China’s foreign minister said during a meeting with his Iranian counterpart that a complete ceasefire is indispensable. He added that China is ready to continue efforts to help reduce tensions.

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China's auto sector is likely to face multiple challenges this year, Bernstein analysts say, maintaining a cautious outlook. The reduction in government subsidies and a 5% purchase tax hike on EVs are expected to slow market momentum, following a high base with demand pulled forward into 2024-2025. Macro headwinds and weak consumer sentiment persist, they note. The auto sector will likely also face pressure from material cost inflation headwinds, they say. Sector sales volumes could fall between 4% and 8%, to 28 million to 29 million units this year, they add. Among the EV makers, Bernstein rates BYD and Xiaomi at outperform