The U.S. and Iran exchange fire following the downing of an American Apache helicopter over the Strait of Hormuz. Tehran claims to have targeted U.S. bases in Jordan, Kuwait and Bahrain as a result. Asian markets see the tech sell-off gathering pace with trade on South Korea’s KOSPI briefly pausing. The negative sentiment has infected European and American markets, which are due to start the day in the red. SpaceX is due to close its order book today ahead of Friday’s greatly anticipated and historic IPO. The company is reportedly up to 4 times over-subscribed.

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OpenAI decides to confidentially file to list with a reported target valuation of $1tn. Perplexity CEO Arvand Srinivas tells CNBC he hopes to take his company public in the medium term and that the success of larger companies will benefit his firm’s own growth. Israel and Iran announce they are halting attacks but leave the door open to a resumption in hostilities with President Trump sounding a positive tine about ongoing peace negotiations with Tehran.

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Israel and Iran have exchanged fire for the first time since April which pushes oil futures higher and potentially jeopardizing a peace agreement. The A.I. sell-off on Friday continues into the new week with South Korea’s KOSPI tripping circuit breakers. A stellar U.S. jobs print raises the chance of a rate hike but President Trump remains committed to lowering interest rates. In Italy, Intesa Sanpaolo is looking to hijack a likely tie-up between BPM and Monte dei Paschi, tabling an offer for all BMPS shares.

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