Trump cancels envoys' Iran trip — Oil jumps, S&P 500 futures fall on Hormuz disruption fears.

Emerging-market equities hit record high as AI optimism and Iran's Strait of Hormuz proposal boost sentiment.

Emerging-market equities reached a record high, supported by optimism over artificial intelligence and a report that Iran has proposed a new plan to reopen the Strait of Hormuz.

Budget airlines seek $2.5 billion in government aid, WSJ reports. Frontier and Avelo are among those seeking funds in exchange for warrants convertible to equity stakes.

Budget airlines, including Frontier and Avelo, are reportedly seeking $2.5 billion in government aid in exchange for warrants that could convert into equity stakes, the Wall Street Journal reports.

China is tightening approvals for overseas borrowings, forcing companies to scramble for cash with about $100 billion of bonds maturing this year.

China is tightening approvals for overseas borrowings, causing some companies to urgently seek cash as approximately $100 billion in bonds are set to mature this year.

Sun Pharma agrees to acquire Organon in major India outbound deal worth billions. The deal marks one of the biggest cross-border acquisitions by an Indian firm.

Sun Pharma has agreed to acquire Organon, a New York-listed women's health-care company, in what is expected to be one of the largest India outbound deals in recent years.