Iraq's government spokesman declined to comment further on whether Baghdad is considering its OPEC quota or a possible exit from the group.

Canada's defence minister, in talks with Japan's defence minister, raised the possibility of extending the Global Combat Air Programme (GCAP) to additional countries, but said any expansion would require joint approval from Japan, Italy and the UK.

Vincent Chung, co-portfolio manager at Pulaisi Group, said a global manufacturing rebound and rising raw-materials costs mean markets may be underestimating the risk of more persistent inf. He cautioned that expected AI-driven productivity gains could take time to materialize and that a market re-pricing of growth, inf and rates could increase volatility. Chung prefers short-duration fixed income, including high-quality global high-yield and selective emerging-market credit, and views inflation-linked bonds as a useful portfolio diversifier.