Middle East Fuel Shock Hits Asia Travel: As Asia heads into peak summer holidays, higher energy costs tied to Middle East disruption are starting to squeeze airline margins, with limited Gulf flight options adding pressure and LNG flows underscoring how exposed the region remains to imported energy shocks. Policy Pressure on Subsidies: The IMF is urging governments to avoid broad fuel subsidies and keep fiscal discipline, warning that energy-price relief can backfire on growth and inflation stability. China Growth Holds Steady: China reported steady Jan–Apr momentum, with industrial value added up 5.6% and retail sales scaling, while the PBOC kept lending benchmarks unchanged for a 12th straight month. Japan Growth Beats Expectations: Japan’s Q1 GDP rose at a 2.1% annualised pace, but oil-price stress remains a key risk. India’s Energy Strain: India faces an LPG gap of ~400,000 barrels/day and markets are jittery on oil and yields amid Iran-threat headlines. Clean Energy Moves: India pushes E100 flex-fuel rollout (5,000 pumps planned), while Japan tests perovskite solar at Self-Defense bases and India’s grid buildout gets a $1bn transmission platform (Cube Grid). Geopolitics, Energy at the Top: Putin arrives in Beijing for Xi talks, with energy cooperation and “Power of Siberia 2” expected to feature prominently.