Iranian Foreign Minister Araqchi: Pakistan's mediation process has not failed, but it faces difficulties.

Key News 1. The US Senate and White House approved Kevin Warsh as Chairman of the Federal Reserve. 2. Initial jobless claims in the US for the week ending May 9th reached 211,000, the highest since the week ending April 18th, exceeding market expectations of 205,000. 3. US retail sales rose 0.5% month-on-month in April, the lowest since January, in line with market expectations. The US import price index rose 1.9% month-on-month in April, the largest increase since March 2022. 4. US Vice President Vance said there was progress in US-Iran negotiations but did not disclose details. 5. Iranian Foreign Minister: There is no military solution regarding Iran. 6. UK Health and Social Care Secretary Wes Streatine announced his resignation and may run for Labour Party leader. Stock News 1. Cisco (CSCO.O) shares rose over 19% in pre-market trading after the company's third-quarter revenue exceeded expectations and it announced layoffs. 2. Microsoft (MSFT.O) is seeking to acquire an AI company to reduce its reliance on OpenAI. 3. TSMC (TSM.N) predicts that the semiconductor industry will reach $1.5 trillion in value by 2030, with AI and high-performance computing contributing more than half. 4. The three major US public pension funds are concerned about the governance structure of SpaceX, which is about to go public, and are demanding that SpaceX eliminate super voting rights and establish a board of directors with a majority of external shareholders. 5. Honda Motor (HMC.N) shares rose more than 2% in pre-market trading. The company reported its first annual operating loss since its IPO, but expressed confidence in returning to profitability in fiscal year 2026. 6. Amazon (AMZN.O) has embedded Alexa into its shopping search bar to generate product comparisons or actual purchase suggestions as responses.

Iranian Parliament Internal Affairs Committee member Nahaei: Under the careful planning and orders of Supreme Leader Mojtaba Khamenei, our armed forces will respond firmly and appropriately to Trump's empty rhetoric and to the United States and any of its accomplices.