Distressed investors say turmoil in private credit offers the biggest opening since 2008. With rates high, borrowers face refinancing stress and forced sales, while cash calls pressure major managers. Software firms reliant on leveraged loans are seen as particularly exposed to valuation resets.

The OECD warns the UK will see the biggest G20 hit to growth from the energy price shock, with inflation rising fastest after the US. Elevated bills will squeeze firms and households, making the BoE’s rate decisions harder and posing an early setback for the PM’s economic agenda.

Western officials report a major European power has sent drones, medicines and food to Iran, the first clear sign of military support. The shipments deepen ties and could expand Iran’s capabilities. Tehran denies related claims about contacts over a previous US deal.

VW is considering a move into defence manufacturing via a partnership with Israel’s Rafael, repurposing a struggling Lower Saxony plant to protect thousands of jobs. The tie-up would supply European buyers with air-defence components, subject to political sign-off and board approval.