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In our interview with Richard Hutton, CFO of Greggs (LSE:GRG), he discusses the general trading backdrop, highlighting that while the business has outperformed a challenging market, negative volumes reflect broader consumer weakness rather than any loss of its value-led positioning, and outlined how it is responding operationally. The discussion also addressed suggestions of ‘Peak Greggs’, with management reiterating confidence in the group’s long-term growth potential through continued estate expansion, product development and daypart opportunities, albeit with a more balanced approach to new store openings as it weighs near-term returns against the opportunity to gain market share. Richard also covered efficiency savings delivered in FY25 and the scope for further opportunities, alongside commentary on slightly lower-than-expected capex in the coming years, with the peak capital investment cycle behind it. Looking ahead, the outlook for limited profit growth in FY26 in the absence of a consumer recovery was discussed as well as an update on cost inflation and potential commodity risks in light of recent geopolitical developments. Finally, we explored the potential impact of GLP-1 drugs, including the work undertaken to understand the trend and how product development is evolving in response, highlighting both the risks and opportunities for Greggs.

Oil prices eased from recent multi-year highs during European trading on Wednesday, briefly dropping below the $100-per-barrel level after U.S. President Donald Trump suggested Washington may soon wind down its military campaign against Iran.

Brent crude for June delivery, the global benchmark, was down 1.7% at $102.25 per barrel. Since the war began in late February, Brent has climbed as high as roughly $120 per barrel, compared with about $70 before the conflict started.

Meanwhile, U.S. West Texas Intermediate crude fell 2.4% to $98.92 per barrel.

Speaking on Tuesday, Trump said the United States could exit the conflict within “two to three weeks,” adding that Iran would not necessarily need to reach a formal agreement for hostilities to end.

The president also repeated that discussions with Tehran are progressing, although Iranian officials have often pushed back on that claim. Still, Iran acknowledged that communication channels between the two sides remain open, and the country’s president said Iran has the “necessary will” to bring the war to a close if it receives assurances that it will not face further attacks.

The White House added that Trump will address the nation on Wednesday to deliver an “important update on Iran.”

Earlier this week, the Wall Street Journal reported that Trump had told advisers he would consider ending U.S. military action against Iran even if the Strait of Hormuz—a critical passageway that carries roughly one-fifth of the world’s oil supply—remains largely closed.

Tanker traffic through the strait has nearly halted amid fears of Iranian attacks on ships, keeping pressure on global oil prices. Analysts have warned that if the strait remains blocked for an extended period, or if Iran imposes tolls on vessels passing through the waterway, oil prices could stay elevated in the near term.

U.S. crude inventories rise unexpectedly – API

Separately, data from the American Petroleum Institute (API) showed that U.S. crude stockpiles rose by 10.26 million barrels last week, far exceeding expectations for a 1.3-million-barrel draw and following the previous week’s 2.3-million-barrel increase, suggesting softer demand conditions.

API chief executive Mike Sommers highlighted the broader supply risks tied to the ongoing conflict.

According to Sommers, reopening the Strait of Hormuz remains “the critical piece” needed to stabilize global energy markets, warning that without the restoration of shipping flows, oil prices could continue rising across major consuming regions.

Tesla (NASDAQ:TSLA) appears to be heading for another positive month in Europe, with early registration figures indicating strong growth in several countries including France and Denmark.

The electric vehicle maker delivered 17,664 vehicles in February, representing 11.8% year-on-year growth, and the first data released for March across Europe suggest that the company’s sales recovery is continuing. The improvement follows a difficult period last year when Tesla lost nearly half of its European market share amid rising competition and controversy linked to the political stance of CEO Elon Musk.

Preliminary figures published today show registrations in France jumping 203.1% compared with the same period in 2025, marking the company’s first month of growth since October. Tesla registered 9,569 vehicles, narrowly below its all-time monthly record of 9,572 units set in December 2023.

In Denmark, registrations climbed 144% to 1,447 vehicles, according to data from bilstatistik.dk. In Sweden, registrations increased 96% to 1,784 vehicles, based on figures released by Mobility Sweden.

Registration data for Italy, Spain, Norway, Portugal and the Netherlands are expected later today.

Deliveries remain Tesla’s key metric

Despite growing attention on Elon Musk’s push into artificial intelligence, robotaxis and humanoid robotics, vehicle deliveries remain the core measure of Tesla’s performance.

Analysts’ consensus estimates suggest the company will deliver around 365,645 vehicles in the first quarter of 2026. That would represent an increase from the 336,681 units delivered in the same quarter last year, when production was temporarily disrupted by Model Y factory retooling. However, it would still fall short of the 418,227 vehicles delivered in the fourth quarter, implying year-over-year growth of roughly 8–9%.

At the same time, the forecast implies a sequential decline of about 12.5–13% compared with the previous quarter. Such fluctuations are common in the automotive industry due to seasonal demand, though they have also been amplified by stronger competition and softer demand in major markets including China, the United States and Europe.

Most of the expected deliveries will likely come from Tesla’s core models. Analysts project 351,179 units of the Model 3 and Model Y, reflecting continued consumer preference for these vehicles.

Long-term delivery targets

Looking further ahead, Tesla is projected to deliver 1,689,691 vehicles in 2026, representing 3.3% growth compared with the previous year. This projection is part of Tesla’s broader strategy to expand annual deliveries to 3.032 million vehicles by 2030.

Reaching that goal will require significant expansion of manufacturing capacity, the launch of additional models and continued expansion into new markets.

The company’s first-quarter delivery results will therefore be closely watched as an indicator of Tesla’s ability to sustain growth in an increasingly competitive electric vehicle market.

Energy division becoming more important

Tesla’s diversification strategy, particularly in energy generation and storage, could become an increasingly important driver of future growth.

With 14.4 GWh of energy storage installations recorded in the first quarter of 2026, Tesla continues to expand beyond its automotive business. Industry projections suggest installations could reach up to 65.2 GWh annually, positioning Tesla as both a car manufacturer and a major energy technology company.

This segment could help offset potential slowdowns in vehicle sales.

Competitive pressure intensifies

Nevertheless, Tesla continues to face significant challenges. Demand in several major markets remains uncertain, while competition—particularly from Chinese automakers such as BYD—is intensifying.

Investor caution is reflected in Tesla’s share price, which has fallen about 20% since the beginning of the year. Markets will closely monitor the company’s official delivery figures, scheduled for release on April 2, 2026, to gauge Tesla’s progress toward its growth targets.

Analysts warn of possible delivery declines

Although Tesla’s European registrations rose in February—marking the first annual increase since December 2024—rival BYD expanded even faster, more than doubling its registrations and nearly matching Tesla’s 1.8% market share. Volkswagen and Stellantis also reported higher sales, according to Reuters.

“I’m seeing a decline,” Morningstar analyst Seth Goldstein told Reuters, referring to Tesla’s major markets and warning that deliveries could weaken further this year.

According to Sam Fiorani of AutoForecast Solutions, recent updates to the Model 3 and Model Y have not been significant enough to attract buyers away from newer and cheaper competitors.

Tesla shifts attention beyond vehicle deliveries

Tesla has increasingly attempted to shift investor focus away from delivery numbers. In January, the company said production of its Cybercab robotaxi remains on schedule for this year and announced a $2 billion investment in Musk’s AI startup xAI.

Meanwhile, Tesla’s energy generation and storage business reported record revenue of $3.84 billion in the fourth quarter, representing 25.5% growth.

“Tesla is entering a transition phase,” Investing.com analyst Thomas Monteiro told Reuters, noting that investors are increasingly focused on future product launches rather than traditional delivery figures.

Concerns over cash usage

If deliveries fall short of expectations or if Tesla introduces further price cuts to support demand, investors may begin focusing more closely on the company’s cash burn.

According to Morgan Stanley analyst Adam Jonas, Tesla could burn through more than $8 billion in 2026, Reuters reported. This comes despite the company finishing 2025 with $44.06 billion in cash, cash equivalents and investments.

Robotaxi timeline still uncertain

Tesla’s plans for a robotaxi service also remain uncertain. In February, Reuters reported that Tesla had not logged a single test mile with autonomous vehicles in California in 2025 and had not yet applied for permits required to operate a commercial driverless ride-hailing service.

By comparison, Waymo, Alphabet’s autonomous vehicle unit, completed more than 13 million test miles before receiving approval to charge passengers for fully driverless rides.

Investors focused on delivery trends

For now, investors appear relatively calm as long as Tesla’s vehicle sales do not deteriorate significantly.

Gene Munster of Deepwater Asset Management summarized the current sentiment when he told Reuters: “Zero growth would be a ‘win’ for Tesla.”

However, he warned that a sharper decline in deliveries would quickly change the outlook, adding: “that would be a problem.”

BP (LSE:BP.)’s newly appointed chief executive Meg O’Neill told employees on Wednesday that she intends to bring stability to the company while stepping up efforts to improve performance, according to a staff memo reviewed by Reuters. Her appointment comes a year after BP shifted its strategy back toward oil and gas.

O’Neill officially assumed the role on Wednesday, becoming BP’s fourth CEO since 2020 and the company’s first external leader in more than 100 years. She is also the first woman to head one of the world’s five largest oil companies.

Previously a senior executive at Australia’s Woodside Energy and Exxon Mobil, O’Neill takes charge as BP moves away from a strategy that heavily emphasized renewable energy investments.

“Clear direction and consistency”

“I believe we can safely accelerate performance and drive innovation, sustainability and growth,” O’Neill said in the staff note seen by Reuters. “I’m committed to providing clear direction and consistency so we can move forward together with confidence.”

She joins BP alongside new chairman Albert Manifold, who took up the position in October and has emphasized the need to further reshape the company’s asset portfolio to improve returns. Manifold has faced pressure from activist investor Elliott Investment Management, one of BP’s largest shareholders, which has criticized the company’s recent performance.

As part of BP’s restructuring efforts, Manifold recently announced a streamlined board of directors. Among those stepping down was former Shell chief financial officer Simon Henry, with the company saying a smaller board would enable quicker decisions and stronger oversight during its strategic overhaul.

BP has already scaled back billions of dollars in planned renewable energy investments, while committing to sell $20 billion in assets by 2027 and reduce both debt and costs. The company’s net debt declined to $22 billion from $26 billion in the fourth quarter of last year, and BP reaffirmed its target to bring that figure down to between $14 billion and $18 billion by 2027.

The company also halted its share buyback programme in February as it focuses on reducing debt and directing more investment toward oil and gas developments.

European natural gas prices moved lower on Tuesday after a report suggested the United States may soon scale back its military involvement in Iran.

The Dutch TTF front-month contract, Europe’s benchmark for natural gas, was down 2.3% at €53.73 per megawatt hour.

According to the Wall Street Journal, U.S. President Donald Trump told advisers he is considering ending the war in Iran even if the Strait of Hormuz has not been fully reopened. Administration officials cited by the newspaper said Trump and his team concluded that a full military operation to reopen the waterway could extend the conflict well beyond the president’s preferred four-to-six-week timeframe.

Instead, the report said Trump has opted to wind down active hostilities after achieving key objectives, including weakening Iran’s naval capabilities and reducing its missile inventory.

Following a military drawdown, Washington is expected to apply diplomatic pressure on Tehran to reopen the strait. If those efforts fail, the U.S. could encourage European and Gulf allies to take the lead in restoring maritime traffic through the channel, the newspaper reported.

The Strait of Hormuz has become a central flashpoint in the U.S.–Israel conflict with Iran. Tehran has effectively restricted passage through the waterway using naval mines and missile strikes. Approximately 20% of global oil shipments normally transit the narrow route along Iran’s southern coast.

Last week, Trump reportedly set an April 6 deadline for Iran to allow shipping to resume through the strait or risk U.S. strikes targeting major energy and water infrastructure. Iran has largely rejected those demands and has attacked several tankers attempting to pass through Hormuz in recent weeks.

The disruption has pushed global energy prices sharply higher over the past month, raising concerns about inflation and increasing pressure on industries dependent on fuel and transport costs.

Europe has been particularly sensitive to the situation after turning to liquefied natural gas imports from the Persian Gulf following Russia’s invasion of Ukraine in 2022. Over the past month, Dutch TTF gas futures have surged more than 68%.

Data released Tuesday by Eurostat showed that inflation in the eurozone accelerated to 2.5% in March, slightly below economists’ forecasts but still above the European Central Bank’s 2% medium-term target. The increase was largely driven by higher energy costs.

In February—before the escalation of the current U.S.–Israeli military campaign against Iran—consumer prices in the eurozone had risen by 1.9%.

Manufacturing activity across the euro area strengthened in March, with the S&P Global Eurozone Manufacturing PMI increasing to 51.6 from 50.8 in February, reaching its strongest reading since mid-2022, according to figures released on Wednesday.

The Manufacturing Output Index edged up to 52.0 in March from 51.9 the previous month, marking a seven-month high. Industrial production expanded for the third straight month, supported by continued growth in new orders, which matched the rapid pace recorded in February — the fastest in 46 months.

Demand from overseas markets stabilized during the period, bringing an end to eight consecutive months of declining export orders. Meanwhile, outstanding workloads increased for the first time in nearly four years.

Supply chain pressures intensified during March as the conflict in the Middle East disrupted global logistics. Delivery times from suppliers lengthened to the greatest degree in just over three and a half years. Manufacturers in the eurozone also increased their purchasing activity for the first time since June 2022.

Cost pressures accelerated, with input prices rising at the fastest pace since October 2022, reaching a 41-month high. Companies also lifted selling prices at factory gates at the quickest rate in just over three years as higher costs were passed through to customers.

Among the eight countries included in the survey, Greece recorded the strongest PMI reading, followed by Ireland. Germany and Italy posted their best results in 46 months and 37 months, respectively. France’s manufacturing sector remained largely stagnant, while Spain was the only economy still showing contraction.

Employment in the sector continued to fall, with job cuts occurring at a faster pace in March. Inventories of both purchased materials and finished goods were also reduced more sharply during the month.

Confidence among manufacturers weakened to a five-month low, although companies still expect activity to grow over the coming year. Even so, optimism slipped below its long-term average.

The survey data were gathered between 12 and 24 March 2026 from roughly 3,000 private-sector companies across the eurozone.