Volvo said its truck business in China rose 14% year-on-year.

Li Auto (02015.HK) launched the new Li L6 four-wheel drive SUV, with a unified national retail price of RMB 249,800.

US-Iran tit‑for‑tat strikes have accelerated, keeping oil markets, regional risk and US munitions inventories in focus. Iran faces deep economic strain from decades of US sanctions and recent fighting: per‑capita GDP has fallen from about $8,000 to $5,000 and oil exports have dropped from roughly 2.2m bpd to 1.5m bpd. A June memorandum briefly eased restrictions — 60‑day waivers and asset unfreezing pushed the ribbon up ~15% — but the US has reimposed sanctions this week. CSIS analysis says Iran has taken heavy military attrition: as of April 1 missile stocks down ~30% and drone stocks down ~60%, with significant damage to naval infrastructure and weapons production sites; strikes have continued, including recent attacks on Greater Tunb island. Oil jumped about 12% after the latest strikes amid renewed fears for Strait of Hormuz transit; roughly one‑fifth of global oil flows use the strait. US domestic politics and costs matter: US average gasoline rose from $2.98/gal pre‑conflict to a May peak of $4.63/gal, and a YouGov poll shows 57% of Americans view participation as wrong ahead of November midterms. US munitions consumption is also a constraint — CSIS reports four of seven main combat munitions were more than half expanded in the first phase; replenishment under industrial measures would take months to years — and analysts warn key interceptors and cruise missiles are being consumed rapidly. Iran appears resilient: analysts say leadership views the fight as existential, drone production reportedly resumed after April ceasefire and could replenish stocks within months. Regionally, Gulf states are strengthening data‑sharing and early‑warning coordination. Market takeaway: elevated oil risk premium, potential for protracted disruption to regional supply, and near-term pressure on US military inventories and politics capital.