Ares Management has held talks to acquire Leonard Green & Partners, a move that would mark one of the largest private‑equity consolidations in recent years. The discussions come as the firm seeks to broaden its platform amid a shifting market landscape.

At the same time, a key gauge of risk in holding the debt of companies at the centre of the AI boom has reached a record high, reflecting heightened concern over leveraged exposure to fast‑growing tech firms. Separately, Total Energies will be able to continue selling gas from its flagship Siberian project to Asia after receiving an EU sanctions reprieve, securing a vital revenue stream.

In the UK, institutional investors are snapping up bundles of homes at large discounts as housebuilders offload inventory to stimulate sales. Meanwhile, LVMH’s fashion and handbags division returned to growth for the first time in two years, driven by a rebound in Dior performance that lifted the luxury group’s overall results.