Iran's chief negotiator Ghalibaf said Iran will never compromise on its rights in the Strait of Hormuz.

Bank of England Governor Bailey is scheduled to speak in Sintra this week and is expected to take a relatively relaxed tone. A global oil-price plunge has eased inflation pressures; institutional research projects inflation will peak near 3% and fall to about 2.3% next year, well below the BoE’s prior outlook, which could allow rates to be cut from 3.75% to 3.5% by June 2027. Markets will watch whether Bailey today effectively endorses that view and explicitly rules out further hikes.

Nestle plans to remove artificial food colorants from all global products by end-2026, making it the first major food company to take such a step, a senior executive said. The move follows rapid uptake of GLP-1 weight-loss drugs and rising consumer scrutiny of ingredients, increasing pressure on food firms to offer healthier products. Nestle CTO Stefan Palzer said: By end-2026 Nestle’s global product range will contain no artificial colorants.