Morgan Stanley strategists led by Michael Wilson say U.S. equity flows are rotating out of chip stocks into previously lagging hyperscalers — including Microsoft, Amazon and Meta — driven by their strong core businesses and role in AI data‑center demand. The team warns momentum is fading among some large-cap names, leaving major U.S. indices under short-term pressure while sector rotation continues in a generally weak market. Wilson adds recent underperformance could begin to soften expectations

LME on-warrants and canceled warrants: Copper on-warrants 201,025 t, down 300 t; canceled warrants 113,925 t, down 3,650 t. Aluminium on-warrants 246,600 t, unchanged; canceled warrants 48,950 t, down 3,225 t. Zinc on-warrants 91,425 t, down 5,475 t; canceled warrants 27,000 t, up 5,225 t. Nickel on-warrants 258,576 t, unchanged; canceled warrants 16,044 t, unchanged. Lead on-warrants 274,400 t, down 1,900 t; canceled warrants 17,875 t, up 1,025 t. Tin on-warrants 7,100 t, down 25 t; canceled warrants 1,225 t, down 105 t.

Around 30 European heads of government held a midnight emergency meeting, called by participants a "therapy night", to discuss a breakdown in relations with the United States after President Trump threatened to take Greenland from Denmark. Macron said "there is no turning back" and warned Europe’s overreliance on the US posed a security risk. Several leaders complained the Trump administration appears more focused on mining and energy deals than traditional US security roles; Denmark’s prime minister appeared visibly alarmed. Italy’s Meloni said engagement with Trump was still possible. Leaders said they were exploring different paths from the US but had not pursued a formal split; rising mutual distrust will test alliance cohesion at this week’s NATO summit.