Japan's AZEC ministerial meeting on the 8th will discuss expanding Asian oil reserve cooperation

UK Chancellor of the Exchequer John Healey has informed the country’s largest banks that the government is facing a “difficult fiscal situation”, but did not provide clear guidance on whether the upcoming budget, set to be released later this month, will increase the tax burden on banks. According to informed sources, executives from several major UK banks used a meeting with Healey on Tuesday morning to once again present their arguments against further tax increases on the banking industry. This is likely to be their final meeting with Healey before the budget announcement. Senior executives from Barclays, HSBC, Lloyds Banking Group, NatWest Group, Nationwide, and Santander were among those in attendance. Sources indicated that these bank executives believe increasing the tax burden on the sector would damage the government’s policy goal of boosting economic growth, while further widening the gap between London and competing financial centers such as New York.

The CEO of Japan Oil, Gas and Metals National Corporation (JOGMEC) stated that Japan is planning to take follow-up measures to reduce its dependence on energy from the Middle East. Currently, over 90% of Japan's crude oil imports come from the Middle East, making the country's energy supply stability highly susceptible to geopolitical fluctuations. This move is considered in response to the practical need to ensure Japan's energy security.

Wells Fargo raised the target price for Meta Platforms (META.US) from $796 to $1,000.

Wells Fargo has lowered the target price for Delta Air Lines (DAL.US) from $105 to $100.