The US President arrived in Beijing yesterday for talks with his Chinese counterpart, Xi Jinping, at the Great Hall of the People in Tiananmen Square, covering a broad agenda including trade, tariffs, semiconductors, AI, and rare earths. The Middle East conflict is certain to feature prominently in discussions between the two leaders. China, an ally of Iran, is seeking a compromise with Washington to end the two-month-old war in the Persian Gulf. Notably, this marks the first visit by a US President to the Middle Kingdom since Trump in November 2017.

Will the fate of the war in Iran be decided in Beijing? This is the question being asked on the streets of Tehran, where some residents remain hopeful. 'I believe China will exert its influence and secure whatever guarantees or conditions it deems necessary from the United States,' one Iranian citizen remarked.

'Our control of the Strait of Hormuz will generate significant economic returns for our country - potentially doubling our oil revenues - and will strengthen our influence on the international stage,' stated Mohammad Akraminia, a spokesperson for the Iranian military, according to the official Isna news agency. He added that the western portion of the strait is controlled by the naval forces of the Revolutionary Guard, the Islamic Republic's ideological army, while the eastern part is overseen by the Iranian Navy.

Meanwhile, France is set to 'launch an initiative at the United Nations' to propose a 'framework' for a 'completely neutral and peaceful' mission to secure the Strait of Hormuz in the future, Emmanuel Macron announced Tuesday in an interview with TV5, France 24, and Radio France Internationale. Such a move could materialize once Tehran and Washington agree to lift their respective blockades following an accord between the two sides.

Iranian conflict: Pentagon estimates US bill at 29 billion dollars

Since the start of the US blockade of Iranian ports, American forces claim to have 'redirected 67 commercial vessels, authorized the passage of 15 humanitarian aid ships, and detained four vessels to ensure compliance with the blockade,' according to US Central Command (Centcom) in a post on X.

According to the Pentagon's acting comptroller, Jules Hurst, the war in Iran has cost the United States 29 billion dollars, CBS News reports. Secretary Pete Hegseth had previously announced a cost of 25 billion USD last month.

Against this heavy geopolitical backdrop, oil prices were trending higher before 8:30 AM. Brent crude rose 0.11% to 105.84 USD, while WTI gained 0.51% to 101.51 USD.

On the corporate front, Bastide reported third-quarter 2025-2026 revenue of 131.5 million euros, representing growth of 5%, or 5.2% on an organic basis. The French home healthcare equipment provider confirmed its full-year targets: revenue of at least 510 million euros and an operating margin of approximately 9%.

Furthermore, Euroapi addressed press rumors regarding its Brindisi site. The specialist in the development and manufacturing of active pharmaceutical ingredients (APIs) indicated it is engaged in discussions with potential buyers concerning the site's future, though no decision has been made. Euroapi will provide updates should any transaction materialize.

Invibes Advertising, an advanced technology firm specializing in digital advertising, recorded first-quarter 2026 revenue of 3.9 million euros, a 25% decline, as the advertising market continues to be impacted by advertiser caution.

In Europe, British luxury group Burberry announced this morning that annual revenues for the 2025/2026 fiscal year fell 2% year-on-year to 2.42 billion GBP. Its adjusted operating margin improved by 560 basis points to 6.6%.

On the macro front, UK GDP grew by 1.2% year-on-year in March, surpassing analyst expectations of a 0.7% increase. Growth stood at 1% in February.