U.S. and Israeli strikes on Iran intensify as Tehran retaliates hitting targets across the region including American and British bases. President Trump says the attacks could last for several weeks. Crude prices surge as supply through the Strait of Hormuz come under threat. Futures on both sides of the Atlantic point to a sell-off as investors digest events in the Middle East. The tech-heavy Nasdaq is expected to lead declines on Wall Street.

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The Green Party wins the Gorton and Denton by-election in Greater Manchester with Labour coming a distant third. The result will pile more pressure and scrutiny on Prime Minister Sir Keir Starmer ahead of crucial UK local elections in May. Netflix abandons its acquisition deal for Warner Brothers Discovery after it refused to match Paramount’s offer of $31 per share for the group’s entire media portfolio. Netflix shares have moved higher as a result. Anthropic CEO Dario Amodei has been branded a ‘liar’ with a ‘God complex’ by a senior Pentagon official, increasing tensions between the U.S. government and the A.I. giant regarding the use of its model’s guardrails. And in the banking sector, Barclays and Banco Santander see shares dive following reports the lenders have millions in exposure to a collapsed private UK mortgage provider facing fraud allegations.

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Amid continuing A.I.-related jitters, Nvidia posts another set of stellar quarterly results but Salesforce disappoints with revenue forecasts coming in below analysts’ expectations. However, both companies’ CEOs tell our CNBC colleagues Stateside that market concerns are overblown. Nvidia’s results play their part in a rebound on Wall Street and help tech shares in Asia with the Nikkei closing at a record high. Insurance giant and asset manager Allianz predicts FY operating profit could be as high as €18.4bn – up from almost €17.5bn in 2025.

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