According to the Financial Times, Volkswagen will reach an agreement with Israel's Iron Dome manufacturer to shift its focus from the automotive business to missile defense.

According to the Islamic Republic of Iran (IRNA) news agency, the United States and Israel attacked areas surrounding the Bushehr nuclear power plant on Tuesday.

Markets/Commodities - Shanghai Gold Exchange warns of heightened volatility in precious metals, urges risk controls and prudent trading - Gold erased its 2026, dropped nearly 5% below $4,300, its worst weekly loss since 1983 - China imposed temporary controls on refined fuel prices, with gasoline and diesel prices effectively raised by 1,160 yuan and 1,115 yuan per ton, respectively Rates / Macro - Yield gap between 10-year Chinese government bonds and U.S. Treasury widens to about 260 basis points, largest since August 2025 - Goldman Sachs raises U.S. recession probability to 30% Technology / AI / Semiconductors - TSMC’s 2nm capacity oversubscribed, orders pushed beyond 2028 - Alibaba Damo Academy may unveil major AI chip tomorrow - Sources: Alibaba to launch JVS Book laptop and JVS Box mini PC, both based on OpenClaw-like architecture; hardware led by Aliyun Wuying team to extend AI agent experience from software to devices - Several private equity firms in talks for minority stakes in OpenAI, Anthropic JVS, sources say - Apple sets June 8 WWDC to unveil key AI push Corporate/Capex - Xiaomi's Lei Jun says the company has invested over 100 billion yuan in the last five years, and to invest 200 billion yuan in the next five years Geopolitics / Energy / Iran - China’s state-owned refiners are exploring purchases of Iranian crude after the US allowed some oil already on tankers to ease Middle East war price pressures - Iran’s defense council says an attack on Iran’s coast or islands will cut Gulf routes and communication lines, lead to laying of explosive sea mines including from Iran's coast - Trump: Have had talks with Iran regarding end to hostilities - Trump to Fox Business: Deal with Iran could be 5 days or sooner -Trump suggests Hormuz will open soon, not clear on conditions - Iran has not responded to US requests for talks: TV - Iran's parliament speaker: No negotiations have been held with the US, and fakenews is used to manipulate the financial and oil markets and escape the quagmire in which the US and Israel are trapped: X post - Thousands of U.S. Marines are set to enter U.S. Central Command on Friday, the same day President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz Policy / Regulation / Industry - Beijing authorities summon 12 platforms over “cutthroat” competition - China industry minister meets heads of several enterprises and business associations including as Apple, Qualcomm, SK Hynix, Volkswagen, Mercedes-Benz and Siemens-statement