The US and Iran are still trading blows despite the nominal ceasefire. US Central Command struck Iranian radar sites on Goruk and Qeshm Island and intercepted Iranian drones, while Tehran responded by firing seven ballistic missiles at US bases in Kuwait and Bahrain. That’s a meaningful escalation in the Gulf and worth watching for energy and shipping exposure. The ceasefire framing is looking increasingly strained.

On Iran’s domestic picture, the Guardian has a useful piece on what comes after. The economy contracted 10% during the conflict, inflation is running at hyperinflationary levels, and the power grid is under serious strain. The regime is already managing internal debate about the post-war settlement. For anyone with EM or commodities exposure, the trajectory of Iranian oil output and sanctions relief is now the question — and a fractious peace may not deliver either quickly.

The Nasdaq fell 4% on Friday as chip and memory stocks led a broad selloff. The trigger was a sharp rise in US bond yields driven by rising expectations of a Federal Reserve rate increase. No specific meeting is priced yet, but the move in yields suggests the market is reassessing the rate path. Worth watching how this feeds into sterling and gilts on Monday.

Trump floated the idea of the US government taking equity stakes in AI companies, framing it as a “partnership” model ahead of November’s midterms. The politics are obvious, but the structural implication — federal government as AI shareholder — would reshape how these companies are regulated, valued, and governed. No detail on mechanism yet, but it’s the kind of trial balloon that tends to move fast.

Meta is weighing a large equity raise, potentially tens of billions, following its blockbuster deal with Google. The stated purpose is financing AI infrastructure. If it goes ahead, it would be one of the largest equity issuances in the sector for years and could reprice the cost of capital conversation across big tech.

Reid Hoffman is leaving Microsoft’s board to focus full-time on Manus, his AI drug discovery startup. Practically speaking, one fewer senior voice in the Microsoft-OpenAI governance structure at a moment when that relationship is under commercial renegotiation.

Andy Burnham told the Guardian that nationalising Thames Water would “absolutely be an option” under his Labour leadership. He’s currently the Makerfield by-election candidate and positioning for a leadership run. It’s the clearest signal yet that a Burnham-led Labour would revisit water sector ownership — relevant for anyone holding Pennon, Severn Trent, or United Utilities.

The Armenian parliamentary election takes place on Tuesday.

Sources

BBC News, Guardian, Al Jazeera, FT, Politico, Ars Technica, TechCrunch, The Economist — 2026-06-06