NOK/SEK rises above 1.0200 for the first time since October 2023.

Iran’s rial tumbled to a record low on Monday, heightening inflationary pressure and household cost stress. Further depreciation would likely accelerate inflation and deepen economic strain; past shocks have triggered large protests that were ultimately suppressed, but a prolonged crisis could push Iran toward a dangerous tipping point. The UAE has suspended trade with Iran in recent days, removing a key sanctions-era trade buffer. Market signals to watch: Iranian oil exports, purchases by major consumers, and the rial exchange rate — simultaneous deterioration would support Washington’s claim that current pressure is more effective, while improvement would feed doubts about Trump’s Iran strategy.

Pinduoduo (PDD.O) will report Q2 results on Monday. A FactSet survey of nine analysts projects net profit of 24.4 billion yuan vs 30.75 billion yuan a year earlier, and revenue of 115.41 billion yuan vs 103.99 billion yuan a year earlier. Citi expects adjusted net profit to decline about 28% YoY, flagging weak online marketing revenue and the risk that non-operating income could again affect revenue and profit. Deutsche Bank says fundamentals have not bottomed and sees no near-term catalysts, citing intensified competition from live-streaming and social commerce, regulatory pressure on Temu in Europe, a prolonged lack of stable shareholder returns and insufficient disclosure transparency.