Political

• The US-China technology rivalry is increasingly centered on quantum computing, with both nations treating the field as a strategic asset with profound economic and national security implications alongside AI and semiconductors. • China has deployed an estimated US$16 billion in public funding—roughly four times current US government investment—embedding quantum computing into its Five-Year Plan as one of seven frontier technologies through a highly centralized, state-led approach. • The US ecosystem remains decentralized, driven by over 40 companies, national laboratories, universities, and hyperscalers, with government support focused on funding, benchmarking, and validation rather than selecting national champions.

Prime minister is scrambling to clean up her government after youth vote powered a damaging referendum defeatFilippo Michelini was having a drink at San Calisto, a popular bar in Rome’s Trastevere neighbourhood on Wednesday night. As he chatted to his friends, Giorgia Meloni’s far-right government was reeling from a failed referendum, and her beleaguered tourism minister, Daniela Santanchè, had just resigned.Michelini, a 29-year-old computer scientist who lives in Brussels, was spending a few days in the Italian capital after returning home last weekend to cast his ballot in the plebiscite on judicial changes. Continue reading...

• Financial advisors are recommending patience for investors amid extreme market swings, noting that historical data shows staying invested typically outperforms reactive selling during crises—even during wartime. • The S&P 500 has retreated to levels not seen since August 2025, with three major indexes all significantly below their recent peaks as geopolitical uncertainty continues to roil markets. • Investment strategists emphasize that while current volatility is unsettling, panic-driven decisions often lock in losses and can result in missed opportunities for recovery.

• US S&P 500 futures hovered near flat Friday morning as investors balanced elevated borrowing costs, sticky inflation and Middle East tensions pushing energy prices. • 10-year Treasury yield held at 4.41%, pressuring credit cards and business loans, while 30-year mortgage rates reached 6.38%, making home buying costlier. • Spain's inflation at 3.3% underscores persistent living costs; interest-rate sensitive sectors like banks, real estate and small caps face tighter credit conditions.

Rising energy bills give Reform and Tories opening to attack net zero while government hesitant to make case for clean energyCould net zero become “the next Brexit”? That is the fear stalking climate advocates as the oil crisis caused by the war on Iran starts to bite.A powerful coalition of the well-funded Reform party, led by Nigel Farage, the Conservative party, some business interests, and the UK’s right-wing media, are engaged in an onslaught against the longstanding target of reaching net zero greenhouse gas emissions by 2050. Continue reading...

Reform’s ability to fundraise is hobbled in a move that draws attention to donations from an overseas billionaireReform UK are no doubt the biggest losers from the government’s emergency measures to overhaul political donations.Labour MPs are absolutely delighted that No 10 is at last bringing in changes that will hobble Reform’s ability to raise money from its Thailand-based mega-donor, Christopher Harborne, at the same time as making the electoral system fairer in the eyes of the public. Continue reading...

Government review also recommends donations from Britons abroad be capped potentially at £300,000 a yearUK politics live – latest updatesPolitical funding from British citizens living abroad should be capped at between £100,000 and £300,000 a year and donations in cryptocurrency temporarily banned, a government review has recommended.The findings by Philip Rycroft, a former permanent secretary at the Home Office, will be a blow to Reform UK, which has received about £12m in the last year from the Thai-based investor Christopher Harborne and other donations from a number of donors based in Monaco. Continue reading...