Daily Buzz: 18 June 2026

Top News

Iran, US Formally Sign Preliminary Peace Plan

Iran and the US officially signed a 14-point preliminary peace agreement on Wednesday that commits both sides to ending the war on all fronts, including Lebanon, and to negotiate a final deal within 60 days that will encompass Iran's nuclear program. The document says the US will lift its naval blockade of Iranian ports and Iran will restore transit of merchant shipping through the Strait of Hormuz to prewar levels within 30 days. The reopening will be toll-free, at least initially, though Iran said later that transit fees may be charged after 60 days. The accord also pledges a US$300 billion redevelopment fund for Iran, assisted by regional US partners, though it doesn't specify the exact source of the money or commit the US to participation. Iran promised to never produce nuclear weapons – a stance it has always claimed-and agreed to reduce the enrichment level of its uranium stockpile through a mechanism to be hammered out in subsequent talks. The accord promises the US will lift sanctions on Iran, starting with waivers for exports of Iranian oil, petrochemical products and services such as banking. If a final peace deal is successfully executed, the US pledges to release frozen Iranian assets. If the next phase of talks collapses, President Donald Trump warned the US would resume bombing Iran. Global oil prices have fallen below US$80 a barrel on news of the reopening of the Strait of Hormuz. Benchmark Brent crude futures closed New York trading at US$79.55.

Ebola Outbreak Could Be Worst Ever, African Health Agency Says

Africa's top public health agency said the Ebola outbreak currently gripping the Democratic Republic of Congo could be the worst ever, surpassing the 2024-16 spread of the disease that took more than 11,000 lives, Reuters reported. Jean Kaseya, director-general of Africa's Centers for Disease ​Control and Prevention, said tens of thousands of people who have had contract with disease victims have yet to be traced. More than 140 people are confirmed to have died from the rare Bundibugyo species of the disease in the epicenter of the current outbreak and hundreds more have shown symptoms, but officials said accurate figures are hard to come by in such a remote area.

Top Business

DeepSeek, CXMT Reportedly Spared From US Trade Blacklist

The US government has held off adding Chinese AI startup DeepSeek, memory chipmaker ChangXin Memory Technologies (CXMT) and dozens of other Chinese companies flagged as national security risks to a trade blacklist, Reuters reported, citing Washington's desire to avoid escalating tensions with Beijing. The companies' inclusion was recommended last year for addition to the US Commerce Department's so-called Entity List. DeepSeek and CXMT, among others, were accused of having ties to China's military. The black list would prohibit US companies from selling technology-related products to the Chinese firms. The Commerce Department determination is separate from a US Defense Department notice published last week that seeks to add Alibaba, Baidu, BYD, Nio, WuXi Tech and a host of other Chinese companies to a separate blacklist because of alleged ties to China's military – allegations the companies denied. That list can complicate access to US capital markets and business with the Pentagon but doesn't automatically trigger sanctions or export controls.

SpaceX to Buy AI Startup Cursor for US$60 Billion

Fresh from the success of its blockbuster IPO, SpaceX announced it will buy AI startup Cursor for US$60 billion in an all-stock deal. Cursor's popular AI coding tool helps software developers generate, edit and review code. SpaceX shares fell 5 percent on Wednesday, ending a three-day rally since their debut last Friday as the world's biggest-ever initial public offering.

Meitu Unveils AI Updates and Developer Fund

Meitu, a Chinese maker of smartphones and selfie apps, rolled out eight new and upgraded AI products alongside its next-generation AI model MiracleVision V6 on Wednesday. The product blitz includes work flows covering designer communities, portrait retouching, commercial design, spoken-video production, conceptual imaging, music visualization, AI-generated short dramas and automated AI video production lines. The upgraded product lineup is specifically tailored to empower the Hong Kong-listed company's 285 million monthly active users, said Chief Executive Wu Xinhong. To further fuel industry innovation, Meitu also announced a 100-million-yuan (US$13.8 million) incubation fund to launch the Meitu Hatch Catch product competition.

Economy & Markets

Shanghai Designated as Major Offshore Financial Hub

China's central bank and financial regulators unveiled a plan to develop Shanghai into a major offshore financial center in cross-border use of the yuan as part of its goal to become a major center for global finance. Speaking at the Lujiazui Forum on Wednesday, People's Bank of China Governor Pan Gongsheng announced a pilot program for offshore yuan foreign-exchange trading in the Shanghai Free Trade Zone and the creation of repo facilities for overseas central banks using Chinese assets. The plan also calls for the gradual expansion of offshore financial services, including offshore bonds, reinsurance and yuan-denominated transactions. Pan said six Chinese banks, including Industrial and Commercial Bank of China and Bank of China, will be authorized to conduct offshore yuan foreign-exchange trading.

US Fed Leaves Benchmark Rate Unchanged

The US Federal Reserve left its benchmark overnight borrowing rate steady in a range of between 3.5 percent and 3.75 percent. Kevin Warsh's debut as chairman of the central bank sent bond yield rising and Wall Street markets tumbling after he announced at a press conference that five task forces will be formed to addressing communications, balance sheet, reliance on data sources, productivity and jobs, and the bank's inflation target. Warsh also broke with past practice by declining to give his own forward guidance on the trajectory of rates, though half of the rate-setting committee signaled at least one rate hike ahead. Warsh was appointed by US President Donald Trump to replace Jerome Powell as chairman after Trump repeatedly assailed Powell for not lowering rates faster.

Japan Exports Rise 17 Percent on Chips, Autos

The value of Japanese exports in May beat forecasts with a 17 percent increase from a year earlier, their fastest pace in 3½ years, driven by shipments of chips and autos. However, volume growth didn't keep pace with export value, signaling the effects of higher prices and a weaker yen, Reuters reported. Semiconductor exports surged 61 percent, and car shipments were up 16 percent. Exports to China surged almost 18 percent, while shipments to the US gained 12.5 percent. Shipments to the Middle East dropped by almost a third on the Iran war. Imports in May rose 12.5 percent.

Shanghai AI Conference Will Debut 300 Products

More than 300 artificial intelligence products will make their global debut at the 2026 World Artificial Intelligence Conference in Shanghai next month, organizers said. The event will feature over 3,000 AI products and solutions from more than 1,100 companies and bring together 1,400 industry executives, investors and researchers. A key addition to this year's even is the creation of WAIC Academic, an international platform led by Turing Award winners and members of leading science academies to strengthen global research exchanges in AI. Meanwhile, the Shanghai Stock Exchange has also outlined new guidelines for AI model firms to list on its STAR Market.

Bosch to Pay US$36 Million Fine for Shipments to China's Huawei

German technology giant Bosch agreed to pay a US$36 million fine for shipping over US$70 ​million worth of sensor products and software for ‌cell phones to China's Huawei, the US Commerce Department said on Wednesday. Huawei is on a US trade blacklist that requires a ​license for exports of foreign-produced items that originated with US technology. Bosch said in a statement that the exports were "unintentional."

Ant-Backed DSC Targets US$901 Million Valuation in US IPO

China's DSC Holdings, a supplier of operating systems for used car dealers, said it is targeting a valuation of up to US$901 million in an initial public offering in its US. The company, backed by Alibaba affiliate Ant Group, said it will seek to raise US$54 million by offering 3 million American depositary shares priced between US$16 and US$18 apiece. DSC said it holds over a 90 percent market share in operating systems for China's used car dealers.

Corporate

Kingboard to Sell Down Stake in Laminates Unit

Kingboard Holdings, a Hong Kong and Shenzhen-based supplier of AI hardware components, plans to raise HK$11.77 billion (US$1.5 billion) by selling a stake in its listed subsidiary Kingboard Laminates, one of the world's biggest makers of materials used in circuit boards for AI servers. The company said the proceeds would be used to expand business and production capacity to meet surging demand, the South China Morning Post reported. Following the stake reduction, Kingboard will retain at 62 percent holding in the laminates subsidiary.

Bambu Lab Opens Flagship 3D Printing Store in Shanghai

Chinese 3D printing pioneer Bambu Lab opened its first standalone flagship store in Shanghai to showcase the company's signature 3D printers, diverse filaments and an array of 3D-printed models spanning everyday home decor, fashion design and functional tools. Visitors can select a digital design, initiate the print and walk away with a custom product. Bambu Lab's physical footprint in China already includes a retail presence, including in Sam's Club locations nationwide. Its platform now hosts over 2 million free designs and supports a community of 300,000 creators, making it the largest 3D printing model library in the world.

BMW Lowers Earnings Outlook on Weakness in China Market

German auto giant BMW slashed ​its earnings outlook for 2026, citing a downturn in the Chinese market and the impact of the Iran war. The premium carmaker said it expects its operating margin in its core ⁠automotive segment to drop to as low as 1 percent from a high of 6 percent previously forecast. China is BMW's biggest and most competitive market.

Ant Spends Record Sum on Research and Development

Ant Group, the digital payment affiliate of Alibaba, said its spending on research and development last year hit a record 50.3 billion yuan (US$7.4 billion), comprising more than 10 percent of revenue for the fourth consecutive year. The investment was mainly focused on foundational AI large models, AI-empowered payment and lifestyle services, as well as AI-driven healthcare services.

Pop Mart Suffers Sales Decline, Broker Says

Pop Mart, maker of the popular Labubu monster dolls, had a 5 percent sales decline in May from a year earlier, dropping 14 percent from April, according to a Deutsche Bank brokerage report. The broker said it was the first decline since it began tracking the company in 2024. The Hong Kong-listed Chinese toy maker and blind-box vendor has introduced new products this year to try to offset the waning frenzy for Labubu dolls. Deutsche Bank predicts the company will enter a "more pronounced downcycle" in both China and overseas markets in the second half of this year.

Honor Named Official Smartphone Photography Partner

Smartphone maker Honor was named official photography partner of the ongoing 28th Shanghai International Film Festival. Making its professional on-set debut, the Honor Robot Phone was used to shoot cinematic official features for the festival's jury members, including acclaimed actor Tony Leung and actress Vicky Chen. Adding a futuristic flair to the event, Honor's self-developed humanoid robot Lightning made a special guest appearance.

Hello Expands Travel-Entertainment Push

Chinese mobility platform Hello has partnered with the "See you in Shanghai" tourism initiative to expand services that combine urban transportation with entertainment experiences. The collaboration allows residents and visitors to access cultural events through a single platform. The latest project centers on an immersive music show based on League of Legends, one of the world's most popular gaming franchises.