Fed's Paulson says rising uncertainty has left households and firms cautious about the economic outlook.

Hong Kong-listed Pop Mart (09992.HK) rose more than 8% intraday after closing nearly 5% higher yesterday. HKEX disclosed that prominent investor Duan Yongping has taken a reported stake in Pop Mart; his latest holding is valued at over HK$11.7 billion HKD.

Iran’s Islamic Revolutionary Guard Corps said it launched a large-scale missile and drone strike on a US base in Kuwait this morning in retaliation for an attack on Abbas Port and that such operations will continue as a new routine; Iranian state media also reported Iran’s air defenses shot down a US drone near Bushehr. The US military said it intercepted five Iranian drones and struck Iranian military sites; US Treasury Secretary Bessent said Washington will maintain maximum pressure on Iran and has warned firms and states not to pay any proposed passage fees. Washington has added Iran’s Persian Gulf Strait Authority to its sanctions list and placed the UN special rapporteur for the West Bank and Gaza under sanctions. Iran warned it controls and manages the Strait of Hormuz, said it will decisively respond to any interference, and reported warning shots at four vessels near the strait; Gulf states condemned the Kuwait attack, with the UAE explicitly blaming Iran. Israel ordered the military to occupy 70% of Gaza and carried out strikes in Beirut reportedly aimed at Iranian militia commanders; the IDF detained five militants in Judea and Samaria. On negotiations, Iran says frozen assets must be released unconditionally; US and Iranian officials reportedly agreed on a memorandum of understanding that still requires final approval, while Tehran’s leadership has not formally endorsed any deal and Iran’s deputy foreign minister said it will not sign agreements contrary to national interests.