The Vix indicator of the time to buy
A rise in the equity market’s fear gauge is usually a signal of a rally to come
Small caps revisited
Index choice matters, and so do valuations
No state aid ‘free for all’ to ease energy shock, new EU antitrust chief warns
Also in this newsletter: UN trade agency chief says Brussels protectionism hurts developing world
‘There is only one QQQ,’ prays Invesco
QQQ quake
Carney’s Liberals secure majority in Canadian parliament
Prime minister has lured MPs from rival parties in recent months as he seeks to counter Donald Trump’s threats
FirstFT: Starmer accused of ‘complacency’ over UK defence
Also in today’s newsletter: Iran open to talks with US and corporate America set for bumper earnings
Oil price retreats amid reports of renewed Iran-US talks
President Masoud Pezeshkian says Tehran will accept discussions only within framework of ‘international law’
China’s exports slow as Middle East turmoil weighs on trade
Rising fuel prices and tech imports spur surge in imports
Transcript: OpenAI investors question its valuation
Sonja Hutson speaks to George Hammond and Raya Jalabi
Wall Street’s deal machine sputters
Goldman Sachs’ warning that its deal pipeline has shrunk is a red flag for M&A prospects
Mythos and the cyber security risk facing all states
AI is like the atomic bomb — once you invent the means to build one, you live in a different world
JD Vance takes on ‘poisoned chalice’ of Trump’s foreign policy missions
Vice-president returns to Washington empty-handed after twin failures on Iran talks and in Hungary
How a London teenager shoplifted £140,000
What was unusual was not just the value of the goods — it was the fact that the boy was caught
How the Michael film premiere kept Jackson’s critics at bay
A weekend-long Berlin event showed that fan ecstasy can be harnessed to drown out controversy — and journalists
OpenAI investors question $852bn valuation as strategy shifts
Chief executive Sam Altman refocuses AI company as Anthropic tests its early lead
The suburban social scene drives David Lloyd’s growth
The chain has turned its tennis centres into places for middle-class families to get fit and hang out
Young trader who made $250mn on Russian crude sets sights on Guyana
Christopher Eppinger is ‘getting goosebumps’ over opportunities from South American nation’s oil boom
Corporate America set to deliver bumper earnings despite Iran war
Analysts expect profits to be boosted by weak dollar and Trump administration’s tax and spending plans
Life inside Iran’s internet blackout
The regime has cut off online access since the US and Israel attacked in February
Why ‘glue work’ can finally shine in the age of AI
Automating technical skills will transform the value of those who can build relationships and hold projects together
Senior NHS officials warned staff over criticising rollout of Palantir platform
Ethical objections and uneven adoption have made the tech group’s contract a divisive issue within English health service
Ask a stylist: flats have finally got comfy and cool. How do I choose?
Mary Janes, smoking slippers and fisherman sandals are smarter alternatives to sneakers
These are Venice’s most spectacular suites (but bring your own gaffer tape . . .)
Key Notes | A 15th-century Venice landmark has undergone a magnificent restoration — albeit with just a few teething troubles
China shock 2.0: the flood of high-tech goods that will change the world
Impelled by furious competition, hefty subsidies and sheer scale, the country’s companies are cutting a swath through the world’s most advanced industries