Blackstone reported a 26% increase in distributable earnings to $1.98 billion, or $1.52 per share, fueled by heavy investment in the artificial intelligence sector. Total revenue for the firm climbed 36% to $5.04 billion, with assets under management reaching nearly $1.35 trillion. While private-equity inflows remained strong, the firm’s private-credit unit faced a cooling interest from individual investors.

Across the Atlantic, BNP Paribas announced plans to increase its interim dividend following a strong second quarter. Europe’s largest bank by assets saw net profit jump by a third to 4.345 billion euros, surpassing the 4.21 billion euro consensus estimate. These results arrive amid a tightening credit environment, as escalating instability in the Middle East stokes inflation concerns and drives mortgage rates to nearly year-long highs.