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Global equities declined for a second consecutive day as escalating conflict in the Middle East — particularly attacks on critical energy infrastructure — pushed oil prices sharply higher and heightened fears of renewed inflation.

Global equity markets have been recovering for a third day. The MSCI All Country World Index rose 0.4%, while overnight Asian shares climbed 2.2%, driven mostly by technology stocks as Nvidia’s positive comments renewed optimism in artificial intelligence.

US President Donald Trump has ramped up pressure on nations to help reopen the Strait of Hormuz. Trump has signalled to Chinese President Xi that he may delay the summit with China if Beijing is unwilling to assist in Hormuz.