Author: MIL-OSI Publisher

Source: KOF Economic Institute

The Coincident Barometer rises again in May, returning to the upward path that began last November and was interrupted in March and April of this year. The Leading Barometer moved in the opposite direction in May, remaining close to the neutral level of 100 points. Both movements are mainly driven by the Asia, Pacific & Africa region.

In May, the Global Coincident Economic Barometer rises by 1.9 points to 103.5 points, its highest level since March 2022 (107.3 points). The Global Leading Economic Barometer, in turn, moves in the opposite direction and falls by 1.4 points to 100.3 points. Across the different regions, indicators from Asia, Pacific & Africa provide the strongest contribution to the results, while the Western Hemisphere and Europe contribute more modestly.

'Although the current state of the global economy is the best it has been in years, the outlook is clearly less positive, suggesting a potential turning point. At the heart of this lies the significant divergence between Asia and the Western hemisphere. While the latter is faring well and anticipating a boom, the former is preparing for a downturn. The most logical explanation for this appears to be the situation in the Strait of Hormuz', comments Jan-Egbert Sturm, Director of KOF Swiss Economic Institute.

Coincident Barometer – regions and sectors

The 1.9-point increase in the Coincident Barometer in May results from a positive contribution of 1.4 points from the Asia, Pacific & Africa region and 0.5 point from the Western Hemisphere. Indicators for these regions reach their highest level since 2022. Meanwhile, Europe's indicator remains stable during the month, ending a sequence of two consecutive declines.

Among the coincident sector indicators, Industry rises and records the highest level among sectors, while Construction registers its third consecutive decline and reaches the lowest level for the first time since November 2022. Services decreases and maintains a certain degree of volatility in 2026. Economy (representing overall business and consumer evaluations) and Wholesale and Retail Trade remain stable during the month.

Leading Barometer – regions and sectors

The Global Leading Barometer falls by 1.4 points in May, mainly driven by a strong negative contribution of 2.5 points from the Asia, Pacific & Africa region, while the Western Hemisphere and Europe contribute more modestly but positive to the aggregated indicator, with 0.9 and 0.2 point increases, respectively. With this result, the Western Hemisphere indicator stands apart from the other regions, surpassing the 110-point mark and reaching its highest level since August 2021 (116.7 points). The Leading Global Barometer leads the world economic growth rate cycle by three to six months on average.

Among the leading sector indicators, Wholesale and Retail Trade, Construction and Industry rise during the month, while Services and Economy move in the opposite direction.

Source: Commonwealth Bank of Australia

Commonwealth Bank has partnered with acclaimed Australian fashion designer Gabriella Pereira, founder and creative director of Beare Park, to design the next evolution of its corporate wardrobe for frontline staff.

9 May 2026 – The partnership will see Beare Park create a modern, functional and enduring uniform collection to be unveiled later this year, marking a new chapter in CommBank’s 40 year history of partnering with Australian designers on its corporate wardrobe.

A former banker herself, Gabriella Pereira founded Beare Park after identifying a gap in workwear for clothing that is contemporary, professional and beautifully made. Since launching the brand five years ago, she has become one of Australia’s most recognised emerging designers, earning the 2024 Australian Fashion Laureate for Emerging Designer of the Year and building a strong presence at Australian Fashion Week.

CommBank Chief Marketing Officer, Jo Boundy, said the partnership reflects the Bank’s investment in its people, commitment to its customers and support of Australian businesses.

“Our corporate wardrobe is one of the most visible expressions of our brand and plays an important role in how our people feel at work and how we show up for our customers. As we approach 40 years of partnering with Australian designers for our corporate wardrobe, we saw an opportunity to reimagine it for today – creating something our people feel proud to wear.

“Gabriella brings a unique perspective, combining her experience in corporate Australia with her exceptional design credentials. As a CommBank small business customer, her story is also a powerful example of how we support Australian businesses,” said Boundy.

CommBank CMO Jo Boundy and Beare Park Founder and Creative Director Bella Pereira.

Pereira said she is honoured to partner with CommBank on such an iconic project.

“Having started my career in the corporate world, I understand how important it is to feel confident and comfortable in what you wear at work. This partnership is incredibly special to me – not only as a designer, but as a CommBank customer who has experienced the Bank’s support in growing my business.

“Our vision is to create a wardrobe that feels modern, functional and elevated, while reflecting the individuality and professionalism of CommBank’s people,” said Pereira.

The new corporate wardrobe will be designed with a focus on longevity, functionality and sustainability, including the continued use of more sustainable fabrics and garment recycling initiatives.

The partnership builds on CommBank’s long-standing history of collaborating with leading Australian designers, including Carla Zampatti, Perri Cutten and Lisa Ho, and continues its support of the local fashion industry.

This announcement coincides with BEARE PARK’s show at Australian Fashion Week on Monday, 11 May, at the Sydney Opera House, marking a full-circle moment for the brand, which debuted at the event in 2021.

CommBank’s new corporate wardrobe will be revealed later this year.

Source: deVere Group

 

May 7 2026 – UK bonds, or gilts, are trading stable – for now – but the market is one ugly set of results for Labour in Thursday's local elections across England, Wales and Scotland away from another potentially brutal sell-off, warns the CEO of a global financial advisory giant.

 

Nigel Green of deVere Group's warning comes as Britain's bond market remains dangerously close to levels associated with the Liz Truss mini-Budget meltdown, with investors increasingly alarmed by Labour infighting, weak growth, soaring borrowing requirements and fears that Keir Starmer's government could buckle under mounting political pressure.

 

The benchmark 10-year gilt yield pushed above 5% this week before easing modestly on Thursday, while 30-year borrowing costs remain near the highest levels seen since the pension-fund crisis triggered by the Truss government in 2022. Sterling has also come under renewed pressure as traders assess Britain's fiscal trajectory against deepening political uncertainty.

 

Reports that Labour MPs are preparing moves against Starmer after what could be devastating local election losses have intensified concerns across financial markets that Britain is heading into another period of instability at precisely the wrong moment.

 

“The gilt markets have been smelling political weakness lately,” says Nigel Green.

 

“Investors are looking at Labour and seeing a government apparently beginning to lose control of the narrative, lose control internally, and, therefore, potentially lose control of fiscal discipline.

 

“This is exactly the type of atmosphere that causes bond traders to turn aggressive.”

 

Labour is expected to suffer major losses across councils in England, while Reform UK and The Greens continue gaining momentum and dissatisfaction with the government grows over taxes, living costs and economic stagnation.

 

Nigel Green says markets are now questioning whether Chancellor Rachel Reeves will be able to maintain credibility if pressure inside Labour intensifies after the results.

 

“The danger for Britain isn't simply political embarrassment for Starmer. The danger is what comes next.

 

“If Labour MPs panic after heavy losses, the pressure for higher spending, softer fiscal rules and more intervention ramps up immediately.

 

“Bond investors are already gaming out those scenarios.”

 

The UK enters the elections with public debt close to 100% of GDP, weak productivity, anaemic growth and borrowing costs that have climbed sharply over the past year.

 

Britain is also expected to issue more than £250 billion in gilts this fiscal year alone, forcing markets to absorb a huge wave of debt supply at a time confidence is already fragile.

 

The deVere Group CEO says the comparison with the Truss disaster is unavoidable.

 

“The mini-Budget crisis fundamentally changed how investors view UK risk.

 

“Markets learned Britain's not immune from a full-blown confidence shock if fiscal credibility disappears.

 

“People in Westminster still underestimate how brutally fast bond markets move once trust starts evaporating.”

 

The Truss government's unfunded tax-cutting plans detonated UK assets in 2022, sending 30-year gilt yields above 5%, hammering pension funds and forcing the Bank of England into emergency intervention to stop a wider financial crisis.

 

The chief executive says investors remain highly sensitive to any suggestion Britain could drift back toward reckless policymaking.

 

“The long end of the gilt curve remains the pressure point because that's where investors express fear over long-term borrowing and political competence.

 

“If confidence weakens again, those yields can move violently.”

 

“Britain can't afford another credibility event.”

 

Sterling is also tightly tied to the political backdrop, with currency traders increasingly focused on whether Labour can maintain authority over spending and borrowing as economic conditions worsen.

 

“A weaker pound feeds inflation pressure directly back into the system,” explains Nigel Green.

 

“That pushes gilt yields even higher because investors demand greater compensation for risk.

 

“It becomes a vicious cycle very quickly.”

 

He warns that markets no longer automatically grant Britain the benefit of the doubt.

 

“For years the UK traded on an assumption of stability and competence but that premium has eroded.

 

“International investors now look at Britain far more critically because the Truss episode exposed how quickly things can unravel.

 

“Gilts are stable today as people go to the polls, but nobody should confuse stability with confidence.”

 

Nigel Green says the next 48 hours could prove critical for market sentiment if election losses trigger open fractures inside Labour or further questions over Starmer's leadership.

 

“The bond market wants discipline, authority and credibility. Right now investors are seeing cracks.”

 

He concludes: “Should Labour come out from these elections wounded and divided, traders will immediately start pricing greater fiscal risk into UK assets.

 

“Britain is sitting in an extremely exposed position financially. One serious political shock could send gilt markets sharply higher again.”

 

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

Source: Médecins Sans Frontières / Doctors Without Borders (MSF)

MSF: Deliberate restriction of food and aid led to alarming malnutrition levels in Gaza

Jerusalem / Barcelona May 7, 2026 – Israel’s manufactured malnutrition crisis in Gaza had a devastating impact on pregnant and breastfeeding women, newborns, and infants under 6 months old during periods of intense hostilities and siege such as mid-2025, according to an analysis of medical data released today by Médecins Sans Frontières / Doctors Without Borders (MSF).        

At four MSF run and supported health facilities between late 2024 and early 2026, MSF teams recorded higher levels of prematurity and mortality among infants born to mothers affected by malnutrition during their pregnancy, high levels of miscarriage, and observed sharp increases in treatment defaulting among malnourished children.

MSF links these outcomes to Israel’s blockade of essential goods and attacks on civilian infrastructure, including medical facilities. Insecurity, displacement, restrictions on aid, and limited access to food and medical care have had devastating consequences for maternal and newborn health. MSF warns that the situation remains extremely fragile despite the so-called ceasefire and urges Israeli authorities to immediately allow the unhindered entry of vital assistance and supplies.

Devastating impacts of malnutrition during pregnancy

“The malnutrition crisis is entirely manufactured,” says Mercè Rocaspana, MSF medical referent for emergencies. “Before the war malnutrition in Gaza was almost non-existent. For 2.5 years, the systematic blockade to humanitarian aid and commercial goods on top of insecurity have severely restricted access to food and clean water. Health care facilities have been forced out of service and living conditions have profoundly deteriorated. As a result, vulnerable groups of people are placed at heightened risk of malnutrition.”

MSF analyzed data collected from 201 mothers of newborns receiving treatment in the neonatal intensive care units (NICUs) at Al Nasser and Al Helou hospitals, in Khan Younis and Gaza City, between June 2025 and January 2026. More than half of the women were affected by malnutrition* at some point during their pregnancy, and 25 percent were still malnourished during delivery.

Ninety percent of the babies born to mothers affected by malnutrition were born prematurely and 84 percent had low birth weight — a much higher incidence than in babies born to mothers with no malnutrition when giving birth. Neonatal mortality was twice as high among infants born to mothers affected by malnutrition compared with those born to mothers without malnutrition.

Displacement and insecurity prevent treatment

Between October 2024 and December 2025 MSF teams admitted 513 infants under six months into outpatient therapeutic feeding programs at Al Mawasi and Al Attar primary health care facilities in Khan Younis. Of those admitted, 91 percent were at risk of poor growth and development. By December, 200 infants were no longer in the program —  only 48 percent of those were cured, 7 percent died, 7 percent were referred to a program for older children, and a staggering 32 percent defaulted, primarily related to insecurity and displacement.

“Reduced admissions in late July and early August 2025 coincided with a period of intensified insecurity and disruptions to food distributions,” says Marina Pomares, medical coordinator for Palestine. “Most mothers requested nutrition support even when children were not yet identified with malnutrition, reflecting widespread food insecurity from Israel’s imposed blockade, which effectively prevented food from entering Gaza for months. Families adopted coping mechanisms, often prioritizing men and children over mothers when distributing limited food.” 

A manufactured malnutrition crisis

Prior to the war, there were no dedicated therapeutic feeding units. MSF teams identified the first cases of child malnutrition in January 2024. Between then and February 2026, MSF admitted 4,176 children under 15 years old —  97 percent under 5 — for acute malnutrition in ambulatory and inpatient programs. During the same period 3,336 pregnant and breastfeeding women were enrolled in ambulatory programs.

“My youngest son died at five months due to severe malnutrition,” says Mona, a 23-year-old woman treated by MSF. “I suffered malnutrition myself during pregnancy and dealt with diarrhea and weakness. I live in a partially destroyed house. My husband used to be a fisherman with a small boat, which the Israeli shelling destroyed. We have no steady income.”

The January 2025 ceasefire ended in mid-March 2025. By late May 2025, food distribution points reduced from around 400 to just four under the Gaza Humanitarian Foundation (GHF). On top of this, the blockade on commercial food trucks drastically limited access to food. “The [food distribution] points were militarized and deadly, barely functioning, or open at the same time, further restricting access to much needed food assistance,” says José Mas, head of the MSF emergency unit.

In the months following, MSF-supported facilities experienced a sharp increase in patients seeking care due to violence perpetrated at food distribution points and malnutrition linked to the deprivation of food. Many women also reported experiencing extreme stress and anxiety related to the significant risks faced by male family members attempting to secure food at GHF sites and intense aerial bombardments and resulting displacement. MSF teams observed a high number of miscarriages during this period, with high stress identified as a contributing factor.

Unprecedented levels of malnutrition declared  

Between 16 October and 30 November 2025, around three quarters of the population in Gaza were estimated to be facing high levels of acute food insecurity, according to the Integrated Food Security Phase Classification (IPC), who had declared a famine in August — the first ever in the Middle East region.

“Israel’s tactical restrictions on the entry of food, the militarization of aid corridors and distribution sites, and the targeted attacks on Gaza’s essential infrastructure have created an environment in which hunger is deliberately used as a means of control over the population,” says José Mas, MSF head of emergencies. “While the current so-called ceasefire has seen some stability in the situation, it is still extremely fragile. Our teams continue to admit new patients for malnutrition as the people of Gaza are forced to endure deliberate undignified living conditions, and lack access to assistance, income, and basic resources. MSF calls on Israeli authorities, as an occupying power, – and allied states including the US – to facilitate adequate and sustained entry of vital assistance for people living in Gaza to restore respectable levels of health, nutrition, and dignity.”

*Notes: Malnutrition in pregnant and breastfeeding people and infants under 6 months old is generally classified as undernutrition, rather than moderate or severe acute malnutrition. Patients have a ‘poor nutritional status’ or are ‘nutritionally at risk’.

MSF is an international, medical, humanitarian organisation that delivers medical care to people in need, regardless of their origin, religion, or political affiliation.  MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. Every year more than 120 Australians and New Zealanders go on assignment with Médecins Sans Frontières  working as: doctors, midwives, psychologists, laboratory technicians, human resource/finance coordinators, pharmacists, mental health specialists and logisticians. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au

Source: Building Products Industry Council (BPIC)

Escalating state and territory variations to the National Construction Code (NCC) are eroding national consistency, increasing costs, and placing unnecessary pressure on builders, manufacturers, and product suppliers, according to the Building Products Industry Council (BPIC).

“Although the NCC is intended to operate as a nationally harmonised regulatory framework, states and territories have continued to go their separate ways,” BPIC executive officer Rodger Hills said.

Victoria and Tasmania (by default) are the only jurisdictions to meet the original projected NCC start date of 1 May, with three states adopting it on May 1, 2027 and the remainder adopting it on May 1, 2026 but providing a transition period of 12 months.

“They have also introduced large numbers of jurisdiction-specific amendments, even as they publicly express concern about the complexity of the NCC.”

One of the most vocal critics of the NCC, Tasmania, has introduced 125 new variations to NCC 2025, on top of the 25 variations already present in NCC 2022. This amounts to more than 150 jurisdiction-specific changes, adding over 53 pages of additional requirements that Tasmanian practitioners must interpret and apply.

This is despite Tasmanian representatives being active participants in the NCC development process over the past four years, contributing to the very regulations now being criticised.

The situation is even more pronounced in New South Wales, where state variations have increased from 16 in NCC 2022 to more than 210 in NCC 2025. This is an expansion of approximately 70 pages of additional regulation. Similar trends are evident across other jurisdictions, many of which have quietly introduced substantial new variations while continuing to assert that the NCC is overly complex, burdensome red tape.

Some government proponents argue that state variations do not add regulation but merely “change” it. In practice, however, practitioners must navigate the NCC back and forth to determine what applies, what has been replaced, and under what conditions. “Whether a variation substitutes a clause, a sentence, or just a single word, the effect is the same: greater time spent interpreting the NCC and a higher risk of misinterpretation, uncertainty, and non‑compliance,” Hills said.

From a national perspective, state and territory variations dilute the benefits of a harmonised NCC. They:

Increase compliance costs for manufacturers, builders, and designers.
Reduce productivity by requiring jurisdiction-specific design and construction solutions.
Create barriers to national supply chains and economies of scale.
Introduce uncertainty for industry participants operating across multiple jurisdictions.

Of particular concern is the lack of national oversight or transparency applied to state variations. Hills notes that, “Many variations are developed after the NCC public comment draft period, meaning industry has no opportunity to review or provide feedback before they are introduced. In effect, they circumvent the normal code development process.”

Unlike national provisions, state and territory variations are not required to meet policy-neutrality tests, demonstrate no increase in regulatory stringency, or undergo any form of regulation impact statement process to assess economic or productivity implications. Additionally, since state variations are not subject to national rigour, they risk contradicting or weakening other parts of the NCC.

BPIC welcomes the Federal Treasury’s NCC Modernisation Project as an important step toward improving regulatory clarity and efficiency. However, a critical question remains: how will the modernisation process address the escalating volume of state and territory variations that continue to undermine national consistency?

Australia’s manufacturers, builders, and product suppliers rely on a stable, predictable, and harmonised regulatory environment. “Without effective reform to jurisdictional variation practices, the benefits of a modernised NCC risk being overshadowed by continued regulatory fragmentation,” Hills said.

The National Construction Code (NCC) is Australia’s primary set of technical, performance-based requirements for the design, construction, and plumbing of buildings. Produced by the Australian Building Codes Board (ABCB), it ensures minimum standards for safety, health, amenity, accessibility and sustainability

About BPIC: The Building Products Industry Council (BPIC) is the national peak body representing Australia’s leading building products industries and related services. Its members and associated companies directly employ more than 243,000 Australians, with more than 796,000 employed indirectly. Its collective industries are worth more than $67.3B in annual production to the Australian economy.

For more information about BPIC visit: www.bpic.asn.au

Source: Law Council of Australia

The Law Council of Australia has issued an urgent warning that the legal safeguard designed to protect the most vulnerable members of our community – children at risk of family violence – has reached breaking point.

“Independent Children’s Lawyers (ICLs) are appointed by the Court during family law disputes when there are allegations of family violence, abuse or neglect or where serious mental health issues may exist,” Law Council of Australia President Tania Wolff said.

“In many cases, the ICL is the one person in the room whose only job is to speak on behalf of the child.

“To do this work, ICLs meet with the child – often multiple times and for many hours – review case files, brief experts, attend multiple court hearings, manage drug testing, prepare submissions and wade through volumes of subpoena material.

“Just to meet with a child may require travelling to regional and remote communities, coordinating with schools, health practitioners, family violence services and court consultants.
“And the children they meet with have likely experienced trauma, have difficulty communicating or expressing their views, or feel highly vulnerable due to the uncertainty their family is experiencing.

“This means that a key part of the role is to build trust with a child in crisis. This cannot be rushed.

“ICLs do all this to understand the child’s own views about decisions that will shape their future, and to fully represent the child’s best interests during family law proceedings.

“Two years ago this week, amendments were made to the Family Law Act to bring more children into personal contact with their ICL. We supported the intent of these reforms — giving children a genuine voice in decisions about their own lives and safety.

“But the increased demand this has created, without any additional government funding to match it, has pushed the ICL workforce to the brink.

“And the private practitioners who are vital to the provision of ICL services across Australia were already doing this work for little payment.

“The current legal aid grants for ICL work are well below private practice rates. Based on the complexity of the work and the time required, some ICLs receive an effective hourly rate below the minimum wage — and that is before tax, rent, travel, staffing, superannuation and the many other costs of running a small practice.

“In Western Australia, there are now only 15 private practitioners available to deliver ICL services across the entire state. In NSW, demand for ICLs in the six months following the introduction of these changes increased by an estimated 50 per cent. Nationally, the pool of lawyers able to take on this work is shrinking — because the economics make it impossible to sustain.

“This creates delays in matters being heard and long wait times for children and families who cannot afford to wait.

“An independent review, commissioned by the Commonwealth, of our national legal assistance funding system found that recent changes ‘have created a circumstance where demand for ICLs is in excess of supply’ and concluded that ‘it is in the interests of children, their parents and efficiency of the courts that this situation is urgently addressed.’

“The review’s author, Dr Warren Mundy, identified a shortfall in annual funding of more than $80 million.

“The Government has the evidence. The Budget is next week. There is no excuse left for inaction.”

Source: GridBeyond

New Global HQ strengthens real-time trading and optimisation capabilities across 9 Electricity Market jurisdictions on 4 Continents.

GridBeyond, the global leader in AI-driven energy optimisation and market participation, today announced the opening of its new global headquarters in Dublin, marking a key milestone in the company’s continued international expansion.

The new facility will serve as the central hub for GridBeyond’s global operations, supporting activity across nine electricity market jurisdictions on 4 continents and enabling the optimisation of energy assets across industrial demand response, renewable, and storage portfolios.

A core feature of the new headquarters is its enhanced Trading Desk & Network Operations Centre (NOC), which provides real-time visibility and control across multiple energy markets and distributed energy assets. Operating 24/7, the centre plays a critical role in managing GridBeyond’s rapidly growing platform, which has contracted over 5GW to date, and supports over 550 clients across more than 1,400 sites and 55+ industries.

GridBeyond has seen significant growth in recent years, with a 100% increase in megawatts contracted in 2025 alone, reflecting increasing demand for flexible energy solutions as markets become more dynamic and complex.

The new headquarters has been designed to support both operational scale and future growth, while also creating an environment focused on collaboration, innovation, and employee wellbeing as the company continues to attract talent in Ireland and internationally.

Welcoming the announcement, Peter Burke, Minister for Enterprise, Tourism and Employment, said: “GridBeyond is an excellent example of the ambition and capability of Irish companies operating at the forefront of the global energy transition. The opening of their new headquarters in Dublin reinforces Ireland’s position as a hub for innovation in energy and technology, and demonstrates how Irish SMEs are developing solutions with real global impact. Supporting companies like GridBeyond to start, scale and succeed internationally remains a key priority for Government.”

Michael Phelan, CEO and Co-Founder of GridBeyond, said: “This new headquarters reflects the scale GridBeyond has reached as a global energy optimisation platform. Managing over 5GW of assets across multiple markets requires real-time intelligence, automation, and deep market expertise. Though we have local NOC within our Geos, this strengthening of our operations from Dublin allows us to support our clients more effectively while continuing to scale internationally.”

Jenny Melia, CEO, Enterprise Ireland, added: “GridBeyond is a high-performing company that has built a strong reputation by consistently delivering value for its clients across international markets. Its continued growth is a testament to the strength of its technology, its commercial focus and the quality of its team. As energy systems become increasingly complex and data-driven, the ability to optimise assets in real time is becoming critical, and GridBeyond is well positioned in this space. Enterprise Ireland is delighted to support the company as it continues to scale globally.”

The opening event will include a tour of the facility, including the Network Operations Centre, offering insight into how GridBeyond monitors and optimises energy assets in real time across global markets.

Source: KOF Economic Institute

The KOF Business Situation Indicator for the Swiss private sector in April, which was calculated from the KOF Business Tendency Surveys, more than compensated for its decline from the previous month, rising above where it had been at the start of 2026. However, companies see storm clouds gathering. Their forecasts for the coming six months are more cautious for the third month in a row.

The Business Situation Indicator for the manufacturing sector has fully recovered from its decline in March. The indicator is rising even more sharply in the project engineering sector and, more moderately, in the wholesale trade. Other services and the retail trade are also showing modest upturns. The Business Situation Indicators for the construction sector and for financial services and insurance fell slightly short of the previous month's figures. The hospitality sector is experiencing a significant slowdown.

Business forecasts are becoming gloomier

However, the business outlook for the next six months is generally becoming more subdued – particularly in the hospitality sector, the wholesale trade and manufacturing. The downturn is less pronounced in other services, financial services and insurance, and the project engineering sector. The business outlook for construction remains unchanged from the previous month, whilst it is slightly more encouraging in the retail sector.

Profitability remains stable

Swiss companies are weathering the adverse international conditions to some extent; their earnings are more or less stable or are easing slightly – as in the wholesale trade and the manufacturing sector. However, firms expect international demand to slow in the near future. The export outlook for manufacturing is less positive than before, while the hospitality sector now fears a decline in overnight stays by foreign guests.

Robust supply chains in the manufacturing sector

Companies in the manufacturing sector and the wholesale trade are more frequently anticipating rising purchase prices when ordering goods themselves. At present, however, supply chains are generally holding up well: complaints about shortages of intermediate goods remain rare in the manufacturing sector, whilst in the construction sector they are rising slightly from a low base. The wholesale sector, however, is sending out warning signals: companies are anticipating longer delivery periods more often than before and are increasingly concerned about the availability of goods. This issue is therefore likely to remain a major risk over the coming months.

Widespread growing price pressures; little change in wage expectations

Swiss firms are planning to raise their prices much more frequently than before. This trend is evident in many of the sectors surveyed. It is particularly pronounced in the wholesale trade but is also clearly discernible in construction, retail, manufacturing and services. Only in the hospitality sector is price inflation easing. Companies' forecasts of general consumer price inflation over the next twelve months are also higher than before: following 0.9 per cent in January 2026, firms now expect to see inflation of 1.2 per cent. Forecasts of wage growth over the next twelve months, however, have hardly changed, with companies anticipating wage increases of 1.2 per cent (January 2026: 1.3 per cent). There are changes in the construction sector and in project engineering, where forecasts for both have risen from 1.7 per cent in January to 2.2 per cent in April, and in the hospitality sector, where they have fallen from 1.9 per cent in January to 1.4 per cent. All in all, the rise in inflation and price expectations is not causing any adjustment in wage expectations.

The results of the KOF Business Tendency Surveys for April 2026 are based on responses from around 4,200 firms in the manufacturing, construction and major service sectors. This equates to a response rate of around 54 per cent.

Source: Equinor

06 MAY 2026 – Equinor delivered an adjusted operating income* of USD 9.77 billion and USD 2.86 billion after tax* in the first quarter of 2026. Equinor reported a net operating income of USD 8.78 billion and a net income of USD 3.10 billion. Adjusted net income* was USD 3.70 billion, leading to adjusted earnings per share* of USD 1.48.

Record production and high prices drive strong financial results

Production growth of 9% from strong operational performance
Capturing value from volatility through trading
Maintaining cost and capital discipline

Key strategic milestones in the quarter

Seven commercial discoveries on the NCS
Started drilling at the Raia gas field in Brazil
First quarterly dividend from Adura of USD 150 million

Delivering competitive capital distribution

First quarter cash dividend of USD 0.39 per share
Second tranche of the share buy-back of up to USD 375 million

Anders Opedal, President and CEO of Equinor ASA:

“This quarter, we deliver exceptional operational performance and record‑high production. Combined with higher prices, we present strong financial results.”

“Heightened geopolitical tension continues to disrupt energy flows and commodity prices. In such volatile markets, continued high production from the Norwegian continental shelf reinforces Equinor’s role as a trusted energy partner to Europe.”

“Successful exploration results on the Norwegian continental shelf underpin long‑term supply and value creation. With our strong onshore gas position in the US and the optimised international portfolio, we are further strengthening competitiveness and future cash flow.”

Record high production

Equinor delivered record high production in the first quarter, with a total equity production of 2,313 mboe per day, up 9% from 2,123 mboe per day in the same quarter last year.

Production from Johan Castberg, Halten East and Verdande drove a 10% increase in production on the Norwegian continental shelf (NCS) compared to the first quarter of 2025. New wells also contributed, while natural decline across several fields partially offset the increase.

Production from Adura in the UK and the Bacalhau field in Brazil contributed to an increase internationally compared to the same period last year. This was partly offset by portfolio changes, operational issues at Roncador in Brazil and natural decline.

The US portfolio delivered record high production in the quarter. Increased gas production from the Appalachia onshore assets and increased offshore production from new wells contributed to the growth.

The total power generation was 1.39 TWh. Renewable power generation increased by 29%, driven by Dogger Bank and new onshore assets. This was offset by lower gas-to-power generation, resulting in stable total power generation compared to the first quarter of 2025.

Strong financial results

Equinor delivered an adjusted operating income* of USD 9.77 billion and USD 2.86 billion after tax* in the first quarter. The results are positively impacted by higher production, higher liquids prices and higher US gas prices, partly offset by lower European gas prices.

The reported net operating income of USD 8.78 billion is down from USD 8.87 billion in the same quarter last year. The result was impacted by negative derivative effects, lower European gas prices and reduced third-party volumes.

Equinor realised a European gas price of USD 12.9 per mmbtu and realised liquids prices were USD 78.6 per bbl in the first quarter.

The Marketing, Midstream and Processing results were strong, primarily driven by products and US gas trading.

Adjusted operating and administrative expenses* were higher compared to the same quarter last year. This is mainly due to higher transportation costs from increased freight rates and currency effects.

High production generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 10.29 billion.

Equinor paid two NCS tax instalments totalling USD 4.2 billion.

Cash flow from operations after taxes paid* ended at USD 6.02 billion.

Organic capital expenditure* was USD 3.04 billion and total capital expenditures were USD 4.28 billion.

The net debt to capital employed adjusted ratio* was 15.3% at the end of the first quarter, compared to 17.8% last quarter.

Key strategic milestones

On the NCS, seven new oil and gas discoveries were made. The high success rate reflects the disciplined exploration strategy toward the ambition of maintaining the 2020 production level in 2035.

In the quarter, Equinor had exploration activity on 11 offshore wells of which nine were completed.

Internationally, Equinor captured value through the sale of non-operated onshore assets in Argentina, and drilling started at the gas field Raia in Brazil.

Equinor also expanded the integrated power portfolio in Brazil by acquiring the onshore wind project Esquina do Vento. The construction phase will start in 2026.

Competitive capital distribution

The board of directors has decided a cash dividend of USD 0.39 per share for the first quarter of 2026. This is in line with the communication on 4 February 2026, when results for the fourth quarter of 2025 were announced.

The expected share buy-back programme for 2026 is up to USD 1.5 billion. The board has decided to initiate a second tranche of the share buy-back programme for 2026 of up to USD 375 million. The second tranche is subject to an authorisation from the company's annual general meeting on 12 May 2026 and will commence after this. The tranche will end no later than 20 July 2026.

The first tranche of the share buy-back programme for 2026 was completed on 27 March 2026 with a total value of USD 375 million.

All share buy-back amounts include shares to be redeemed by the Norwegian State.

*For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

Source: Equinor

06 MAY 2026 – Equinor will, after the annual general meeting on 12 May 2026, commence the second tranche of up to USD 375 million of the share buy-back programme for 2026, as announced in connection with the company’s first quarter results on 6 May 2026.

Execution of share buy-back under the tranche is subject to renewal of a board authorisation for share buy-back from the annual general meeting 12 May 2026 and agreement with the Norwegian State regarding share buy-back.

In this second tranche of the share buy-back programme for 2026, shares for up to USD 123.8 million will be purchased in the market, implying a total second tranche of up to USD 375 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 20 July 2026.

Equinor announced at the 4Q and full year 2025 results presentation on 4 February 2026, a share buy-back programme of up to USD 1.5 billion for 2026, including shares to be redeemed from the Norwegian State. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the second tranche for 2026, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.

Commencement of new share buy-back tranches after the second tranche for 2026 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to a new board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).

The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the second tranche for 2026 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2027.

Further information about the share buy-back programme and the second tranche:

The second tranche of the share buy-back programme for 2026 is subject to an authorisation being granted to the board of directors by the annual general meeting of the company on 12 May 2026. According to such authorisation proposed by the board of directors, the maximum number of shares which can be purchased in the market is 78 million. The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation proposed will be valid until the annual general meeting of the company in May 2027, but no later than 30 June 2027.

It is a precondition for execution of the second tranche that Equinor and the Norwegian State have entered into an agreement regulating the State’s participation in the share buy-back programme: At the annual general meeting of the company in May 2027, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State’s shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus interest rate compensation, adjusted for any dividends paid.

In the second tranche for 2026, shares will be purchased on the Oslo Stock Exchange and possibly other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out in the Norwegian Securities Trading Act of 2007, EU Commission Regulation No 2016/1052 and the Norwegian Financial Supervisory Authority's Guidelines for buy-back programmes from March 2025.

The board of directors will propose to the annual general meeting to be held in May 2027, to cancel shares purchased in the market in this second tranche for 2026 and to redeem and cancel a proportionate number of the State’s shares pursuant to the agreement with the State. Based on renewal of this agreement, shares purchased under subsequent tranches of the share buy-back programme for 2026, and a proportionate number of the State’s shares will follow a similar process at the annual general meeting of the company in 2027.

This is information that Equinor is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.