserve development. Management returned more than $2.2 billion of excess capital to shareholders in the quarter, including roughly $2.0 billion of share repurchases, and approved a 14% quarterly dividend increase to $1.25 per share. The company said the January sale of most Canadian operations reduced reported premium growth and noted a combined ratio of 88.6%. Shares have outperformed broader markets year-to-date amid continued demand for insurance as geopolitical risks and higher energy prices affect markets.

New York Governor Kathy Hochul on April 15, 2026, proposed a pied-à-terre tax that would impose an annual surcharge on secondary residences in New York City valued at $5 million or more. The plan, backed by New York City Mayor Zohran Mamdani, is expected to target roughly 12,000–13,000 high-value units and could generate at least $500 million a year to help close a reported $5.4 billion city budget gap. The surcharge would apply to properties that are not owner-occupied and would be added on top of existing property taxes; details on rates and whether the levy would scale with value have not been finalised. Supporters cast the measure as a way to make ultra-wealthy non-residents who store wealth in NYC real estate pay for city services. The proposal will need approval as part of the state budget and faces opposition from real estate interests and industry groups, which argue it could reduce investment and generate less revenue than projected. Similar efforts failed in past legislative sessions after heavy lobbying.

U.S. Bancorp reported a 13.6% jump in first-quarter profit, posting $1.95 billion ($1.18 per share) for the three months ended March 31, 2026, above analyst expectations by $0.04 a share. Net interest income rose about 4% to roughly $4.26 billion, supported by robust loan growth across commercial, credit card and consumer segments and record consumer deposits. Fee revenue rose 6.9%, led by a 29% surge in capital markets revenue to $377 million driven by derivative activity and corporate bond underwriting. The bank said credit quality and capital levels remain healthy and flagged limited exposure to business development companies. Management reiterated guidance and flagged continued positive operating leverage, with net interest margin at about 2.77%. Balance-sheet metrics showed average assets near $688 billion and ending assets around $700–701 billion, positioning the bank close to a regulatory asset threshold. Executives highlighted growth initiatives including an Amazon small-business card partnership and the pending BTIG acquisition to bolster investment banking capabilities. The company announced its regular quarterly dividend and reported modest insider selling; the stock trades at about a $87.5 billion market cap with a P/E near 12.2x.