Andy Burnham promises to meet fiscal rules as prime minister

Andy Burnham has become the new prime minister of the UK. He takes office during a challenging time for the global economy, with issues like weak growth and regional differences in the UK. Burnham has promised to create 'good growth in every postcode' by giving more power to local communities. However, he faces pressure from public finances and limited time before the next election.

European gas prices have risen significantly, reaching a four-month high. This is due to increased conflict in the Middle East, which is causing worries about energy supplies for the winter. The Dutch natural gas benchmark went up after the US expanded its attacks in the region, and Iran responded with strikes. Analysts believe this conflict could affect the supply of liquefied natural gas (LNG) from Qatar, which is important for Europe's energy storage during the summer.

The online shopping platform AliExpress has received a record fine of €550 million from the European Union. The EU stated that AliExpress failed to prevent the sale of illegal and harmful products, such as dangerous clothing, cosmetics, and kitchen items, on its website. This fine is the largest given under the new Digital Services Act (DSA), which aims to protect consumers from unsafe products and misleading advertisements online.

In the US, technology and chip stocks have seen a recovery. Companies like Micron Technology, Seagate Technology, and Advanced Micro Devices are among those showing gains. This rebound comes after a period of uncertainty about the future of artificial intelligence (AI) related investments.

Meanwhile, the Houthi rebels in Yemen have warned of a blockade against Saudi Arabia. This action is in response to the ongoing blockade by Saudi Arabia on Yemen. This adds to the existing risks for global oil supplies, especially with the continued tensions and exchanges of fire between the US and Iran in the Strait of Hormuz, a vital waterway for oil transport.