AI chipmaker Nvidia is poised to surpass a $4 trillion valuation, propelled by surging demand in the US technology sector and robust investor enthusiasm around artificial intelligence.

The Office for Budget Responsibility warns that Britain’s mounting debt poses a daunting challenge to public finances, fuelling worries over economic resilience and tugging sterling lower while gilt yields climb amid calls to consider higher taxes.

Trump has announced a three-week reprieve on implementing reciprocal trade tariffs, deferring new levies until August and causing ongoing market apprehension, with Japan and South Korea among nations facing potential 25% rates.

China is redirecting shipments through south-east Asia to bypass higher duties in the US, prompting a surge in trade with the ASEAN bloc and renewed caution among global exporters.