China's economy lost momentum at the start of the second half, with industrial output and retail sales slowing as extreme weather disruptions and persistently weak domestic demand renew pressure on policymakers to step up stimulus.

Economic activity cooled as surging exports fueled by the AI boom failed to offset weakness in domestic demand.

China’s industrial output softened last month and consumer spending was muted, underlining the pressure on the country’s top leadership to fulfil promises to accelerate fiscal stimulus spending. Industrial output expanded 4.

The data is reinforcing concerns about the health of the world's second-largest economy, which has grappled with a deepening supply-demand imbalance.

Both contracts gained more than 5% ​last week following attacks on tankers ⁠in the Hormuz strait and on a Saudi Aramco refinery.

The U.S. and Iran remain in a stalemate as the 60-day negotiation period expires, and access to the Strait of Hormuz remains unclear. Emily Peck, a markets correspondent for Axios, joins with more.

Oil prices retained a substantial risk premium with Brent crude and WTI gaining in mid-morning European trade.

Iran deal was supposed to open the Strait of Hormuz while they negotiated a final deal on Tehran's nuclear program within 60 days.

We have the illusion that everything [in Ukraine] will collapse. It has not collapsed and will not collapse. Our costs are mounting,” said Andrei Klepach.

The chief economist at one of Russia’s largest state-run financial institutions has been fired after reportedly warning the country would lose a “war of attrition” against Ukraine and the conflict’s economic toll would trigger a major crisis.

VEB.RF, Russian state development bank, economist Andrei Klepach warned Russia is losing the war of attrition before his firing, as the European Union prepares sweeping sanctions.

Russian state development bank VEB has fired its chief economist over remarks in which he said the country was falling behind the West and China and suffering mounting economic damage from the war in Ukraine,