Hello, you're listening to the free edition of the world in brief from The Economist.

As a reminder, if you subscribe to The Economist, you'll get access to a deeper look at the day ahead, updated three times a day.

If you're already an Economist subscriber, visit

economist.com slash espresso or visit our espresso app to start listening. Here's today's

free edition.

This is the world in brief from The Economist.

Our top stories.

Meta reported revenues of $56.3 billion in the first quarter,

up 33% year onyear and ahead of expectations.

The social media giant also lifted its capital spending outlook

to as much as $145 billion this year

as it ramps up investment in artificial intelligence,

raising concerns about how quickly those costs will pay off and pushing shares lower in after-hours trading.

Results from Microsoft, Alphabet and Amazon were also strong.

Jerome Powell said he had no choice but to remain on the Federal Reserve's board

until the Justice Department's

criminal investigation into America's central bank was, quote, well and truly over. The outgoing

Fed Chair was speaking after the board voted to hold interest rates steady. The move drew four

dissents, three from regional presidents, who objected to

language suggesting the Fed would eventually resume cutting rates. The price of Brent Crude,

the global oil benchmark, rose to nearly $120 a barrel. Its highest level since 2022, as fears of escalation in the Middle East

intensified. Donald Trump said he would maintain a naval blockade of Iran's ports

...