Caroline Hepker

Silver is recovering too.

Risk on in terms of stock markets, European stocks up 0.7%.

Zetradax outperforming up by 1.1%.

Stock futures for the US are also in the green, 0.6%, higher for Nasdaq futures.

Ten-year Treasury yields are steady at 4.28.

Also, reasonably supportive reaction in French bonds to the budget decision agreement.

3.44 for French yields down, just barely a basis point this morning.

Bloomberg Dollar Spot Index is weaker two-tenths of 1%, Stephen.

I'm Caroline Hepka.

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I'm Caroline Hepker.

Elon Musk is combining SpaceX and XAI in a deal that values the enlarged entity at $1.25 trillion.

In a statement on SpaceX's website signed by Musk, the rocket firm said that it acquired XAI to innovate in areas including AI, rockets and space-based internet.

The deal brings together two of the largest closely held companies in the world.

Bloomberg's M&A reporter Ryan Gould says it's possible that Musk could also be eyeing a tie-up with Tesla in the future.

Ryan Gould speaking there.

The combined SpaceX firm is still expected to go public later this year as the world's richest man looks to fund his costly bets on artificial intelligence and space exploration.

Precious metals are recovering some of their losses today after plunging from record highs over the past few days.

Spot gold has climbed as much as 4.2% after falling by close to 5% yesterday.