Speculation about a potential US-Iran deal to reopen the Strait of Hormuz is driving down oil prices and raising concerns about US concessions, while the economic impact of the conflict is evident in Asian manufacturing and US debt, alongside strained Arab alliances and ongoing efforts to control strategic maritime chokepoints.

• Trump says US will not ‘rush into a deal’ with Iran as talks continue — Financial Times -
• Oil Futures Edge Down as Ships Move Toward Hormuz — Wall Street Journal -
• Oil Prices Fall on News of Possible Iran Deal — The New York Times Business -

• Opinion | Will Trump Bail Out Iran’s Regime? — Wall Street Journal -
• Reopening of Strait of Hormuz Still a Question Mark — The New York Times Business -
• Republican hardliners warn Trump is giving up too much in Iran talks — Financial Times -
• Iran war could add billions of dollars in interest payments to US debt — Financial Times -
• Trump says deal with Iran to reopen Hormuz ‘largely negotiated’ — Financial Times -
• The War-Driven Supply Shock Already Roiling Manufacturing in Asia — The New York Times Business -
• Iran’s Guards used UAE company to buy military satellite equipment — Financial Times -
• The power struggle in the world’s narrow seas — Financial Times -
• Egypt deploys jets to UAE as Iran war strains Arab alliances — Financial Times -
• South-east Asian economies struggle to counter energy shock — Financial Times -

China's condemnation of Japan's remilitarization during a Trump summit highlights broader East Asian tensions, while Russia continues to pound Ukraine with hypersonic missiles, EU countries advocate for trade crackdowns on China, and Pakistan faces a deadly bombing, with further regional conflicts and political shifts shaping the global landscape.

• FirstFT: Xi Jinping lambasted Japan’s ‘remilitarisation’ at Donald Trump summit — Financial Times -
• Xi railed against Japan’s ‘remilitarisation’ at Trump summit — Financial Times -
• Bombing near railway track in Pakistan kills at least 16 — Financial Times -

• Russia pounds Ukraine with hypersonic ‘Oreshnik’ missile — Financial Times -
• EU countries press for trade crackdown on China — Financial Times -
• Starmer’s EU drive put in doubt by ‘rejoin’ calls from leadership hopefuls — Financial Times -
• Andy Burnham’s social media posts: the political everyman? — Financial Times -
• French nicotine pouch ban is ‘attack on Swedish way of life’, minister says — Financial Times -
• The al-Qaeda offshoot looking to Syria as a blueprint — Financial Times -

The ECB is urging banks to address AI flaws, underscoring the serious risks to the financial system, as discussions continue on the necessity of testing robotaxis in real traffic for safety and cost-effectiveness, with the UK establishing an AI Security Institute to hunt for dangers and a growing debate about the societal implications of AI, including the controversial term 'meat computers'.

• ECB summons banks to urge them to fix flaws exposed by latest AI models — Financial Times -
• Robotaxis need to be tested in real traffic — Financial Times -
• UK Institute Is Hunting for Dangers Lurking in AI — The New York Times Business -

• To A.I. Executives, We’re All Just ‘Meat Computers’ — The New York Times Business -

Uber is considering a higher bid for Delivery Hero in a notable **M&A move, while the City of London is set to receive a £1.6bn boost from financial reforms, Centerbridge is in talks to acquire a real estate firm, and SpaceX's IPO is making headlines, as IPO mania, partly fueled by AI, raises questions about market tops, the UK mobile market faces customer losses, and inflation pressures in the US could impact the Fed, alongside London house price dynamics, China's luxury EV market, and Japan's "gacha gacha" toy craze**.

• Uber weighs higher bid for Delivery Hero after €11.5bn offer rebuffed — Financial Times -
• Financial reforms set to give £1.6bn boost to City of London — Financial Times -
• It’s China’s Answer to a Rolls-Royce—and It’s Stuffed With Gadgets — Wall Street Journal -

• Centerbridge in talks to buy stake in $3bn real estate firm — Financial Times -
• Why IPO mania could signal top of the market — Financial Times -
• Fernando De Leon Turned $100,000 Into a Billion-Dollar Empire. His Mantra? Be Frugal. — Wall Street Journal -
• SpaceX’s IPO Is a Bet Gravity Doesn’t Apply to Elon Musk — Wall Street Journal -
• Will US inflation pressures unsettle the Fed? — Financial Times -
• Biggest UK mobile groups suffer worst year of customer losses — Financial Times -
• Gap between London house prices and other UK cities at narrowest since 2009 — Financial Times -
• ‘Kidults’ fuel Japan’s ‘gacha gacha’ capsule toy mania — Financial Times -

"The Mandalorian and Grogu" is topping the box office, signaling Disney's bet on a Star Wars revival with projected **$102 million domestic earnings, while "Love Island USA" has become a streaming hit for Peacock**, demonstrating the show's unexpected success and its potential for continued viewership.

• ‘Mandalorian and Grogu’ Tops Box Office as Disney Bets on ‘Star Wars’ Revival — The New York Times Business -
• ‘The Mandalorian and Grogu’ Returns Star Wars to Theaters — Wall Street Journal -
• How ‘Love Island’ Became the Streaming Hit Peacock Needed — Wall Street Journal -

The UK competition watchdog is set to examine the childcare market amidst rising living costs, California is grappling with a severe homelessness crisis, particularly concerning R.V. dwellers, discussions around tax avoidance and calls for citizens to "pay your taxes" are emerging, alongside general market pauses due to public holidays, a shooting outside the White House, and various political developments in the US and UK.

• Markets take a collective break but politics continues — Financial Times -
• At an LA Costco, Skateboarding and Learning About Loss — The New York Times Business -
• Just stop moaning and pay your taxes — Financial Times -

• UK competition watchdog to examine childcare market — Financial Times -
• Trump’s endorsement in Texas Senate race boosts Democrats’ hopes — Financial Times -
• In Homeless Crisis, California ‘Is Waging a War on R.V.s’ — The New York Times Business -
• Suspect killed after gunfire exchange with Secret Service outside White House — Financial Times -
• If you’re in a spiral, you’re doing it right — Financial Times -