In BIG PICTURE NEWS, we consider Trump's options in Iran, how countries are de-risking from America and how central bankers rally to support Powell while China's trade surplus booms, Starmer gives up on mandatory digital IDs and the Northern Powerhouse project gets a lift. In TECH & MEDIA NEWS, Microsoft says China's winning, Warhammer makes a stand on AI, Netflix prepares another offer and the BBC tries to fend off Trump. In RETAIL NEWS, Fortnums does well, European luxury has a China wobble and we see that Russell & Bromley could disappear. In MISCELLANEOUS NEWS, JP Morgan takes a hit, Boeing beats Airbus, Delta is hopeful and we see the latest in defence company developments. AND FINALLY, I bring you a classic Bob Mortimer short story...