US equities rebounded despite an energy price jolt, outpacing Europe as Big Tech led gains. Intel surged to a post-dotcom record on AI-driven optimism and solid results. Strategists said the energy shock would need to persist for months to threaten growth, keeping risk appetite firm.

The US alleges China is stealing AI research on an industrial scale, citing coordinated “distillation” campaigns to copy models and know-how. Beijing rejects the claim. Washington is weighing tougher export curbs on AI chips, while Trump plans to meet Xi in the coming weeks.

Iran seized two commercial vessels near the Strait of Hormuz as attempts to revive talks falter. The US extended a limited truce while sustaining maritime pressure, driving oil above $100. Shipping bodies warn of risks to crews, and insurers and traders begin to re-route traffic.

Sir Olly Robbins says No 10 pressured him to clear a role for Peter Mandelson, which he approved “under duress”. The claim intensifies scrutiny of Starmer and raises questions about the propriety and independence of the government appointments vetting process.