Stephen Carroll

JD Vance was speaking as a US-sanctioned tanker linked to China makes its way through the Strait of Hormuz, posing a major test of the American blockade.

It's not clear whether the ship visited Iranian ports, but the vessel is broadcasting that it has a Chinese owner and crew.

Blocking its passage would raise the stakes for Washington as it decides whether to act against a vessel tied to the world's largest oil importer.

China's President Xi Jinping says the international world order is crumbling into disarray.

At a meeting with Spain's Prime Minister Pedro Sanchez earlier this morning, she said that peace must be prioritised.

His words are spoken by a translator.

President Xi also vowed to play a constructive role in the Middle East in a separate meeting with Abu Dhabi's Crown Prince.

Both China and Spain have criticised America's military action in Iran, warning it risks plunging the region into deeper instability.

Spain's Pedro Sanchez says he views China as a stabilising force in the international order.

Hungary's incoming Prime Minister Peter Maier says he wants to bring his country back into the European fold in a clean break with his predecessor Viktor Orban.

The EU has been withholding more than 17 billion euros of funding for Hungary due to corruption and rule of law concerns under Orban.

Speaking through a translator, Maier called for a swift transition of power to access the frozen European Union funds.

The newly elected Prime Minister also said he wouldn't stand in the way of Ukraine receiving a €90 billion loan from the European Union that had been blocked by the previous administration in Hungary.

That's news when you want it with Bloomberg News Now.

I'm Stephen Carroll.

And I'm Stephen Carroll.

There's a growing chorus of voices warning about the longer-term economic impact from the US-Israeli war.

The International Monetary Fund will be downgrading its global growth forecast for this year when it meets later today.

But HSBC's CEO, George Alhedry, tells Bloomberg the fallout from the conflict is already beginning to dent his client's confidence.

The CEO of Europe's largest bank isn't the only one worried.