SHFE'S MOST ACTIVE FREIGHT INDEX (EUROPE ROUTE) FUTURES DOWN OVER 6%

The Israeli military needs several more weeks to achieve its objectives in Iran, officials say, though U.S. efforts to end the war may shorten this timeline. President Trump confirmed ongoing "productive" talks, while Iran denied direct negotiations. Pakistan, Egypt, Oman, and Turkey are mediating ceasefire talks. Israeli Prime Minister Netanyahu acknowledged Trump's efforts but did not confirm support.

China’s top anti-corruption body is investigating NFRA Vice Minister Zhou Liang for “serious violations of discipline and law,” a euphemism for corruption. The probe continues President Xi Jinping’s crackdown on the $69 trillion financial sector, targeting elite bankers’ misconduct. Zhou follows other high-profile cases, including former securities regulator Yi Huiman and Huarong Asset Management’s ex-chairman Lai Xiaomin, executed in 2021 for bribery.