Rolling coverage of the latest economic and financial news
The Chinese fast fashion giant Shein reported a $99m (£74.1m) net loss in its first quarter, after the removal of an import duty exemption in the US on small packages triggered a slowdown in sales.
The figures were released as part of the company’s pre-IPO paperwork, as it prepares to list on Hong Kong’s stock exchange.
US officials, including UN ambassador Mike Waltz, have stressed that all military options remain on the table and that President Trump is simply giving negotiations more space. However, reports from the New York Times and Axios suggest an active debate within the administration over both the effectiveness and costs of further strikes, with some military officials reportedly arguing that key objectives have largely been achieved. For now, the market is treating the lull as a positive development, although the situation remains highly fluid.
The main market risk remains the energy and shipping front. Traffic through Hormuz remains severely disrupted, while the conflict has broadened into the Red Sea, where Iran-backed Houthi forces reportedly launched missile and drone attacks against Saudi energy infrastructure around Jizan and Yanbu over the weekend, prompting retaliatory Saudi strikes. This raises the prospect of simultaneous disruption to both Gulf and Red Sea export routes. So a welcome pause from the main actors but a fragile one, especially with side battles still ongoing.
7am BST: AstraZeneca half-year results
1.30pm BST: US durable goods orders