The sell-off reflected two of Wall Street’s biggest concerns: growing doubts over lofty AI valuations and renewed fears that higher energy prices could reignite inflation after the United States expanded military operations against Iran.

The S&P 500 fell 1% to close at 7,457.69, marking its first weekly decline in three weeks and only its third weekly loss since late March. The Dow Jones Industrial Average dropped 406.55 points, or 0.8%, to 52,146.42, while the technology-heavy Nasdaq Composite slid 1.4% to 25,520.24.

AI Stocks Extend Recent Declines

Technology shares once again led the market lower as investors continued reassessing the outlook for companies that have fueled the artificial intelligence boom.

Nvidia fell 2.2%, briefly surrendering its position as the world’s most valuable publicly traded company to Apple before recovering by the closing bell.

The weakness spread across the semiconductor sector.

Applied Materials declined 5.6%, trimming its gains for the year to 106%, while Micron Technology fluctuated between gains and losses before ending the session down 0.5%.

Investor sentiment also weakened following news surrounding Chinese startup Moonshot’s Kimi K3 artificial intelligence model. The announcement revived concerns that lower-cost AI alternatives could reduce future demand for premium processors and memory chips produced by established semiconductor companies.

Global Technology Shares Retreat

The selling extended well beyond Wall Street.

Taiwan’s benchmark stock index dropped 6.5%, Japan’s market fell 4%, and China’s Shanghai Composite declined 3% as investors sold technology shares across the region.

Taiwan Semiconductor Manufacturing Co., the world’s largest contract chipmaker, fell 7.3%.

South Korea’s financial markets were closed for a public holiday after the technology-heavy Kospi index experienced sharp swings earlier in the week.

European markets also finished lower, although losses were more modest because technology companies account for a smaller share of regional indexes.

Corporate Earnings Add Pressure

Several high-profile earnings reports also weighed on investor sentiment.

Netflix shares fell 7.3% after quarterly revenue narrowly missed Wall Street expectations despite stronger-than-expected earnings. The company’s revenue and profit guidance for the current quarter also disappointed investors.

Medical technology company Intuitive Surgical dropped 14.1% even after reporting quarterly earnings above analysts’ forecasts. Investors instead focused on concerns that procedure growth could slow as enhanced tax credits that lowered health insurance costs for many Affordable Care Act enrollees expire.

SpaceX shares declined 5.4%, extending losses since the company’s Nasdaq debut just over a month ago.

Investors also reacted to the cancellation of a Starship test flight shortly before liftoff on Thursday, while broader weakness in AI-related investments continued to weigh on companies linked to Elon Musk’s expanding artificial intelligence business.

Oil Rally Revives Inflation Fears

Energy markets added another layer of uncertainty.

Brent crude, the international benchmark, climbed 4.6% to settle at $88.10 per barrel after trading near $76 only a week earlier.

Oil prices rose after the United States expanded airstrikes against Iran, targeting additional infrastructure near the Strait of Hormuz. The escalation renewed concerns that disruptions to one of the world’s busiest oil shipping routes could tighten global supplies.

Higher energy prices have pushed government bond yields higher in recent weeks, increasing borrowing costs for consumers and businesses. Rising fuel prices have also renewed concerns that inflation could remain elevated, complicating future interest rate decisions by the Federal Reserve.

Even so, Treasury yields eased modestly Friday. The yield on the benchmark 10-year Treasury note slipped to 4.55% from 4.57% the previous day.

Consumer Confidence Shows Signs of Improvement

Investors received one encouraging signal from fresh economic data.

A new survey showed U.S. consumer sentiment improved by more than economists had expected while households’ inflation expectations eased.

Those expectations remain closely watched by Federal Reserve officials because they can influence consumer spending, wage demands and business pricing decisions. Stable inflation expectations may reduce pressure on policymakers as they consider the future path of interest rates.

Although markets ended the week under pressure, investors continue balancing resilient consumer spending and economic growth against concerns over expensive AI valuations, rising energy costs and escalating geopolitical tensions in the Middle East.

This report is based on reporting by The Associated Press.

Article Topics: Artificial Intelligence | Stock Markets | Nvidia | Oil Prices | Wall Street | Semiconductors | Inflation | Federal Reserve

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American forces struck bridges, energy infrastructure and a surveillance tower at a key Iranian port. Iran responded with missile and drone attacks targeting several U.S.-allied countries, including Qatar and Kuwait, where a power generation and water desalination plant sustained heavy damage.

The latest escalation underscores the conflict’s growing focus on the Strait of Hormuz, one of the world’s most strategically important maritime corridors. An interim ceasefire has collapsed, diplomatic efforts remain stalled and, after more than four months of fighting, there is no clear path toward renewed negotiations.

Late Friday, U.S. Central Command said American forces had completed a seventh consecutive night of operations aimed at degrading Iran’s military capabilities.

US Expands Strikes on Transport and Energy Infrastructure

Iranian state television reported that U.S. airstrikes struck several bridges in Hormozgan province overnight, including transportation links in Bandar Khamir along Iran’s southern coastline near the Strait of Hormuz.

The attacks appeared designed to disrupt road and rail connections linking Bandar Abbas, Iran’s largest commercial port, with central Iran and the capital, Tehran.

Iran’s Energy Ministry also acknowledged for the first time that U.S. strikes had damaged parts of the country’s energy infrastructure. The ministry urged residents in southern provinces experiencing extreme heat to conserve electricity but did not identify the affected facilities.

Iranian authorities said recent U.S. attacks killed at least 46 people and wounded more than 400, including eight people who died when a bridge was struck Friday. Those casualty figures could not be independently verified.

The U.S. military also reported that 13 additional American service members—10 Army soldiers and three Navy sailors—had been injured since Monday. U.S. officials say the conflict has now killed 14 American service members and wounded 427 others.

Port Strike Fuels Competing Narratives

U.S. Central Command said Friday’s operation targeted dozens of Iranian military sites and military infrastructure.

Among the targets was a surveillance tower at Chabahar port on the Gulf of Oman. Iran’s state-run IRNA news agency reported the structure collapsed during the strikes, a claim later acknowledged by the U.S. military.

Iran described the tower as part of its commercial maritime monitoring system. Central Command, however, said it belonged to the Revolutionary Guard’s surveillance network used to track and target commercial vessels transiting the Strait of Hormuz.

Iranian state media later reported explosions in several parts of the country, including Ahvaz in the southwest and the cities of Lar, Yazd and Sirik. Local officials confirmed strikes near Ahvaz but released few additional details.

Early Saturday, Iran’s military claimed two oil tankers exploded and caught fire while attempting to transit what it described as a mined route through the Strait of Hormuz. Iranian authorities did not provide evidence supporting the claim.

U.S. Central Command rejected the account, calling it false. Independent verification was not immediately available.

Iran Widens Retaliation Across the Gulf

Iran retaliated with missile and drone attacks targeting several U.S.-allied countries across the Gulf.

Qatar, which has continued mediating between Washington and Tehran, twice instructed residents to seek shelter as incoming missiles approached. Air defense systems intercepted the projectiles, although Qatar’s Interior Ministry said falling debris injured one child.

Iran also launched attacks against Bahrain and Kuwait.

Kuwaiti authorities said a missile strike damaged a power generation and water desalination facility, igniting a fire that emergency crews later extinguished. Officials said engineers were assessing the damage while emergency plans were activated to maintain essential services.

Kuwait depends on desalination plants for about 90% of its drinking water, underscoring the strategic importance of the damaged facility.

A spokesperson for Kuwait’s Defense Ministry also said Iranian drone attacks struck military facilities and camps, injuring an unspecified number of personnel.

Jordan’s military reported intercepting three Iranian missiles early Friday.

Explosions were also reported in Irbil and Sulaymaniyah in Iraq’s semiautonomous Kurdish region. An apparent strike targeting the Iranian Kurdish opposition group Komala killed at least nine people and injured several others, according to an Iraqi official who spoke on condition of anonymity because of security concerns. Iran did not immediately claim responsibility, although it has previously targeted the group.

Shipping Disruptions Deepen Market Uncertainty

As fighting increasingly centers on the Strait of Hormuz, concern continues to grow over the security of one of the world’s busiest energy corridors.

Iran has maintained that it should exercise authority over shipping through the waterway and has proposed charging vessels to transit the strait. Most countries, however, regard the passage as an international shipping route that guarantees freedom of navigation.

President Donald Trump has repeatedly threatened to target Iranian bridges and energy infrastructure in an effort to pressure Tehran to loosen its control over access to the strait.

Commercial shipping through the waterway has been severely disrupted since the United States and Israel launched military operations against Iran on Feb. 28. The uncertainty has pushed oil prices sharply higher while increasing pressure on global energy markets.

Brent crude traded above $86 per barrel on Friday, approaching a one-month high as vessel traffic through the strait fell to a three-week low, according to MarineTraffic.

The United Kingdom Maritime Trade Operations center also reported that a tanker traveling along the route nearest Oman sustained minor damage during an attack Friday. No crew members were injured. Iran did not comment on the incident, although it has acknowledged targeting commercial vessels in recent days.

Meanwhile, the United States has reimposed a naval blockade on Iranian ports in an effort to restrict Tehran’s crude oil exports.

Diplomatic Outlook Remains Uncertain

In a nationally televised address Thursday, Trump said the military campaign was progressing as planned.

Before the conflict escalated, Washington and Tehran had been engaged in negotiations over Iran’s nuclear program. Those talks have since stalled as both sides continue expanding military operations.

With attacks intensifying across the Gulf, energy infrastructure increasingly under threat and diplomatic efforts at a standstill, regional and international officials face mounting pressure to prevent the conflict from developing into a broader and more prolonged Middle East war.

This report is based on reporting by The Associated Press.

Article Topics: US-Iran Conflict | Strait of Hormuz | Middle East Security | Oil Markets | Kuwait | Qatar | Iran

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Kuwaiti authorities said the attack damaged several power generation units and sparked a fire that firefighters later brought under control. Officials also activated emergency contingency plans to maintain electricity and water services while engineers assessed the extent of the damage.

Although no major interruptions to public water supplies were immediately reported, the attack renewed concerns that the region’s desalination network could become an increasingly important target as military tensions escalate.

Gulf Nations Depend Heavily on Desalination

The strike underscores how dependent Gulf countries have become on desalination to meet their freshwater needs.

Kuwait produces about 90% of its drinking water through desalination, while Oman relies on the technology for roughly 86% of its freshwater supply. Saudi Arabia obtains about 70% of its drinking water from desalinated seawater.

Most modern plants use reverse osmosis, a process that forces seawater through specialized membranes to remove salt and impurities. Hundreds of these facilities line the Persian Gulf coastline, placing infrastructure that supplies millions of people within range of missiles and drones.

Without desalination plants, many of the region’s largest cities would struggle to sustain their populations because natural freshwater resources remain scarce.

Water Infrastructure Emerges as Strategic Target

The conflict has largely drawn international attention because of its impact on oil markets and commercial shipping through the Strait of Hormuz. However, Friday’s strike highlighted another strategic vulnerability: the infrastructure that provides drinking water across the Gulf.

Iranian strikes have occurred near several desalination facilities during the conflict.

Earlier this year, Kuwait reported damage near the Doha West desalination complex after debris from intercepted drones or nearby attacks fell in the area.

Iran has also accused the United States of striking desalination facilities on Qeshm Island in March, claiming the attack disrupted water supplies to about 30 villages. Washington has not acknowledged carrying out such an operation.

Yemen’s Houthi rebels have also targeted Saudi desalination infrastructure during previous periods of regional conflict, reinforcing concerns that freshwater facilities could face continued threats.

Power and Water Systems Are Closely Connected

Many Gulf desalination plants operate alongside power stations, meaning damage to electricity infrastructure can also reduce freshwater production.

The facilities rely on several interconnected systems, including seawater intake, filtration equipment and continuous electricity supplies. A failure in any one of those systems can significantly reduce or halt water production.

Regional governments and U.S. security officials have long classified desalination plants as strategic infrastructure because prolonged disruptions could quickly create humanitarian and national security challenges.

A 2010 CIA assessment warned that attacks on desalination facilities could trigger national emergencies across several Gulf states. The report estimated that more than 90% of the region’s desalinated water originated from just 56 major facilities, making them particularly vulnerable to military attacks or sabotage.

Climate Change Adds Long-Term Pressure

Security threats are not the only challenge confronting Gulf desalination networks.

Scientists say climate change is increasing the risks facing coastal infrastructure through stronger storm surges, heavier rainfall and rising sea levels. Warmer ocean temperatures are also expected to increase the likelihood and intensity of cyclones developing in the Arabian Sea.

As geopolitical tensions and climate pressures converge, experts say protecting desalination facilities is becoming an increasingly important national security priority for Gulf governments. The plants now serve not only as essential utilities but also as critical infrastructure supporting millions of people across one of the world’s most water-scarce regions.

This report is based on reporting by The Associated Press.

Article Topics: Iran | Kuwait | Desalination | Water Security | Middle East Conflict | Critical Infrastructure | Persian Gulf

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The Meta Oversight Board, an independent body funded by Meta, evaluated how major AI models responded to politically sensitive prompts involving countries with different approaches to freedom of expression. In one pattern identified by the report, several models were more likely to refuse or limit responses involving governments that maintain stricter controls on political speech than they were for comparable prompts involving countries with broader protections for public criticism.

The Board said the findings do not suggest that governments directly influenced the AI systems. Instead, the report argues that language models may reflect patterns already present in their training data, which includes online content shaped by national laws, platform moderation practices and cultural norms.

Oversight Board Tests Leading AI Models

The report evaluated 10 commercially available large language models from six AI developers: Meta, OpenAI, Anthropic, Google, DeepSeek and xAI.

To compare model behavior, the Board submitted similar political prompts while changing only the country or political leader referenced. That approach allowed evaluators to determine whether identical requests produced different responses depending on the political environment associated with the subject.

Across the models tested, the Board found measurable differences in how some systems handled politically sensitive requests. It said the results demonstrate how training data and evaluation methods can influence AI-generated responses even when users submit comparable questions.

Transparency Emerges as a Key AI Issue

The findings add to broader discussions about how developers build, test and evaluate generative AI systems before public deployment.

AI assistants now play a growing role in search engines, productivity software, classrooms and consumer applications. As adoption expands, users increasingly expect consistent treatment of factual and political information regardless of geography or language.

The report recommends that AI developers improve transparency around model training and evaluation. It also calls for systematic human rights assessments and broader multilingual testing to identify inconsistencies before public release. According to the Board, those measures could help reduce unintended restrictions on lawful political expression while strengthening public confidence in AI systems.

Training Data Remains Under Growing Scrutiny

The report also highlights a broader challenge facing AI developers. Large language models learn from enormous collections of online material that already reflect political, legal and cultural differences across countries.

The Board noted that multilingual and region-specific datasets can influence how AI systems respond to similar requests. It emphasized that such differences should not automatically be interpreted as intentional censorship. Instead, they illustrate the complexity of training models on diverse information environments with varying legal and cultural standards.

The findings are expected to contribute to ongoing industry discussions about improving dataset documentation, model benchmarking and transparency as generative AI becomes more widely deployed.

AI Governance Extends Beyond Technical Performance

The report comes as governments continue developing regulatory frameworks for artificial intelligence while technology companies face increasing scrutiny over transparency, accountability and responsible AI development.

According to the Oversight Board, evaluating how AI systems respond to politically sensitive information has become an important part of AI governance. As generative AI becomes more deeply integrated into research, education, digital services and everyday information discovery, the report argues that greater transparency in how models are trained, evaluated and tested will be essential for maintaining public trust.

Article Topics: Artificial Intelligence | AI Governance | AI Transparency | Large Language Models | Training Data | Political Speech | Technology Policy | Generative AI

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The 48-year-old becomes Ukraine’s third prime minister since Russia launched its full-scale invasion in 2022. President Volodymyr Zelenskyy said Koretskyi’s immediate priority will be preparing the country for what officials expect could become the most difficult winter of the war.

Koretskyi assumes office at a time of growing pressure to safeguard Ukraine’s energy system, stabilize the economy, strengthen domestic weapons production and maintain international military and financial support. He also inherits a government facing renewed political scrutiny following a broader cabinet reshuffle.

Business Leader Takes Wartime Role

Unlike many of Ukraine’s senior political figures, Koretskyi built his career in business rather than government.

A trained engineer, he spent more than two decades managing companies in the fuel and food industries before taking leadership roles at several state-owned energy enterprises. During that time, he developed a reputation for restructuring struggling organizations, improving efficiency and restoring financial stability.

His appointment reflects the government’s emphasis on practical management experience as Ukraine continues to confront the economic and logistical demands of the war.

Addressing lawmakers after his confirmation, Koretskyi said his immediate priorities include protecting Ukraine’s energy infrastructure, strengthening the economy, ensuring the efficient use of international assistance and expanding domestic weapons production.

Energy Experience Shapes New Leadership

Koretskyi took charge of oil producer Ukrnafta and refinery operator Ukrtatnafta in 2022 after the Ukrainian government assumed control of the companies from businessman Ihor Kolomoiskyi.

Under his leadership, Ukrnafta reported record profits, settled outstanding tax obligations and increased production. The company also became one of Ukraine’s largest taxpayers while supplying fuel to the military and contributing financial support for drone procurement.

Last year, Koretskyi was appointed chief executive of Naftogaz, the country’s state-owned energy company, as Ukraine faced declining natural gas reserves and intensified Russian strikes on critical infrastructure.

He launched an operational audit and organizational restructuring designed to improve efficiency, although the reforms drew criticism from some employees because of staffing reductions and internal changes.

Government officials said Naftogaz rebuilt its natural gas reserves to more than 13 billion cubic meters under Koretskyi’s leadership while securing nearly $1 billion in additional financing.

Winter Preparations Become Immediate Priority

Ukraine expects Russia to continue targeting its energy infrastructure during the coming winter after repeated missile and drone attacks in previous cold seasons disrupted electricity generation, heating systems and gas supplies across the country.

Zelenskyy described Koretskyi as “the most prepared candidate” to lead the government, citing his experience managing the energy sector and his understanding of the challenges facing Ukraine’s power network.

Protecting critical infrastructure remains one of Kyiv’s highest priorities as Russian forces continue to target power plants, gas facilities and electricity distribution networks.

Government Reshuffle Draws Public Criticism

Koretskyi’s appointment came as hundreds of demonstrators gathered in central Kyiv to protest the broader government reshuffle announced this week.

Protesters accused Zelenskyy of unfairly sidelining Defense Minister Mykhailo Fedorov, whose removal from the post prompted criticism from some supporters.

The demonstrations highlighted the political challenges awaiting the new prime minister as he seeks to maintain public confidence while leading a government operating under wartime conditions.

Beyond overseeing Ukraine’s economy and energy security, Koretskyi will also be responsible for coordinating closely with Kyiv’s international partners, whose military and financial assistance remains essential to Ukraine’s defense against Russia’s invasion. As the country prepares for another difficult winter, his ability to balance wartime governance with long-term economic stability is expected to become one of the defining tests of his leadership.

This report is based on reporting by The Associated Press.

Article Topics: Ukraine | Serhii Koretskyi | Volodymyr Zelenskyy | Prime Minister | Energy Security | Russia-Ukraine War | Government Reshuffle | Economy

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The law expands the pool of working members of the imperial household by allowing certain descendants of former imperial branches to return through adoption and permitting princesses to retain imperial status after marrying commoners. However, it leaves Japan’s succession rules unchanged, renewing debate over the future of the world’s oldest hereditary monarchy.

The reforms stop short of addressing the question that has dominated debate for years—whether women should be allowed to inherit the throne.

Male Succession Remains

Under the Imperial House Law, only male descendants in the paternal line may inherit the throne.

The current order of succession places Crown Prince Fumihito, Emperor Naruhito’s younger brother, first in line, followed by Fumihito’s 19-year-old son, Prince Hisahito. Third in line is Prince Hitachi, the emperor’s 90-year-old uncle.

Prince Hisahito, born in 2006, is the first male child born into the imperial family in four decades.

Only five of the imperial family’s 16 adult members are men. Meanwhile, Prince Hisahito is the household’s only child, raising concerns about the monarchy’s long-term future.

Prime Minister Sanae Takaichi and other conservatives have argued that maintaining succession through the uninterrupted male bloodline is fundamental to the legitimacy of the imperial institution.

Reforms focus on expanding the imperial household

Rather than changing succession rules, the revised legislation is intended to increase the number of imperial family members available to carry out official duties.

One provision allows unmarried male descendants aged 15 or older from 11 former imperial branch families to be adopted into the imperial household. Those branches lost their royal status in 1947 as part of postwar reforms designed to reduce the financial burden of the monarchy.

According to Imperial Household Agency official Yoshimi Ogata, the descendants of those branches trace their paternal ancestry to a common imperial forebear from roughly 600 years ago.

The law also allows princesses to retain their imperial status after marrying commoners, enabling them to continue performing official public duties. However, their spouses and children would remain outside the imperial family and would not enter the line of succession.

The reforms leave Princess Aiko’s status unchanged

The reforms do not alter Princess Aiko’s eligibility for the throne.

The 24-year-old daughter of Emperor Naruhito and Empress Masako remains excluded under current law because succession is restricted to men in the paternal line.

The issue has fueled renewed public debate over whether Japan should eventually permit female emperors.

Japan has had eight reigning empresses throughout its history, most recently Empress Gosakuramachi, who ruled from 1762 to 1770. However, the principle of succession through the paternal male line was formally codified in the Imperial House Law of 1890 and largely retained in the postwar legislation enacted in 1947.

Public opinion surveys conducted in recent years have consistently shown broad support for allowing a woman to inherit the throne.

Scholars Question Long-Term Impact

Some constitutional scholars, historians and commentators argue that the reforms address the declining size of the imperial family without resolving the broader succession challenge.

Nagoya University monarchy expert Hideya Kawanishi said the measures are designed to preserve the male lineage rather than reconsider succession eligibility.

“It’s a declaration to prevent female monarchs … and to defend the male-lineage at all costs,” Kawanishi said.

Critics have also questioned whether descendants of former imperial branches would be willing to return to royal life, which carries strict personal and professional limitations.

Asahiro Kuni, 81, whose family relinquished its imperial status after World War II, told Japanese broadcaster TBS he would advise his relatives against returning if asked.

“You are asked to sacrifice your life for the happiness of the people. I can’t tell my family to choose such a difficult life,” Kuni said.

Monarchy confronts demographic and institutional challenges

Japan’s imperial household has steadily declined in size because female members traditionally lose their royal status upon marrying commoners and because relatively few male heirs remain.

Princess Mako, Emperor Naruhito’s niece, relinquished her royal status in 2021 after marrying a commoner and later moved to New York.

The newly approved legislation is intended to preserve the imperial family’s ability to carry out official responsibilities, including state ceremonies, diplomatic engagements, memorial events and public appearances.

For now, lawmakers have chosen to reinforce the imperial household without altering the succession system itself. Whether that approach can preserve the monarchy over the coming decades remains one of Japan’s most closely watched constitutional and cultural questions.

This report is based on reporting by The Associated Press.

Article Topics: Japan | Imperial Family | Imperial House Law | Emperor Naruhito | Princess Aiko | Imperial Succession | Monarchy | Parliament

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The islands of Abu Musa, Greater Tunb and Lesser Tunb sit along the deep-water shipping channel linking the Persian Gulf to the Strait of Hormuz, through which roughly one-fifth of the world’s oil and natural gas supplies move during peacetime. Their military value has drawn renewed attention after recent U.S. strikes on Abu Musa and Greater Tunb.

The attacks have reignited debate over whether the islands could become targets for broader military operations as Washington expands its campaign against Iran.

Small islands hold critical position over global shipping

Together, the three islands cover only about 10 square miles (25 square kilometers), but their location allows Iran to monitor and potentially influence maritime traffic through one of the world’s most important energy chokepoints.

Abu Musa, the largest of the islands, includes a small village but primarily serves as a base for Iran’s paramilitary Revolutionary Guard. Iranian forces have deployed fast attack boats, missile systems and air defenses there. Greater Tunb also hosts military installations and air defense systems, while the smaller Lesser Tunb maintains a military presence.

Iran seized the islands by force on Nov. 30, 1971, under Shah Mohammad Reza Pahlavi, two days before the United Arab Emirates was established. At the time, the shah, then Washington’s principal security partner in the region, faced little international opposition.

Long history of military operations

Following Iran’s 1979 Islamic Revolution, the islands became key military positions during the “Tanker War” of the 1980s, when Iranian forces targeted commercial shipping and the U.S. Navy escorted oil tankers through the Gulf.

Iran used the islands to monitor vessel movements, deploy naval mines and launch attacks against ships. U.S. estimates indicate Iran attacked more than 160 vessels during that conflict.

In the current war, the Joint Maritime Information Center, a coalition overseen by the U.S. Navy, has recorded more than 50 attacks involving commercial vessels and oil infrastructure. The incidents include cases in which U.S. forces fired on ships accused of attempting to breach Washington’s blockade on Iran.

Military analysts weigh operational risks

The recent U.S. strikes have fueled speculation over whether American forces could attempt to seize the islands.

Isabel Oakeshott, a columnist for The Telegraph, described Abu Musa as “a fixed aircraft carrier” for Iran, arguing that the islands collectively function as “a layered denial system to the most critical energy chokepoint in the world.”

Analysts caution, however, that while U.S. forces may have the capability to capture the islands, maintaining control could prove considerably more difficult.

Brandon Carr, an analyst at the Washington-based Quincy Institute for Responsible Statecraft, said American troops operating there would remain vulnerable to Iranian missile and drone attacks.

“Without prepared, hardened fortifications to provide cover — even with air support from nearby naval assets — force protection would be an enormous challenge,” Carr said.

“The Marines would come under fire from Iranian ballistic missiles and drones, severely limiting their ability to project power into the strait.”

Territorial dispute remains unresolved

The sovereignty dispute over the islands has continued for decades alongside their military importance.

In recent years, the United Arab Emirates persuaded both China and Russia to include language in joint statements supporting a resolution of the dispute through negotiations or international legal mechanisms, a position that drew sharp criticism from Tehran.

Emirati legal scholar Noora Mohamed Al Murry argued in April that the dispute extends beyond territorial claims to the security of a critical international waterway.

“What the world called a bilateral territorial dispute was, from the beginning, a strategic claim on a global chokepoint,” she wrote.

“Managed ambiguity, in a waterway this consequential, is not a neutral position. It is a choice with a price, and the world is now holding the invoice.”

Oakeshott suggested the UAE could seek renewed efforts to regain the islands after the conflict, particularly as the country hosts U.S. military forces and has repeatedly come under Iranian fire during the war.

More than five decades after Iran seized the islands, their strategic position continues to shape regional security calculations and global concerns over the uninterrupted flow of energy through the Strait of Hormuz.

This report is based on reporting by The Associated Press.

Article Topics: Strait of Hormuz | Iran | United Arab Emirates | Persian Gulf | Maritime Security | Energy Security | U.S.-Iran Conflict | Territorial Dispute

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For much of the second half, England appeared on course to reach its first World Cup final since 1966. The European side protected a narrow lead with disciplined defending before Argentina’s late surge transformed the match, as Enzo Fernández equalized in the 85th minute and Lautaro Martínez struck the winner deep into stoppage time.

The victory extends Argentina’s pursuit of consecutive World Cup titles, while England will face France in the tournament’s third-place playoff.

Cautious Opening Gives Way to England’s Breakthrough

Both teams approached the semifinal cautiously, with neither side willing to commit too many players forward during a tightly contested opening half.

Argentina controlled much of the possession but struggled to break through England’s organized defensive shape. England, meanwhile, looked dangerous on the counterattack and gradually created more opportunities after halftime.

The breakthrough arrived in the 55th minute when Anthony Gordon finished a well-worked attacking move to give England a 1-0 lead. The goal energized the English side and forced Argentina to chase the game for the first time in the tournament’s knockout stage.

England continued to defend with discipline while looking to exploit spaces on the counter, frustrating Argentina for much of the second half.

Argentina Responds Under Pressure

As time began to run out, Argentina increased the tempo and committed more players into attack.

The sustained pressure finally produced an equalizer in the 85th minute when Enzo Fernández struck to make it 1-1, shifting momentum firmly toward the defending champions and igniting the crowd inside Mercedes-Benz Stadium.

Rather than settling for extra time, Argentina continued to press high and move the ball quickly through midfield. England struggled to regain possession as the South American side controlled the closing stages.

Deep into stoppage time, Lionel Messi created the decisive opening with a precise pass into the penalty area. Lautaro Martínez met the delivery with a composed finish, completing Argentina’s comeback and sending the defending champions into another World Cup final.

Experience Makes the Difference

Argentina’s composure under pressure once again proved decisive.

Even after falling behind, Lionel Scaloni’s side remained patient, maintained possession and continued to build attacks instead of forcing opportunities. That disciplined approach gradually stretched England’s defense before producing two decisive late goals.

Messi dictated much of Argentina’s attacking play throughout the semifinal. Although he did not score, he played a crucial role in the comeback by creating the winning goal. Fernández controlled the midfield during the closing stages, while Martínez once again delivered in a decisive knockout match.

England Left to Reflect

England’s campaign ended in disappointment after an otherwise impressive tournament.

Thomas Tuchel’s side defended effectively for long stretches and looked capable of protecting its one-goal advantage. However, sustained Argentine pressure in the final minutes proved too difficult to withstand.

Despite the defeat, England reached the semifinals after an impressive run through the knockout rounds and will have an opportunity to finish third when it meets France.

World Cup Final Set

Argentina will now face Spain in Sunday’s FIFA World Cup final after both nations emerged from demanding knockout campaigns.

The matchup brings together two of the tournament’s most consistent teams and offers Argentina an opportunity to become back-to-back world champions. Spain, meanwhile, will attempt to cap its own impressive tournament by denying the defending champions another World Cup title.

Article Topics: Argentina | England | FIFA World Cup | World Cup Semifinal | Lionel Messi | Lautaro Martínez | Enzo Fernández | Spain

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The S&P 500 gained 28.81 points, or 0.4%, to close at 7,572.40, leaving the benchmark index within 0.5% of the record high it reached early last month. The Dow Jones Industrial Average rose 150.37 points, or 0.3%, to 52,658.64, while the Nasdaq Composite advanced 162.22 points, or 0.6%, to 26,269.23.

Strong earnings from major financial companies helped support the market, while new inflation data reinforced expectations that the Federal Reserve is becoming less likely to raise interest rates at its next policy meeting.

Corporate earnings lift market sentiment

BlackRock led gains among large-cap stocks, climbing 6.6% after reporting quarterly profit and revenue that exceeded analysts’ expectations.

The asset manager said its iShares exchange-traded funds surpassed $6 trillion in assets under management during the quarter. Chief Executive Laurence Fink said the milestone represents roughly a doubling of assets over the past three years.

Bank of New York Mellon rose 5.1% after reporting stronger-than-expected quarterly results, extending a series of positive earnings releases from major U.S. banks earlier in the week.

Cintas gained 4.4% after the provider of workplace uniforms, restroom supplies and business services also reported quarterly profit above analysts’ forecasts.

Not all earnings reactions were positive. Elevance Health fell 8.5% despite reporting stronger profit and revenue than analysts had expected.

Corporate earnings are receiving heightened attention as investors look for companies to justify elevated stock valuations with stronger financial performance.

Inflation data eases pressure on the Federal Reserve

Market sentiment also benefited from another inflation report indicating that price pressures continued to moderate.

Wholesale inflation slowed to 5.5% in June from 6% in May, according to the report, coming in below economists’ expectations for acceleration. The release followed consumer inflation data published a day earlier that also showed price increases were less severe than economists had anticipated.

The softer inflation readings reduced expectations that the Federal Reserve will raise interest rates at its upcoming meeting.

According to CME Group data, traders now assign about a 10% probability of a rate increase at the next Fed meeting, down sharply from nearly 42% on Monday before the latest inflation reports were released.

New York Federal Reserve President John Williams said there are “encouraging reasons to expect that inflation has peaked and should edge down in coming quarters.”

Federal Reserve Chair Kevin Warsh, however, offered little indication of the central bank’s next move during testimony before a Senate committee. While acknowledging that recent inflation figures were moving in a favorable direction, Warsh said “these are all imperfect measures of the state of underlying inflation.”

The yield on the benchmark 10-year U.S. Treasury note fell to 4.55%, down from 4.58% late Tuesday and 4.62% earlier in the week.

Oil prices remain elevated as Middle East tensions persist

Energy markets continued to reflect concerns over the conflict involving Iran after several days of reciprocal strikes between the United States and Iran across the Middle East.

Brent crude briefly traded above $86 per barrel before easing to settle at $84.95, still up 0.3% from the previous session.

Higher oil prices could complicate the inflation outlook if sustained, even as broader inflation indicators have recently improved.

Global markets show mixed performance

Outside the United States, South Korea’s Kospi index surged 6.2%, recovering after sharp volatility earlier this month driven largely by swings in technology shares tied to enthusiasm surrounding artificial intelligence.

The benchmark had previously recorded declines of 8.9%, 7.9%, and 5.3% during the month as investors reassessed valuations of major chipmakers including Samsung Electronics and SK Hynix.

In Europe, Dutch semiconductor equipment manufacturer ASML reported quarterly revenue growth above its own forecast. Chief Executive Christophe Fouquet said continued investment in artificial intelligence prompted customers to accelerate expansion plans.

Although ASML shares listed in Amsterdam slipped 0.4%, the company’s U.S.-listed shares rose 2.2% after it projected stronger-than-expected future revenue growth.

The outlook helped ease some investor concerns that AI-related stocks had become overheated following rapid gains over the past year.

Chinese markets ended mixed after government data showed the country’s economy expanded at an annualized 4.3% rate during the latest quarter, slowing from 5% growth in the previous quarter. Hong Kong’s market gained 1.4%, while Shanghai declined 0.3%.

This report is based on reporting by The Associated Press.

Article Topics: U.S. Stocks | Corporate Earnings | Inflation | Federal Reserve | Oil Prices | BlackRock | Global Markets | AI Industry

The post Wall Street Edges Higher as Earnings and Cooling Inflation Offset Rising Oil Prices appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.

The findings, released Wednesday, indicate that favorable views of China now exceed those of the United States in 25 of the 36 countries and territories surveyed. The shift reflects changing perceptions during a period marked by geopolitical tensions, strained U.S. relations with some allies, and evolving views of China’s international role.

According to the survey, the United States is viewed more positively than China in only six countries.

Pew says global attitudes have shifted toward China

Pew surveyed more than 42,000 respondents across 35 countries, as well as the West Bank and east Jerusalem, between February and May. The polling period coincided with the conflict involving the United States, Israel and Iran.

Laura Silver, associate director of Pew’s Global Attitudes Research and one of the study’s researchers, said this is the first time since the organization began tracking international opinion that China has achieved a clear advantage over the United States in global favorability.

Silver said the change follows the fading impact of the COVID-19 pandemic on public perceptions and a broader decline in international confidence in the United States.

“There was just an actual relationship between the outbreak of the war and the sense that the U.S. is just not contributing to peace and stability and that people have less confidence in Donald Trump,” she said.

She also cited Trump’s comments about Greenland, the U.S. military raid that captured Venezuela’s then-leader Nicolás Maduro, and Washington’s handling of the Israel-Hamas war in Gaza as factors contributing to declining international approval.

“The U.S. has done a lot in terms of global engagement in recent months to years that is not being perceived positively internationally,” Silver said.

Xi receives stronger ratings than Trump in many countries

The survey found that respondents in 22 of the 36 countries and territories expressed greater confidence in Xi than Trump, including in Canada, Mexico, France, Germany and the United Kingdom. Even so, Pew noted that confidence in both leaders remained relatively low across many surveyed countries.

Silver said China has also benefited from comparisons with the United States, with respondents in many countries viewing Beijing as a more reliable international partner.

“By comparison, we know that China is seen to be a more reliable partner in many places. It’s more likely to be seen to contribute to global peace and stability,” she said.

The White House rejected the findings’ broader implications.

White House spokesperson Olivia Wales said Trump “has done more for global stability than anyone else,” pointing to what she described as the president’s role in “obliterated Iran’s nuclear facilities” and “eliminated hundreds of narcoterrorists.”

“President Trump is the leader of the free world, and thanks to his bold leadership the United States of America has never been stronger,” Wales said.

The Chinese Embassy in Washington said the survey “demonstrates that China’s governance achievements and development progress are widely recognized.”

Allied countries show significant changes in opinion

Some of the largest shifts were recorded among traditional U.S. allies.

In Canada, favorable views of the United States declined to 33% from 57% in 2023, while positive opinions of China increased from 14% to 44% over the same period.

Relations between Washington and Ottawa have been strained after Trump imposed tariffs on Canadian goods and repeatedly suggested Canada could become “the 51st state.”

Several major European countries—including France, Germany, Spain, Italy, Sweden and the Netherlands—also shifted toward viewing China more favorably than the United States.

In the United Kingdom, where about six in ten respondents viewed the United States positively in 2023, opinions of China and the United States are now roughly equal. Three years earlier, the United States held a 32-percentage-point advantage.

U.S. retains advantage on personal freedoms

Despite China’s improved standing, respondents continued to rate the United States more favorably on respect for personal freedoms, although Pew said that advantage has narrowed since 2021.

The report attributed the shrinking gap primarily to declining confidence that the U.S. government respects the personal freedoms of its own citizens rather than to a substantial improvement in perceptions of China’s record.

Israel recorded the strongest support for the United States among surveyed countries, with about eight in ten respondents expressing favorable views of America compared with 19% for China.

The other countries where the United States remained more popular than China were Japan, India, South Korea, the Philippines and Poland, although Pew found that favorable views of the United States have declined in those countries in recent years as well.

Pew said the survey carries margins of error ranging from 2.3 to 5.5 percentage points, depending on the country.

This report is based on reporting by The Associated Press.

Article Topics: China | United States | Global Public Opinion | Xi Jinping | Donald Trump | Pew Research Center | International Relations | Public Diplomacy

The post Global Survey Finds China and Xi Viewed More Favorably Than U.S. and Trump in Many Countries appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.