PAKISTAN TO BUY MORE OIL FROM RUSSIA AMID STRAIT OF HORMUZ CRISIS - TASS CITES AMBASSADOR

Domestic News: 1. Trump will pay a state visit to China from May 13th to 15th. 2. Ticket prices for some high-speed trains on the Beijing-Shanghai line will increase by 20%. 3. China and the US successfully jointly cracked a drug smuggling case involving Guo and others. 4. National Bureau of Statistics: Consumer prices rose 1.2% year-on-year in April 2026. 5. China Chamber of Commerce for Machinery and Electronic Products submitted comments on the draft amendments to the EU's Cybersecurity Law. 6. The People's Bank of China released its Q1 2026 Monetary Policy Implementation Report, emphasizing the continued implementation of a moderately loose monetary policy and the need to closely monitor the impact of imported inflation on the domestic economy. 7. The General Office of the State Council issued the "2026 Legislative Work Plan," which proposes improving artificial intelligence governance and accelerating comprehensive legislation for the healthy development of artificial intelligence. International News: 1. Russia lowered its 2026 economic growth forecast from 1.3% to 0.4%. 2. The Philippine House of Representatives passed articles of impeachment against Vice President Sarah Duterte. 3. British Prime Minister Keir Starmer's speech failed to calm sentiment within his party, with over 70 Labour MPs calling for his resignation. 4. Peru, the world's third-largest silver producer and ninth-largest gold producer, issued an emergency decree regarding the energy crisis. 5. Trump sought to suspend the federal gasoline tax, and senators responded with a bill to suspend the fuel tax for 90 days. 6. Trump: Working to lower beef prices. Sources say Trump will temporarily lower tariffs on imported beef. 7. US media: The Pentagon has reportedly begun updating its military action plans against Cuba in preparation for action ordered by Trump. 8. The Indian Prime Minister called for reduced oil consumption, gold purchases, and overseas travel to conserve foreign exchange reserves. The country is reportedly considering restricting gold imports and raising fuel prices. 9. Iran situation— ① Iranian media reports Iran has deployed deep-sea submarines in the Strait of Hormuz. ② Iranian sources: Iran refuses to transfer enriched uranium abroad, but is willing to dilute it to a level of 3.7%-20%, rejects the US demand to halt uranium enrichment for 20 years, and the US refuses to pay war reparations to Iran. ③ Trump: The "Freedom Project" can be restarted if necessary. ④ US media reports that the UAE launched airstrikes on an Iranian oil refinery in early April. ⑤ Axios: Trump met with his national security team on Monday to discuss the next steps, which may include resuming military operations.

EUROPEAN AEROSPACE & DEFENCE INDEX EXTENDS DECLINES, LAST DOWN 2.1%