Chip stocks bounce back as AI rally resumes; CMA launches inquiry into Paramount-Warner Bros deal – business live

Rolling coverage of the latest economic and financial news, as the AI trade bounces backOpenAI confidentially files for initial public offering on US stock marketThe pound is strengthening against the US dollar today, as calm returns to the markets.Sterling is up a third of a cent at $1.3376.A light week in terms of macroeconomic news out of the UK meant the focus for sterling traders was mostly elsewhere. We did see an MPC member (Greene) stating that she would consider voting for a hike at the next Bank of England meeting later this month.A notable upward revision in the PMI business indices last week suggests that the initial confidence drop was overstated and that the UK economy is more resilient to the Middle East events than first feared. We look to this week’s April monthly GDP data