Early Thursday Gulf bourses slipped: Saudi index -0.2%, Dubai -0.5%, Abu Dhabi -0.6%, Qatar -0.1%, with bank shares leading declines. Markets were hit by an escalation in Yemen and persistent uncertainty over ending the wider Middle East conflict after Yemeni government forces said Houthi fighters struck Aden airport on Wednesday (the Houthis had warned civilians to evacuate), and a Saudi-led coalition said it destroyed a ballistic missile fired toward eastern Saudi Arabia on Thursday. Negotiato

MIZUHO raises Microsoft (MSFT.O) PT to $625 from $600.

Wall Street's recent risk-off and reduced equity exposure may set the stage for a sharp rebound if an Anthropic IPO rekindles investor interest in AI, with technology likely to lead. Deutsche Bank data show investors have trimmed equity exposure to roughly historical norms; active managers' exposure to US equities is at a one-month low and quant-driven funds have reduced positions, leaving room for fresh buying if confidence returns. Hedge funds have increased bearish bets: Goldman says its hedge fund clients have sold short about $5 for every $1 of gross purchases this month, and securities-on-loan used to bet against stocks are near five-year highs — positioning that could amplify a rally via short-covering if markets turn up.