Continental expects a hit of at least 100 million euros ($117 million) from the Iran war from the second quarter, the German car parts supplier said on Wednesday, as surging oil prices push up the cost of raw materials key to tyre production.
The Automobiles & Auto Parts sector topped growth rankings across Asian industries in April for the first time in nearly two years, according to S&P Global Asia Sector PMI data released Wednesday.
Asian stocks rose sharply on Thursday, with Japanese markets reopening at record highs as growing optimism over a U.S.-Iran peace deal spurred gains in risk-driven markets.
Federal Reserve officials said on Wednesday the ongoing U.S.-backed war with Iran is raising the risk of a sustained inflation shock, with continued high oil prices and developing concerns about problems with global supply chains.
Oil prices rose about US$1 in early trade on Thursday, rebounding from the previous day's sharp losses, as investors weighed the prospects of a Middle East peace deal succeeding.
Sens. Bernie Moreno, R-Ohio, and Elissa Slotkin, D-Mich., have introduced the Connected Vehicle Security Act of 2026 to ban Chinese vehicles and connected components from the U.S. market. The bill would prohibit the import, sale and operation of vehicles manufactured in China or any other country of concern, and ban the use of Chinese-developed connected vehicle technologies, such as software and data systems, on U.S. roads.