Daily Buzz: 10 March 2026

Trump Signals War May Be Nearing End, Oil Pares Steep Losses

US President Donald Trump signaled the war in the Middle East may be nearing its end. His late afternoon remarks on Monday triggered an immediate reversal in New York markets. Oil pared its worst one-day drop in 40 years, retreating to below US$100 a barrel, and Wall Street stocks turned from intraday losses to end the day with modest gains. Trump told CBS News, "I think the war is very complete, pretty much. They have no navy, no communications, no Air Force." He subsequently told a press conference that the war will end when the US is certain that Iran's capacity to build a nuclear weapon "for a very long time" is eliminated, but he suggested that won't happen this week. The president said some shipping is resuming through the Strait of Hormuz, a chokepoint in the flow of 20 percent of the world's oil supply, and said he is thinking of taking over the waterway.

Benchmark Brent crude was trading at just below US$90 a barrel late in New York after surging to near US$120 earlier in the day. The S&P 500 index closed with a gain of 0.8 percent, but futures in the evening pointed to a flat to lower open on Tuesday.

The relief rally came too late on Monday to save Asian markets jolted by surging oil prices. Japan's Nikkei plunged 5.24 percent, and South Korea's Kospi closed down 5.96 percent. The Hang Seng in Hong Kong plummeted 1.35 percent, with airline stocks hammered. Shanghai-based China Eastern Airlines shares dropped 2.88 percent, and Air China was down 3.73 percent. Energy stocks rose, with PetroChina up 2.31 percent. AI-related stocks also gained, with Xunce Technology rising more than 52 percent and chipmaker MiniMax jumping nearly 24 percent. The benchmark Shanghai Composite Index fared better than other markets in the region but still fell 0.67 percent.

Against the backdrop of a possible end in sight, the war continued on Monday. Israel said it pounded targets across Iran. The United Arab Emirates and Saudi Arabia reported more drone attacks from Iran, and Ankara said NATO air defenses shot down an Iranian missile over Turkish airspace. Over 1,700 people have died in the war, now in its second week. Trump said Iran's decision to name hardline cleric Mojtaba Khamenei to replace his slain father Ali Khamenei as supreme leader was "a big mistake." Group of Seven finance ministers, in an online emergency meeting, discussed possible steps to support the global supply of energy but reached no agreement on the release of emergency strategic reserves.

Top Business

CATL Profit Jumps on Electric-Car Battery Demand

Contemporary Amperex Technology (CATL) reported a sharp rise in fourth-quarter earnings as strong demand from the electric-vehicle industry boosted sales of power batteries. The Chinese battery giant said net profit surged 57 percent to 23.2 billion yuan (US$3.35 billion) on a 37 percent increase in revenue to 140.6 billion yuan. For the full year, 2025 profit rose 42 percent to 72.2 billion yuan, while revenue gained 17 percent to 423.7 billion yuan. The company's share of the global battery market last year was unchanged at about 30 percent.

Based in Ningde, Fujian province, CATL is the world's largest producer of lithium-ion batteries for electric vehicles and energy-storage systems, supplying major automakers and energy companies globally. The company has also been expanding its capital base and technology pipeline. In 2025, CATL completed a HK$35.7 billion (US$4.6 billion) initial public offering in Hong Kong, the world's second-largest listing of the year after Medline Industries. Its shares have risen about 90 percent above the issue price since they began trading. CATL said it is developing a next-generation battery capable of charging a vehicle in about five minutes while offering longer lifespan and range. The company plans to increase investment in research and development, including wider adoption of AI-driven technologies.

Economy & Markets

China Consumer Inflation Jumps, Slump in Producer Prices Eases

China's consumer inflation recorded its biggest jump in more than three years, which is good news for a country beset by the specter of persistent wholesale deflation. The consumer price index rose 1.3 percent in February from a year earlier, the National Bureau of Statistics reported on Monday, beating economists' forecast. The increase followed a 0.2 inflation expansion in January. On the wholesale front, the slump in producer prices narrowed to 0.9 percent year-on-year, from 1.4 percent in January. Most economists view a deflationary cycle harder to tackle than an inflationary one. The nation has set a 2 percent target for 2026 inflation after it ended flat for 2025.

Two Chinese Mainland Companies Get Hong Kong Listing Approval

Shanghai-based chip display manufacturer Everdisplay Optronics and Jiaxing-based robotics firm Galaxis Technology received approval to list on the Hong Kong stock exchange, two of the candidates in the city's 500-strong listings pipeline, the South China Morning Post reported. No financial details of the IPOs have been disclosed. Everdisplay said it will use proceeds of the sale to upgrade manufacturing technology, fund research and development, and repay debt. Galaxis Technology said it plans to upgrade AI robots used in industrial and logistics applications.

Corporate

Tencent Testing New QClaw AI Platform

China tech giant Tencent is reportedly testing QClaw, a platform that allows users to install and deploy the popular AI agent OpenClaw on their computers and integrate it with WeChat and QQ apps. The company has been offering free installation services for OpenClaw, which can be difficult for ordinary users to install. China's fast-growing consumer AI market has embraced the new craze around autonomous AI agents like OpenClaw, a tool that gives smartphones the capability of interpreting user intent and operating applications like manage files or emails

Reebok Taps Shanghai Firm as New Chinese Partner

Reebok owner ABG said it has replaced Hong Kong-based Tristate Holdings with Xinrui Sports to handle production, import, distribution and sales of its sportswear brand in China. Xinrui Sports is 80 percent owned by Shanghai-based Xinrun Investment Management. The sportswear brand has been struggling in the Chinese market in recent years. It has a store in Shanghai and an outlet in Guangzhou.

Chagee to Expand Into South Korea

Chinese bubble tea chain Chagee announced it is entering the South Korean market, with plans to open three shops there in the second quarter of this year. The Chengdu-based company is often described as the "Oriental Starbucks."