In BIG PICTURE NEWS, we look at the latest developments in Iran, the reaction, consequences and OpenAI's push-back, Trump's law firm U-turn and France's offer. In INVESTMENT-RELATED NEWS, private credit goes down, AI poses risks for shadow banking, Modella looks to close more WH Smith stores, equity punks get wiped out and Goldman's former boss talks market crash. In MISCELLANEOUS NEWS, BYD suffers, prediction markets could spell disaster, UK mortgage approvals fall while house prices rise and shop price inflation slows down. AND FINALLY, I bring you some puppy moments...