China SC2608 crude futures tumbled intraday, losses widening to 3.97% at 469.7 yuan/barrel; turnover about 4.51 bln yuan. Open interest fell nearly 400 contracts, leaving positions slightly lower.

Financial Times reports Germany will abandon plans to build six F126 frigates — a programme meant to produce the country's largest warship since WWII — and instead procure eight smaller Meko A-200 frigates, two people familiar with the matter said. Defence minister Pistorius and senior officials notified industry representatives and senior MPs on Tuesday. The move strips Rheinmetall of an expected prime-contractor role on the EUR 12.8 bln F126 programme and marks one of Berlin's most serious recent defence procurement failures.

Trump says Iran cannot have nuclear weapons.