UK gilt yields Burnham

Semiconductors posted their biggest daily gain in a month as hedge funds scrambled to rebuild positions ahead of mega-cap earnings, but Brent crude topped $91 after Houthis threatened a Saudi Red Sea blockade and the US completed a tenth day of strikes on Iran.

US airstrikes on Iran hit a tenth straight day with three soldiers dead and Houthis threatening a Saudi Red Sea blockade. Brent crude breached $90, the S&P 500 slipped 0.2%, and UK gilt yields surged after PM Burnham’s surprise Chancellor pick rattled markets.