The focus on AI spending by big tech firms is expected to increase further, with companies such as SK Hynix and Nestle reporting positive results from consumers cutting costs. However, the ongoing Iran conflict raises concerns about supply disruptions and demand destruction in the euro zone. In Britain, manufacturers have turned their most pessimistic since the start of the COVID-19 pandemic as inflation indicators rise. The European Central Bank is likely to raise interest rates in June, although there is no agreement on what the future direction may follow. The Federal Reserve is expected not to cut rates for at least six months, raising pressure on President Donald Trump's pick to head the Fed.