Brent crude fell as much as 3.9% in London trading, dipping below $80/bbl for the first time since early March after the US and Iran reached an agreement to reopen transit through the Strait of Hormuz, lifting expectations of oil supply restoration. The US and Iran are expected to sign a temporary accord in Switzerland on Friday; Washington and Tehran have not released details.

China industrial value added at firms above designated size rose 4.5% YoY in May, accelerating 0.4 ppt from April; MoM +0.40%. By sector, mining +2.3% YoY, manufacturing +4.4%, utilities (power, heat, gas, water) +7.6%. Equipment manufacturing value added +9.5% YoY (up 1.2 ppt); high‑tech manufacturing +15.1% YoY (up 2.3 ppt). By product, May output of 3D printing equipment +54.4% YoY, lithium‑ion batteries +40.0%, industrial robots +27.9%. Jan–May industrial value added +5.4% YoY. May manufacturing PMI 50.0; enterprise business expectations index 53.9. Jan–Apr profits at industrial firms above designated size totaled 2.436 trillion yuan, up 18.2% YoY.

China foreign minister Wang Yi and Pakistan deputy prime minister and foreign minister Dar spoke by phone on the evening of June 16, 2026. Pakistan reported that Iran and the United States had reached a first‑phase memorandum of understanding and thanked China for close communication and support for Pakistan’s mediation efforts. Pakistan said it expects continued coordination with China to sustain the momentum of talks and help secure regional peace and stability. Wang congratulated Pakistan on advancing the Iran‑US first‑phase MOU, said pursuing peace is an international responsibility, and said China has engaged parties since hostilities began, backed Pakistan as a mediator and separately engaged both Iran and the United States.