Iranian media reported multiple sites in southern Iran were struck on July 9. Iran’s Islamic Revolutionary Guard Corps (IRGC) said its Aerospace Force launched 10 ballistic missiles on July 9 in what it called a second-phase response to US military aggression, striking US command-and-control centers in West Asia and the Azraq air base in Jordan. The IRGC warned that further US military action would draw heavy strikes on other US bases in the region.

Morgan Stanley cut Xiaomi Group (01810.HK) target price by 29% to HKD32 from HKD45 and maintained an Overweight rating, citing lower EV delivery assumptions and weaker smartphone sales that slow MAU growth and trim its internet-services valuation. MS now projects ~100,000 EV deliveries in 2Q 2026 and ~180,000 in 1H 2026—about 33% of Xiaomi’s 550,000 full-year target—and says the company is unlikely to hit the 550,000 target even with planned H2 product launches. The bank lowered its EV delivery forecast for this year to 500,000 from 580,000 and cut the 2027 forecast to 700,000 from 750,000. MS also estimates Xiaomi’s AI-related investments are conservatively worth RMB32 billion and could re-rate materially if profit growth resumes.

A US official said diplomatic efforts remain underway to defuse US‑Iran tensions and that Washington has been deliberately pausing strikes after attacks to avoid escalation and preserve space for diplomacy while keeping a target list as leverage. Multiple officials said US forces were prepared to strike Iran that night if needed but were allowing diplomacy to lead. Carrier Abraham Lincoln, deployed in the Arabian Sea, loaded weapons and conducted flight drills; the carrier captain told thousands aboard the situation was heating up and to maintain readiness. US officials said Iranian claims that US forces carried out additional strikes that night were inaccurate; the situation remains fluid and strikes could resume if necessary.