BlackRock Investment Institute raised its allocation rating on US Treasuries and now favors short-dated paper, ending a near six-year underweight stance. The firm cited materially higher yields and the prospect that markets may have over-priced Fed tightening as reasons for the shift. The upgrade was funded partly by trimming US equity exposure; BlackRock cut US equities to neutral while increasing allocations across maturities but retaining a preference for short-duration Treasuries. Strategist

Polish billionaire Michal Solowow and the Solorz family have agreed to jointly develop small modular reactors (SMRs), signing an agreement between Solowow’s SGE SA and ZE PAK SA to finalise terms for future joint construction and operation, regulatory filings show. Solowow holds exclusive commercialisation rights for the BWRX-300 design from GE Vernova/Hitachi and will hold a majority stake in the new joint venture. This is the parties’ second attempt to cooperate on nuclear projects and comes as Poland upgrades its power system—adding renewables and gas to replace coal, which still accounts for over 50% of generation. Poland also plans its first large nuclear plant by 2036.

German chancellor Merz and Ukrainian president Zelenskiy see U.S. President Trump's proposed 'energy truce'—limited to Russian refineries—as too narrow and want any ceasefire to cover broader energy infrastructure. They say agreements banning strikes should include Ukrainian power infrastructure as well as Russian refineries, expect other EU leaders to back the position at this week's Brussels summit, and call on Moscow to implement a truce protecting all energy facilities, sources said.