Nikkei reports Honda and Nissan are set to reach an agreement to jointly develop vehicle software.

Financial Times reports US efforts to isolate Iran are now threatening Dubai’s long-standing role as an offshore hub supplying the sanctioned Iranian economy with financial services, trade channels and access to global markets. Bourse & Bazaar Foundation CEO Esfandyar Batmanghelidj says the UAE — via Dubai’s Jebel Ali port — is effectively Iran’s only major container-route for imports; Iran lacks alternative main container ports. Before the outbreak of the war, annual UAE‑Iran trade approached $30bn, much of it transported by traditional dhows that underpin Dubai’s old-city spice and gold souks.

Short-dated U.S. interest-rate futures fell as markets priced higher odds of a Fed rate hike following remarks by Fed Chair Kevin Warsh.