European natural gas climbed back above €100/MWh as markets fear the US may resume military action against Iran, risking extended Middle East supply disruption. Benchmark gas futures, after a brief dip in the prior session, are up about 40% month-to-date — the largest monthly gain since March when the Iran conflict began. Traders cite cooling temperatures and higher heating demand, withdrawals from winter fuel stocks now at seasonal lows, and elevated geopolitical risk amid concern the US could

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Kioxia Holdings reports earnings today into elevated market expectations. Tokyo-listed shares have plunged about 60% from their June peak amid a global chipmaker sell-off driven by concern major tech firms may pull back funding for AI infrastructure; Kioxia is the weakest performer in the global memory-stock basket tracked by CITIC CLSA. Markets expect a third consecutive quarter of four-digit profit growth, raising the bar for a positive surprise. Syz Bank CIO Charles-Henry Monchau said the market has largely priced in a strong quarter, so even a good print may not shift sentiment. Kioxia trails Samsung Electronics and SK Hynix in NAND flash share; those rivals are better placed to win data-center business by bundling storage chips with HBM, a product Kioxia currently lacks.