investingLive Asia-Pacific news wrap: Trump rejects Iran proposal ‘TOTALLY UNACCEPTABLE’

China car sales fall for seventh month as EV exports surge on Iran fuel shock China's April inflation data beats across board as energy costs reshape price landscape Japan's energy subsidies and yen defence are on a collision course ICYMI - Netanyahu says Iran war not over and refuses to rule out seizing nuclear material China April CPI 1.2% y/y (expected 0.8%, prior 0.1%) PBOC sets USD/ CNY reference rate for today at 6.8467 (vs. estimate at 6.7988) WSJ: Rising defaults and redemption pressure push Apollo to weigh $3bn credit fund sale Iran oil shock has put Fed rate cuts off the table and hikes back on, Pimco says UK and France convene 40-nation defence meet on Hormuz as Iran issues war warning Two tankers slip through Hormuz dark as Gulf oil crisis grinds on. Yeah, two. Yippee. Japanese markets are about to get more active and respond to the US-Iran war of words US futures trade has opened for the new week, oil is higher and equites a bit lower Futures aren't open yet, but early FX is pointing to risk off gap Iran state media says Iran wants sovereignty over the Strait of Hormuz China's April exports surge 14.1% as Iran war fear drives global stockpiling rush Iran dismisses Trump's nuclear talks rejection as irrelevant to its negotiating position Monday open indicative forex prices, 11 May 2026. USD bids. Trump says Iran's proposals are "TOTALLY UNACCEPTABLE" Iran said to table broad demands covering sanctions, war and security in U.S. talks Weekend: Newsquawk Week in Focus: US Inflation and Retail Sales, Chinese inflation, Trump-Xi meet Bitcoin Price Prediction Favors the Bulls Going Higher Summary: Trump rejected Iran's peace response as totally unacceptable; Iran's counter-proposal demanded war compensation, Hormuz sovereignty and sanctions relief before nuclear talks can begin Iran laid out a three-phase framework with sweeping pre-conditions; the U.S. is demanding nuclear concessions upfront, leaving the two sides fundamentally opposed Netanyahu confirmed removal of Iranian nuclear material remains a war priority; reports indicate Trump told him he wants to go in on Iranian nuclear sites Saudi Aramco warned a Hormuz reopening would take months to normalise markets; Qatar sent its first LNG cargo through the strait since the war began China's April PPI hit a 45-month high of 2.8%, well above forecasts, ending a 41-month deflationary streak; CPI rose 1.2%, both driven by Iran war energy costs Beijing confirmed Trump's state visit to China from May 13 to 15 at Xi Jinping's invitation The USD strengthened on higher oil prices; the yuan outperformed on firmer trade and inflation data Oil futures pushed higher at the reopen as the U.S.-Iran diplomatic standoff deteriorated sharply, with Trump publicly rejecting Iran's peace response in a characteristically blunt all-caps post declaring it totally unacceptable, while Tehran's formal counter-proposal made clear the two sides remain miles apart on the fundamental structure of any potential agreement. Iran's response rejected any upfront dismantling of its nuclear facilities, instead proposing a three-phase framework that would require Washington to accept a sweeping list of pre-conditions before talks on war-ending terms could even begin. Those pre-conditions include ending the U.S. naval blockade, restoring Iran's freedom to export oil, lifting sanctions, releasing frozen Iranian assets, recognising Iranian control of the Strait of Hormuz and treating a Lebanon ceasefire as a non-negotiable red line. Iran's proposal also stressed the need for U.S. war damage compensation and framed nuclear issues as a matter for a separate post-war agreement, not an upfront concession. Washington's position remains the opposite: nuclear concessions first, everything else second. The gap between the two frameworks is not a matter of detail but of sequencing and principle, leaving markets with little reason to price in an early resolution. The escalation in rhetoric around Iran's nuclear infrast