Investors are rotating into asset-heavy shares as anxiety over AI’s disruptive impact hits software valuations. Utilities, energy and shipping gained on demand for dependable cashflows, while roughly $1.2tn was wiped from software stocks in a sharp Wall St sell-off.

Lord Mandelson has been arrested on suspicion of misconduct in public office as the Met investigates his dealings linked to Jeffrey Epstein. The inquiry follows newly released US files and claims he leaked confidential information. He denies wrongdoing.

Tehran has quietly agreed a €500m purchase of advanced missile systems from a major Eurasian state to rebuild air defences, with deliveries due by 2026. The kit can target aircraft and drones. Western officials warn it heightens regional risk and are weighing tougher measures.

After a 6-3 Supreme Court ruling voided his “liberation day” levies, Trump vowed a new 10% tariff on all imports and criticised the justices. He said he’ll recast the plan to comply with the law, pitching it as support for US industry and jobs.