Reserve Bank of India said foreign exchange reserves fell by $5.011 billion from a week earlier.

CNBC reports OpenAI is negotiating a commercial agreement to secure additional compute capacity from the UAE; UAE investors and Coatue are leading a financing round for OpenAI.

ECB executive board member Panetta said the recent surge in bond yields will weigh on the region's economy but is not yet a critical problem. He called the moves global and US-led over the past week, with US growth and inflation beating expectations. "The issue is that higher US rates have coincided with stronger growth while Europe's growth is relatively weak," he said. Panetta and other ECB officials warned tighter financial conditions could constrain expansion but may help rein in inflation that has risen to roughly double target levels after energy-cost shocks. He said Germany's yields rose less due to stronger public finances, flagged France's persistently high public debt and deficits, and warned sovereign stress could push up Italy's borrowing costs. "When US long-term yields rise, we see spillovers to other markets including Europe," he added, noting that will affect Italy's financing costs.