Iran's Foreign Minister Abbas Araghchi arrived in Russia where he will meet with President Vladimir Putin. The Iranian minister said he needed to coordinate with Russian officials after the US-Israeli military campaign against the Islamic Republic disrupted bilateral meetings.
The trip comes after an Axios report said Tehran was signaling willingness to accept an interim deal with the US whereby Iran reopens the Strait of Hormuz in exchange for Washington ending its blockade of Iranian ports.
Iranian media said Sunday that Araghchi would convey to Pakistan, the main mediator in talks with the US, that the war could end if the Americans lift their blockade, agree to new legal framework for the strait and guarantee no future military action.
Iran told Pakistan that negotiations over Iran's nuclear program -- a longer-standing issue -- could be dealt with later, Axios reported, citing a US official and two people with knowledge of the matter.
Trump on Saturday acknowledged a new plan from Iran, saying that the Islamic Republic quickly sent over a fresh proposal after he told his envoys to stand down on a trip to Pakistan for talks.
What You Need to Know Today
Stocks advanced after the Axios report. Asian shares rose 1.2% and MSCI's emerging markets index hit a record. Technology shares outperformed, with a regional tech gauge surging 3.3% to an all-time high. Brent crude was up 2.5% to $108 a barrel.
"Each time there is the whiff of a deal, the market is encouraged by the news, but the positive responses to each new announcement diminish with traders becoming fatigued," said Sean Keane, chief strategist for Asia Pacific at JB Drax Honore. "Equities markets want to rally however, and they usually don't need much encouragement to do so."
China blocked Meta's $2 billion acquisition of agentic AI startup Manus, in a surprise move to unwind a controversial deal that drew scrutiny over potential leakage of technology to the US.
Beijing has since tightened oversight of key AI firms, even as the deal was largely completed. The buyout prompted a Beijing probe into illegal foreign investment and tech exports shortly after it was announced in December.
HSBC is reviewing a long-standing perk that covers school fees for a swath of bankers in Hong Kong as part of a broader push to standardize benefits globally and reduce costs, according to people familiar with the matter.
India's Sun Pharmaceutical agreed to acquire New York-listed women's health-care company Organon & Co., in what is likely to be one of the country's biggest outbound deals on record.
Sun Pharma will pay $14 a share in cash for Organon, valuing the company at about $11.75 billion on an enterprise basis. The deal will be funded with a mix of cash and bank financing, and would mark the company's largest acquisition in more than a decade.
A sweeping crackdown by China's tax authorities is rattling traders in the world's biggest metals market, as firms grapple with severe reductions in invoicing quotas that underpin their trading activity.
China has stepped up scrutiny of so-called circular invoicing deals, where related parties execute trades between themselves and use the invoices to obtain bank funding. The State Taxation Administration said on Friday that it has intensified oversight of the practice to target fraudulent trading activity that has artificially inflated economic growth. The probe has ensnared a broad group of traders dealing in copper, aluminum and silver in Shanghai, according to several affected parties.
China's Car Headlights Can Project Movies Like Drive-In Theaters
American drive-in theaters might be a relic of the past, but Chinese carmakers have found a novel way to bring them back: headlights that project movies onto walls.
DeepSeek is aggressively pitching low-priced-plans for its just-released flagship model, intensifying competition across a Chinese AI industry trying to take on Silicon Valley's best. The AI lab is offering a 75% discount to developers using the DeepSeek-V4-Pro, released last week after months of anticipation. The move threatens to reignite a price-based war that erupted after DeepSeek up-ended the industry with the release of its R1 model last year.
What You'll Need to Know Tomorrow
For Your Commute
The US and Iran failed to launch a second round of peace talks this weekend despite a last-minute push by Pakistan, undermining Islamabad's efforts to broker an end to the two-month-old war.
Bloomberg.com subscribers are invited to nominate candidates for the inaugural VivaTech x Bloomberg Rising Star Award, to be presented in Paris on June 18. Chosen by the Bloomberg subscriber community, the Rising Star Award honors an emerging founder, technologist, academic or creator whose work is already demonstrating meaningful early impact. It celebrates individuals whose ideas, innovation and leadership are helping shape the future of technology.