Global markets faced significant volatility as the Nikkei 225 tumbled 3.12% and European equities recorded their worst single-day performance in a month, with investors bracing for upcoming Federal Reserve minutes and a slight cooling in the global technology selloff. Amid this broader market nervousness, commodity sectors are reacting to geopolitical instability, specifically the persistent uncertainty regarding the Strait of Hormuz which has driven oil prices higher for a fourth consecutive day. This urgency in the energy sector is mirrored by the domestic debate over UK energy security, where proponents of the North Sea's Jackdaw and Rosebank projects argue that continued domestic production is essential to managing supply while navigating the transition to net zero. In major corporate activity, the most significant move came from SK Hynix, which announced a massive share buyback and cancellation program valued at approximately 40 trillion won, signaling substantial capital management. Meanwhile, the frontier technology space remains focused on semiconductor competition, highlighted by the $21 billion valuation of AI chip startup Etched, even as broader corporate earnings remain mixed, with firms like Elmera and Latour reporting profit or sales growth, while others such as Smith+Nephew face management turnover and Lifecare focuses on structural cost reductions to extend its operational runway.