Daily Buzz: 19 March 2026

Oil Prices Spike After Attacks on Major Middle East Energy Hubs

Global oil prices shot up again after Iranian missiles caused "extensive damage" at Qatar's Ras Laffan industrial site, home to a major oil-processing hub and the world's largest liquefied natural gas production facility. An Israeli attack hit Iran's Pars gas field, one of the world's largest natural gas deposits, which Iran shares with Qatar across the Persian Gulf. Qatar said targeting of the field, an extension of its North Field, was "dangerous and irresponsible." US President Donald Trump said he doesn't want any ‌further strikes on Iran's energy infrastructure, the Wall Street Journal reported, though that option hasn't been entirely ruled out. An Israeli strike killed Iranian Intelligence Minister Esmail Khatib as assassinations of Tehran's top leadership continue. Benchmark Brent crude surged 6.8 percent to US$110 a barrel, and Wall Street stocks slumped more than 1 percent.

On the 19th day of the Middle East war, two people were killed by shrapnel near Tel Aviv by Iranian missiles carrying cluster warheads, and the US embassy in Baghdad came under renewed attack. The US military says it used multiple 5,000-pound deep penetrator bombs to strike Iranian missile sites along the Strait of Hormuz, a vital oil tanker route. Iran is still exporting oil through the strait, according to maritime data firm Lloyd's List Intelligence, and a trickle of other vessels from nations Iran considers friendly is being allowed through.

Australia reported a projectile fired at its airbase in the United Arab Emirates, damaging two buildings but injuring no one. Israel continued heavy attacks on Lebanon, with airstrikes levelling a building in a central Beirut area surrounded by businesses and hotels

China to 'Remain in Touch' after Trump Delays Visit

China said it will remain in touch with the US over President Donald Trump's delayed visit, after the president postponed a trip to Beijing by a month to six weeks. "Both sides will continue to maintain communication on the visit," foreign ministry spokesperson Lin Jian said on Wednesday, emphasizing the importance of leader-level diplomacy in guiding bilateral ties. Trump earlier said he requested the delay due to the ongoing US-Israeli military operations against Iran, saying, "I have to be here." The visit had been scheduled for March 31 to April 2.

Top Business

Tencent Posts Double-Digit Earnings Growth

Chinese multinational conglomerate Tencent reported solid fourth-quarter results, with revenue rising 13 percent from a year earlier to 194.4 billion yuan (US$28.3 billion) and profit increasing 14 percent to 58.3 billion yuan, driven by strong performance in gaming and marketing services. Domestic gaming revenue in the October-December quarter climbed 15 percent, while international gaming surged 32 percent. Social network revenue rose 3 percent, and marketing services revenue shot up17 percent, supported by improved advertising demand. Fintech and enterprise services posted an 8 percent, and capital spending was 46 percent lower.

For the full year, 2025 revenue rose 14 percent to 751.77 billion yuan, beating forecasts, and net increased 16 percent to 224.8 billion yuan. Domestic game revenue increased 18 percent, and international gaming was up 33 percent. Capital expenditure rose 3 percent.

Tencent, which is also involved in cloud computing, digital payments, music and video streaming and online healthcare, operates WeChat, China's biggest social media platform, and the QQ instant messaging service. The company said investment in AI products and models will double this year. Analysts said diversified revenue streams and international gaming growth remain key drivers of Tencent's earnings resilience.

Tencent ranked 14th last year on Global Finance's list of the world's biggest companies. It has entered the mainland craze triggered by OpenClaw with AI assistant QClaw. Tencent ranks top in the work in sales of video games. Its most successful titles include "Honor of Kings," "Delta Force," "Valorant Mobile" and more recently "Dying Light: The Beast."

Tencent Music, which is listed separately in Hong Kong, posted fourth-quarter revenue of 8.6 billion yuan, up 16 percent, on a 13 percent rise in revenue to 2.2 billion yuan. Music subscriptions rose 3 percent. For the year, revenue was up 16 percent to 329 billion yuan, yielding net income of 11.1 billion, up 66 percent. Paid users increased 5 percent.

Geely, Chery Report Strong Financial Results

Chinese automakers Geely and Chery delivered robust financial results for 2025. Geely's sales surged 39 percent to more than 3 million units, boosting revenue 25 percent to 345 billion yuan (US$48 billion). Despite a 17.7 billion yuan decline in one-time financial gains and research and development expenses, Geely's net profit still edged up 0.2 percent to 16.85 billion yuan, indicating a significant leap in core profitability. Furthermore, Geely is actively consolidating its premium electric vehicle assets by taking a 51 percent stake in Lynk & Co through its Zeekr car unit, and is moving to privatize Zeekr.

Meanwhile, Chery posted a 11.3 percent revenue increase, reaching 300.3 billion yuan. Its net profit skyrocketed 36 percent to 19.5 billion yuan. A standout achievement was Chery's stellar overseas performance, with international revenue hitting 157.4 billion yuan and overtaking its domestic sales of 142.87 billion yuan. This milestone firmly cements Chery's status as China's leading automotive export group.

Alibaba, Baidu Raising Prices on Cloud Services

China's leading cloud providers are raising prices for AI-related services, citing surging global demand and rising supply chain costs driven by the rapid expansion of artificial intelligence applications. Alibaba Cloud announced price increases of up to 34 percent for AI computing and storage products, attributing the move partly to a sharp rise in token usage tied to large model deployments. Its model-as-a-service platform has seen record growth in early 2026, according to sources. Baidu AI Cloud raised AI computing service prices by between 5 percent and 30 percent, with some storage products to see the highest gain. The hikes reflect a broader global trend. Major international providers such as Amazon and Google have also raised prices amid tightening supply of key hardware. Industry observers say demand for AI infrastructure continues to outpace supply and warn further price increases could follow.

Economy & Markets

US Fed Leaves Rates Unchanged Amid Inflation Concerns

The US Federal Reserve left its key interest rate unchanged as wholesale prices for February rose more than expected and concerns persist about the inflationary effect higher oil prices will have in ensuing months. The 11-1 vote leaves the fed funds rate in a range of between 3.5 percent and 3.75 percent. The producer price index, which measures prices at the factory gate, rose a seasonally adjusted 0.7 percent, for an annual rate of 3.4 percent.

China Narrows Market Liquidity in Repo Operations

China's central bank withdrew a net 300 billion yuan (US$43.6 billion) from market liquidity through outright reverse repo operations this month, its first such reduction since June 2025, after liquidity improved after the Chinese New Year holiday, Yicai reported. The People's Bank of China conducted 800 billion yuan of three-month outright reverse repos and 500 billion yuan of six-month operations. The central bank uses repo operations to manage market liquidity.

China Electricity Use Rises 6.1 Percent in First Two Months

China's electricity use, regarded as a barometer of economic activity, rose 6.1 percent in January and February from the same period a year earlier to 1.65 trillion kilowatt-hours, the National Energy Administration reported. Primary industries recorded a 7.4 percent increase, while household use gained 2.7 percent.

Japan Exports Rise 4.2 Percent on Chips, Car Shipments Struggle

Japan's exports in February beat forecasts with a 4.2 percent increase from a year earlier but slowed from a three-year high in January. Semiconductor shipment surged 25 percent, while autos, Japan's biggest export, rose a more modest 2.5 percent. Exports to Chinese mainland, Japan's largest trading partner, fell 10.9 percent on bilateral tensions, and shipments to the US dropped 8 percent, with auto exports there falling almost 15 percent on tariffs. However, other export destinations helped balance the offsets. Outbound shipments to Hong Kong surged by almost a third, and exports to Southeast Asian nations increased 5.1 percent. Shipments to Western Europe gained 17.5 percent. For February, imports climbed 10.2 percent.

Corporate

Weibo Narrows 4Q Loss

US-listed Weibo, a popular microblogging site in China, narrowed its fourth-quarter loss to US$4.7 million from US$8.9 million a year ago on a 4 percent increase in revenue to US$473 million. For the full year, 2025 revenue was flat at US$1.76 billion and net income rose to US$499 million from US$300.8 million. Weibo, which was spun off from Sina Corp in 2014, reported 567 monthly active users at the end of December.

Niu Technologies Debuts World's First Two-Wheeler AI

Nasdaq-listed Niu Technologies, a Chinese electric two-wheeler brand, released Niu Aios, the world's first AI-powered operating system for two-wheeled electric vehicles, alongside two flagship AI-integrated smart scooters. One spotlight upgrade is voice-activation ecosystem, which allows riders to wake the vehicle and perform full-vehicle control through natural, conversational dialogue. This system simplifies navigation and vehicle management, bringing a hands-free, interactive experience to users. In 2025, Niu Technologies narrowed it net loss to 39.4 million yuan (US$5.7 million) from 193.2 million yuan a year earlier, on a 31 percent rise in revenue to 4.3 billion yuan. For the fourth quarter, the company's net loss widened to 88 million yuan from 72.5 million yuan as revenue fell 17 percent to 676.2 million yuan. Chief Executive Li Yan said AI is the company's core competitive advantage.

Nvidia Said to Have Beijing Approval for H200 Chip Sales

Nvidia has won approval from China to resume sales of its H200 chips, Reuters reported. The H200 chips, which are not the company's most powerful, were designed especially for the Chinese mainland market, though trade tensions between the US and China halted sales last year. Nvidia is also preparing a Chinese version of the Groq AI ‌chip that will meet US restrictions still in place. It's unclear if the green-light from both the US and China on H200 chips will result in significant sales as Beijing steers a course toward self-sufficiency in semiconductors.

Tesla to Buy US$4.3 billion of LG Energy Battery Cells

Tesla signed a deal to buy US$4.3 billion of battery cells from an LG Energy plant in the US.

The plant was formerly developed as a joint venture between South Korea's LG and General Motors before the US automaker backed out in late-2024, selling its stake to LG. The deal is believed to be related to Tesla's move into more rapidly growing energy businesses, such as data centers that drive up electricity demand and energy storage systems.

BioMap Said to Seek IPO in Hong Kong

BioMap, a Chinese life sciences AI firm set up by Baidu founder and Chief Executive Robin Li, has applied for an initial public offering in Hong Kong, Yicai reported, citing domestic media. The company will reportedly seek hundreds of millions of US dollars in the IPO. The technological backbone of BioMap is the life sciences large language model xTrimo V4, which seeks to use AI to decode underlying aspects of biological systems, including genomes, proteins and cellular biology. No further details on the fundraising were available.

Yonghui Denounces Sam's Club 'Pick One' Strategy

Chinese supermarket giant Yonghui Superstores issued an open letter calling on US-based membership retailer Sam's Club to ensure that its private label, Member's Mark, doesn't force suppliers to "pick one" retailer among rival competitors. The strategy is often used by dominant retailers, though it is banned in China without valid justification, Yicai reported. Sam's Club is owned by US retail giant Walmart.