European equities end the week as Asian markets continue to sell off sharply. Apple and Microsoft announce price rises as the A.I. race constrains chip supplies and prompts concern over higher inflation. The UN’s International Maritime Organisation suspends vessel escort operations through the Strait of Hormuz following an attack on a container ship in the Gulf of Oman. U.S. officials have blamed Iran as the peace deal comes under early pressure. Following the resignation of UK Prime Minister Sir Keir Starmer, we hear from UK opposition party leaders who cast doubt on whether a potential Burnham-led government can turn around the country’s economic fortunes.

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Equities in Asia are boosted by the chip sector through positive earnings from Micron and SK Hynix’s announcement it plans a $30bn listing on the Nasdaq. Brent dips to levels last seen before the conflict in the Gulf as the Strait of Hormuz reopens. Futures indicate the world may soon be facing an oil glut. UK Prime Minister in waiting Andy Burnham is reportedly planning an overhaul of No.10 and the Treasury as part of his economic reform agenda. He is also seeking to overhaul the Bank of England’s mandate to push more demand on growth.

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The global tech sell-off continues with U.S. memory and A.I. related companies firmly in the red as investors reassess the A.I. boom. Micron is set to deliver its results later today. Strait of Hormuz traffic returns to its highest level since the start of the conflict in late February and U.S. President Donald Trump accuses oil companies of not lowering gas pump prices in line with falling crude. Secretary of State Marco Rubio lands in the UAE to reassure Arab allies since the Iran deal signing. Bank of America forecasts a triple hike from the Federal Reserve this year – up from its previous guidance of no hikes in 2026. It has slammed the central bank of its ‘unambiguously worse’ problem with inflation.

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