Xi urges more just, equitable global governance system

Chinese President Xi Jinping on Tuesday called for efforts to promote the building of a more just and equitable global governance system and a community with a shared future for humanity.

Xi made the remarks when meeting with Iranian President Masoud Pezeshkian in Beijing.

Pezeshkian is in the Chinese capital to attend the commemorations of the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, which include a grand military parade on Wednesday.

The Iranian president had earlier attended the Shanghai Cooperation Organization (SCO) summit which was held in the nearby port city of Tianjin from Sunday to Monday.

During their meeting, Xi expressed his appreciation to the Iranian side for supporting China in hosting the largest and most fruitful summit in the SCO's history, where he also put forward a new proposal.

"I put forward the Global Governance Initiative to promote the reform and improvement of the global governance system and address the issue of governance deficits. China is willing to work with the international community, including Iran, to promote the building of a more just and equitable global governance system, and join hands to build a community with a shared future for humanity," Xi said.

Pezeshkian congratulated China for the successful hosting of the SCO summit, saying that under China's rotating presidency, member states have enhanced their political mutual trust and made positive progress in cooperation across various fields.

"Iran attaches great importance to developing relations with China and regards China as a comprehensive strategic partner. No matter how the international and regional situation evolves, we are willing to work with China to implement the 25-year comprehensive cooperation plan between our two countries," said Pezeshkian, adding that Iran firmly supports Xi's proposal of the Global Governance Initiative.

Xi urges more just, equitable global governance system

Xi urges more just, equitable global governance system

Xi urges more just, equitable global governance system

Xi urges more just, equitable global governance system

U.S. stocks sank on Thursday as an escalating conflict in the Middle East and a renewed surge in oil prices weighed heavily on Wall Street.

The Dow Jones Industrial Average fell 1.61 percent to 47,954.74. The S and P 500 sank 0.56 percent to 6,830.71. The Nasdaq Composite Index shed 0.26 percent to 22,748.99.

Eight of the 11 primary S and P 500 sectors ended in the red, with consumer staples and materials leading the laggards by dropping 2.43 percent and 2.27 percent, respectively. Energy and technology led the gainers by adding 0.59 percent and 0.39 percent, respectively.

Oil prices jumped significantly after Iran announced it had struck an oil tanker with a missile. U.S. benchmark West Texas Intermediate crude futures for April delivery surged 8.51 percent to settle over 81 U.S. dollars per barrel, reaching their highest level since July 2024. International benchmark Brent crude futures for May delivery advanced 4.93 percent, trading above 85 dollars per barrel. These sharp upward movements in energy markets drove major swings across equities throughout the trading session.

As Iran is the fourth-largest producer in the Organization of the Petroleum Exporting Countries, concerns are mounting that the conflict's impact on production capabilities could have wide-ranging effects across global commodities. The soaring energy prices have also sparked fears among investors that persistent inflationary pressures might force the Federal Reserve to re-evaluate its anticipated interest rate cuts in an already volatile market environment.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note climbed to near 4.14 percent, up from Wednesday's close of approximately 4.1 percent. The yield, which heavily influences consumer borrowing costs across the broader economy, has risen consecutively every day this week after ending the previous week at 3.95 percent.

In corporate developments, Advanced Micro Devices lost 1.3 percent following a report that the U.S. government drafted rules restricting AI chip shipments without its approval.

Conversely, telecommunications equipment provider Ciena dropped 12.88 percent, and StubHub retreated 12.39 percent. Costco Wholesale, which is scheduled to report its quarterly results after the market closes, fell 2.4 percent during regular trading hours.

On the economic calendar, Friday features a highly anticipated monthly jobs report, offering investors another read on the labor market's health.

U.S. stocks sink as Middle East tensions trigger oil price surge