Oil price rebound, classics vs computers, Italian artisans with 3D printers

The daily briefing “FirstFT” from the Financial Times.

Oil topped $68 a barrel after falling to a five-year low near $45 in January. Saudi Arabia raised its selling prices in response to stronger demand and traders are looking beyond the currently well-supplied market to growing consumption and a slowdown in US oil output. (FT)

Saudi Arabia has shown little inclination to curb its production, which has risen above 10m barrels a day, as it moves to expand its market share. It also said that it remained committed to infrastructure and development projects but admitted it would need to “rationalise” spendingin light of low oil prices. (FT)

The rebound in prices boosted inflation expectations and set prices tumbling across major government bond markets, pushing yields to levels not seen since the ECB began QE earlier this year. (FT)

In the news

Fears of US contraction The US recorded its biggest monthly trade deficit since the 2008 financial crisis as consumer demand for cars and mobile phones pushed up imports in March. The figures will fuel criticism that the Pacific trade pact Obama is trying to push through will lead to a ballooning deficit and an exodus of jobs overseas. It also complicates the picture for the Federal Reserve, which is pondering when to raise interest rates. (FT)

Controversial surveillance French legislators backed a bill allowing intelligence services tolegally tap phones and intercept emails, four months after the Islamist attack on Charlie Hebdo. Lawyers, judges and human rights activists have denounced the law as intrusive and compared it to the US Patriot Act passed after the 9/11 attacks. (FT)

Hedgie pay cut Pay for the world’s top 25 hedge fund managers halved last year, as the industry suffered from mediocre performance and growing criticism from large investors. Butdry those tears: the 25 people on the list still managed to rake in $11.62bn. (FT)

BNP Paribas probe The French bank is under investigation for allegedly deceiving thousands of customers about the risks of taking Swiss franc loans just before the eurozone sovereign debt crisis. Clients of its personal finance division took out loans between 2008 and 2009 when interest rates were comparatively low but the repayments, which had to be made in euros, became more expensive as the franc rose against the euro over following years. (FT)

It’s a big day for

The UK election Campaigning is in its final throes. Politicians are preparing for a hung parliament and the breakneck dealmaking that will follow. Ed Miliband may be looking a likelier contender but neither he nor David Cameron are expected to win a majority. Here is how the days of negotiations are likely to pan out . Whoever ends up leading the government, the challenges the UK faces post-election are pretty grim, says Martin Wolf. “Have no illusion: real competence is not on offer”.(FT)

Bank of America It tried to head off a rebellion ahead of today’s annual shareholder meeting by giving investors a say on a change to the board’s leadership structure. Last October the bank reversed a 2009 move to divide the role of chairman and chief executive, handing more power to Brian Moynihan, who had been chief executive since 2010. Investors were blindsided and angered that they had not been consulted enough on such a significant change to the bank’s leadership structure. (FT)

Food for thought

Classics or computers? Jonathan Evans, former director-general of MI5, argues thatstudying classics provides the best foundation for working life. Kathryn Parsons, co-founder of tech training company Decoded, argues that the UK needs computer scientists more urgently. (FT)

Italian artisans rescued by 3D printing Northern Italy’s craftsmen have been undermined by competition from Asia but 3D printing has helped turn the region into a hothouse of innovation. The beauty of the technology, according to one small manufacturer, is that “you can build things that are impossible”. (Bloomberg)

Fuelled by Bulls**t New York magazine recounts the process of launching a campaign for Toyota’s hydrogen-fuel-cell car, named “Fuelled By Bulls**t”. It involves a crash course in cow emissions, the search for a “poop shoot” location, and a showdown over whether to mention the “prominent electric car CEO” who inspired the campaign. (NYMag)

Middle East: Taking liberties As the region becomes increasingly polarised, and both governments and clerical bodies foster a spirit of intolerance, admitting that you do not believe in God can be even more dangerous than being from a religious minority. (FT)

Video of the day

The Vanguard rise Turmoil sparked by the sudden exit of Bill Gross last year cost the Pimco Total Return Fund its title as the world’s largest bond mutual fund. The FT examines why investors now favour the Vanguard Total Bond Market Index fund. (FT)