U.S. President Trump arrived in the UK.

BNP Paribas analysts say a Tesla–SpaceX merger is unlikely in the near term, citing heavy cash burn and significant regulatory risk that complicate any deal. They caution merger-driven gains in Tesla investor sentiment may be overstated and maintain an underperform rating with a PT of $280. BNP warns Tesla faces challenging KPIs over the next two years in its robo-taxi and Optimus businesses, which would pose downside risk to the core business until any SpaceX tie-up materializes.

Asian Development Bank chief economist Albert Park said the end of a Middle East ceasefire has worsened the outlook for Asian developing economies. He warned renewed conflict would raise energy prices, lift risk premia, intensify inf pressure and prolong regional supply-chain disruptions — the region is heavily dependent on Middle East oil and gas. Market moves since the news suggest escalation or sustained uncertainty could tighten global financial conditions via risk repricing, wider spreads and a stronger dollar, lifting imported inf. Park said higher debt-servicing costs, weaker investment and softer domestic demand would hurt growth prospects for Asian developing economies.