More numbers to sift through this morning as we take stock of the latest developments in global finance. First, 8, the number of consecutive sessions in positive territory for the US S&P 500 index. That matches the run seen in April 2025. The S&P 500 is, naturally enough, at an all-time high.

Then $80bn, the amount Alphabet has earmarked for capital expenditure to stay in the AI race.

Then $965bn, to move up a league. That was Anthropic's valuation at its latest funding round. Next time, that valuation may be set by a wider market, as the OpenAI rival has filed initial paperwork for a stock market listing.

Finally, $1.5tn, the market capitalisation Samsung Electronics is close to reaching. That puts the Korean company ninth in the world, not far behind Meta and Tesla, thanks to its key role in AI chips, particularly memory chips.

These figures neatly capture what has been happening in equity markets for months. Money continues to flow into the winners of the artificial intelligence-driven economic revolution, at the expense of everyone else. The lack of any resolution to the conflict in Iran is not hurting companies whose margins have become almost indecent. Winner takes all, as the famous American saying goes. The closure of the Strait of Hormuz is damaging prices and disrupting supplies of critical goods, but it has not dented the blue-sky scenario embraced by AI-convinced technology investors.

In the Middle East, the latest developments remain impossible to read. The White House appears to have secured a truce in Lebanon from Tel Aviv and Hezbollah, but dispatches coming in this morning suggest that fighting is continuing. Iran said yesterday that it was suspending talks with the United States because of the fighting in Lebanon. Donald Trump then suggested that negotiations with Tehran were continuing "at a rapid pace". Oil, meanwhile, remains in the $90 to $95 range, both for US light crude WTI and Brent. In an attempt to appease supporters squeezed by rising energy prices and agricultural tensions, the US President has decided to cut tariffs on agricultural equipment. According to several US newspapers, he has also dropped the highly controversial compensation fund intended to support his allies, whom he says were mistreated by the previous administration.

Today's session will be dominated by glowing coverage of Hewlett Packard Enterprise. Shares in the US company surged 28% in after-hours trading following its quarterly results. The reason? AI exposure, of course. All these hardware companies, shunned for years by investors hungry for software and capital-light balance sheets, are staging a spectacular comeback. On the macroeconomic front, eurozone inflation for May will be released later this morning. It is expected to come in at 3% year on year. In the United States, the JOLTS job openings survey will provide a first taste of the labour market data due later in the week.

In Asia-Pacific markets, red is the dominant colour this morning, With Japan down 0.4%, and South Korea, down 0.2%. Hong Kong is bucking the trend with a 1.7% gain, lifted by enthusiasm around Tencent, after the Financial Times reported that the company was moving closer to launching an AI agent for WeChat's 1.4 billion Chinese users. European markets are expected to open higher, closing the gap with the previous day's gains on Wall Street.

Today's economic highlights:

See the full calendar here.

  • GBP / USD: US$1.35
  • Gold: US$4,518.82
  • Crude Oil (BRENT): US$94.12
  • United States 10 years: 4.43%
  • BITCOIN: US$72,984.3

In corporate news:

  • EasyJet attracts takeover interest as investors spot value in the holiday airline.
  • Baltic Classifieds Group launches a 180 MEUR share buyback program.
  • BP Plc has tasked independent director Amanda Blanc with overseeing the succession process for the chairmanship.
  • Mercedes-Benz is opening a new Maybach Atelier in Poland.
  • ABB is expanding its partnership with Nvidia.
  • Holcim is set to receive EU approval to acquire Xella.
  • Deutsche Börse reported higher trading volumes in May.
  • Barry Callebaut launches a medium-term plan to restore its performance.
  • Unions at Iberdrola call for a one-day strike on June 19.
  • SBM Offshore and Solstad Offshore order a new installation vessel through their joint venture.
  • Sweco acquires a Finnish nuclear sector specialist.
  • Mentice enters into a co-marketing partnership with Siemens Healthineers for the Ankyras software
  • Nvidia has the necessary capabilities to support robust AI growth despite constraints, according to its CEO.
  • Nvidia, Fluence, and Siemens AG are developing a reference architecture for Vera Rubin AI data centers.
  • Alphabet plans to raise $80 billion for artificial intelligence, with Berkshire Hathaway committing to contribute $10 billion.
  • Amazon and other platforms have been ordered by the Australian regulator to remove banned magnetic toys.
  • Hewlett Packard Enterprise soars 28% in after-hours trading following its quarterly results.
  • Arm Holdings announces that ByteDance and Oracle are using its data center processors.
  • Nubank appoints Livingston, a former Visa executive, as CFO to support its expansion outside Latin America.
  • Coca-Cola is considering an IPO for its bottling subsidiary in India by 2027.
  • GE Vernova fails again to halt construction on a wind farm in New England.
  • L3Harris Technologies wins a $495 million contract with the U.S. Army.

See more news from UK listed companies here

Analyst Recommendations:

  • Integrafin Holdings Plc: Shore Capital upgrades to buy from hold and raises the target price from GBX 350 to GBX 400.
  • Easyjet Plc: Bernstein maintains its market perform recommendation and raises the target price from GBX 350 to GBX 450.
  • Experian Plc: Autonomous Research maintains its outperform recommendation and reduces the target price from GBP 39 to GBP 38.
  • Rio Tinto Plc: Deutsche Bank maintains its hold recommendation and raises the target price from GBX 6900 to GBX 7400.
  • Vesuvius Plc: Peel Hunt maintains its buy recommendation and reduces the target price from GBX 525 to GBX 5.25.
  • Compagnie Financiere Richemont Sa: Research Partners AG maintains its hold recommendation and raises the target price from CHF 175 to CHF 184.
  • Bank Of Ireland Group Plc: Mediobanca maintains its outperform recommendation and raises the target price from EUR 19.60 to EUR 20.
  • Philips Nv: ING Bank maintains its hold recommendation and reduces the target price from EUR 26 to EUR 25.
  • Dassault Aviation: Bernstein maintains its market perform recommendation and reduces the target price from EUR 340 to EUR 330.