European stocks opened slightly higher: Stoxx Europe 600 up 0.14%, France's CAC 40 up 0.27% and Spain's IBEX up 0.25%.

Julius Baer analyst Enrico Chinello says US AI adoption momentum indicates ANTHROPIC has overtaken OpenAI; OpenAI is considering price cuts to boost usage and regain share. About 85% of ANTHROPIC’s revenue comes from enterprise customers, while OpenAI earns most revenue from ChatGPT consumer subscriptions and the vast majority of users remain on the free tier, leaving OpenAI’s profitability uncertain. Recent across-the-board token price increases suggest AI labs may still have some pricing power without obviously sacrificing margins.

China's CSI Convertible Bond Index opened 0.03% higher; top gainers included Shengde convertible bond +8.55%, Dianhua convertible bond +7.60%, Zmei convertible bond +3.78%, Guanyu convertible bond +2.71% and Lianrui convertible bond +2.43%. Top decliners were Huaya convertible bond -3.10%, Dinglong convertible bond -1.86%, Xianghe convertible bond -1.65%, Jingce convertible bond 2 -1.64% and Ruike convertible bond -1.61%.