Daily Buzz: 23 July 2026

Top News

Trump Backtracks on Accusation of China Meddling in US Election

Five days after blaming China for gross meddling in the 2020 election by stealing voter data, President Donald Trump walked back his allegation and said the US carries out the same sort of activities. The back-pedaling came after harsh Chinese criticism of his accusation, which Beijing vehemently denied. Trump now says the matter "took place a long time ago. I think China is maybe a little bit different today than it was then."

Washington Threatens Strikes on Iranian Uranium Stockpiles

President Donald Trump warned that the US will soon hit an Iranian enriched uranium storage site underneath what is known as Pickaxe Mountain. Tehran said any strikes near nuclear sites would constitute a major war escalation. Trump also said the US will "destroy one bridge or power plant" every time Iran targets a ship transiting the Strait of Hormuz. Iran in turn warned it will hit infrastructure and energy facilities across the region. Houthi rebels in Yemen, allies of Iran, said they struck two Saudi tankers in the Red Sea, sending global benchmark Brent crude prices above US$95 a barrel for the first time since June 11.

Third-party mediators continued an effort to engineer a 10-day ceasefire after two weeks of renewed fighting collapsed a 60-day ceasefire signed on June 17. US Secretary of State Marco Rubio said he doesn't believe Iran is serious about peace talks to end the conflict.

US to Share Nuclear Power Technology With Saudi Arabia

The US signed a landmark agreement with Saudi Arabia to develop a civilian nuclear program in the kingdom. The agreement lays the foundation for a multibillion-dollar partnership that will provide access to US companies like Westinghouse Electric. US media reported that the deal may allow the Saudis to enrich uranium. Energy experts said it will likely take at least a decade for the kingdom, which has long relied on its vast oil reserves for energy generation, to bring nuclear power plants online.

France First in EU to Enact Age Ban on Social Media Use

France became the first nation in EU to ban social media use by younger children, setting the age restriction at 14 years or younger. That follows Australian legislation last year that slapped the world's first age ban on social media use, setting the age at under 16. Similar restrictions are in the pipeline in Britain, Denmark, Spain and Greece as nations seek to protect children and adolescents from harmful content or stalking by predators. French President Emanuel Macron said the "brains and emotions" of minors are not for sale or to be manipulated. Australia, the first country to try to quantify the results of such bans, has shown mixed results, with many younger users able to circumvent its ban.

Top Business

Nike to Close Thousands of China Online Sales Channels

Global sports-shoe maker Nike said it is planning to shed thousands of online distributors in China come January and shift sales to its official website and shops it operates on major online platforms Tmall, JD.com and Douyin. The change will close a multitude of digital channels run by physical store partners and a host of secondary distributors. CNBC said the vast digital network has grown messy and hampers the US company's aim of reversing a sales decline in the region. China is Nike's third-largest market. Sales there in its fiscal fourth quarter ended May 31 fell 17 percent.

Nike said the change will ensure that consumers will have shopping experiences that are "direct, consistent and unmistakably Nike."

The Hong Kong-listed shares of leading China sportwear retailer Topsports plunged 24 percent on the news that its online sales of Nike products will end. About 22 percent of revenue in its fiscal year ended February 28 came from Nike brands.

Alphabet Beats Earnings Forecast, Spooks Investors With Capex Hike

Google parent Alphabet reported it earned US$112.11 billion in the second quarter, a fourfold increase from a year earlier, beating forecasts. Revenue grew 24 percent to US$119.8 billion, driven by strong growth in its cloud business. However, the company's shares fell 1.5 percent in New York, with investors concerned about a hike in estimated capital expenditure this year to as high as US$205 billion in the race to build AI centers.

Tesla Earnings Disappoint Investors, Capex on AI, Robots Rising

US electric carmaker Tesla missed earnings forecasts for the second quarter as investment in AI infrastructure and robotics burned through cash flow. Net income fell 5 percent to US$1.1 billion, while revenue surged 26 percent to US$28.24 on record vehicle deliveries of 480,126. Founder and Chief Executive Elon Musk said the company's capital expenditures this year will triple from 2025 to more than US$25 billion. Tesla operates a mega factory in Shanghai. The company's shares in New York fell 1.3 percent.

China Slams EU Fine on AliExpress

China's Ministry of Commerce criticized the EU's 550-million-euro (US$629 million) fine on Alibaba's AliExpress platform, calling it a discriminatory measure using regulatory rules to create barriers for Chinese companies operating in Europe. EU regulators said the fine was for failure to address sales of illegal, unsafe and counterfeit products on its platform and gave AliExpress until October to produce a remedial plan or face further fines. The company said it will appeal the fine. Commerce ministry officials said China supports companies in defending their rights through legal channels. AliExpress has about 193 million users in Europe last year.

China Budget Revenue Rises 4.7 percent

China's general public budget revenue in the first half of the year rose 4.7 percent to 12.1 trillion yuan (US$1.8 trillion) in the first half of 2026, supported by higher tax income, according to the Ministry of Finance. Tax revenue increased 5.3 percent to 9.8 trillion yuan. Central government revenue climbed 7.5 percent, faster than local government revenue growth of 2.7 percent. Stamp duty revenue jumped 41 percent, nearly doubling from equity trading.

Economy & Markets

AgiBot Reporting Seeking Pre-IPO Valuation of US$20 Billion

Leading Chinese robotics startup AgiBot will reportedly seek an initial public offering in Hong Kong with a valuation of US$20 billion. That's up from earlier foreign media reports that the company was seeking a valuation of up to 50 billion yuan (US$7.5 billion). The Shanghai-based company has hired Citic Securities as lead manager. No information has been released on pricing or number of shares to be offered. AgiBot, which specializes in humanoid robots and unveiled five new robotic models last week, has said it expects 2026 revenue of 4 billion yuan. Its listing plans have high-profile backers like Tencent, BYD and Hillhouse Capital.

Separately, Beijing-based GigaAI, an embodied AI and general-purpose robotics startup, is eying an IPO in Hong Kong, possibly this year, with a valuation target of HK$23.4 billion (US$3 billion).

Huang Guan, chief executive of the company, told Bloomberg News that the figure would make the company the highest-valued startup focusing on "world models," a technology that enables AI to more accurately understand and predict the movement patterns of humans and objects in the physical world. The startup's clients include automaker FAW Group and e-commerce giant JD.com.

Foreign Premium Cars Lose Traction in China Market

Mercedes-Benz, Land Rover and other foreign premium car brands suffered a 30 percent drop in aggregate sales last month from a year earlier on rising competition from lower-cost electric vehicles sold by domestic competitors, according to the China Passenger Car Association. International luxury model sales in June totaled 162,224 vehicles. The luxury category contains only two domestic electric brands, BYD's Yangwang model and JAC Group's Maextro, the South China Morning Post reported. Most of the more than 10 international brands in the segment, including BMW, Jaguar and Infiniti, offer only gasoline-powered cars in the mainland market.

US Widens Ban on Chinese Technology Components

The US Federal Communications Commission on Wednesday voted to bar sales of devices ​in the US that contain key hardware from Chinese companies, citing national security risks. The move expands an existing ban on sales of new components to include all components. The agency's list of banned suppliers includes China's Huawei and telecom equipment maker ZTE. The commission has also banned imports of foreign drone and router models.

China Allocates US$3.3 Billion to Support Electric Heavy-Duty Trucks

China has allocated 22 billion yuan (US$3.3 billion) of proceeds from ultra-long-term special government bonds to support the replacement of old heavy-duty trucks with new electric models. Sales of electric heavy-duty trucks surged 80 percent in the first half of this year, Cai Tuanjie, director of safety and head of transport services at the Ministry of Transport, told a media briefing.

The government has a target of electrified trucks accounting for 20 percent of truck totals and 40 percent of new truck sales by 2030.

Shanghai Launches Tech Platform for Low-Altitude Aircraft

Shanghai has launched a new technology platform related to airworthiness of low-altitude aircraft like drones. The platform will provide services such as testing and inspection of aircraft. The initiative aims to streamline certification, pool regional resources and accelerate the commercialization of low-altitude aircraft across the Yangtze River Delta.

Shanghai Exports Rise 20.1 Percent in First Half

Shanghai exports in the first half rose 20.1 percent to 1.14 trillion yuan (US$170 billion), and imports increased 17.4 percent to 1.4 trillion yuan. Exports have expanded for 21 consecutive months. Emerging industries, including artificial intelligence and robotics, have become new growth drivers. Exports of industrial, surgical and humanoid robots jumped 1.2 times, while automobile and shipbuilding exports also posted strong growth.

EU Steps Up Probe Into JD Takeover of German Firm

The European Commission on ​Wednesday outlined its objections ‌to the acquisition of German electronics retailer Ceconomy by Chinese e-commerce giant JD.com. The EU is investigating whether JD.com received preferential financing, tax incentives and grants from the Chinese government to boost its offer price. Final approval of the deal may require big concessions.

Corporate

TSMC Reportedly to Hike Chip Prices Up to 10 Percent

Taiwan Semiconductor Manufacturing, the world's largest contract chipmaker, plans to raise chip prices by up to 10 percent, beginning next year, to offset higher costs of materials, manufacturing equipment and overseas plant construction, Nikkei Asia reported. Company executives in June signaled they were looking at price hikes but said they would be telegraphed well in advance.

Horizon Robotics Flags Profit Gain on One-Time Valuation Change

China's Horizon Robotics signaled it will post first-half net profit of up to 4 billion yuan (US$590 million), turning from a 5.2-billion-yuan loss a year earlier. However, its adjusted loss, excluding gains from a change in the fair value of a convertible bond, is forecast to widen to 1.7 billion yuan from 1.3 billion yuan a year earlier. Revenue from contracts with customers from continuing operations is predicted to expand as much as 35 percent to 2.1 billion yuan.

Separately, Volkswagen announced on Wednesday its China-based automated ‌driving unit Carizon is expanding its partnership with Horizon ​to speed up development ​of advanced self-driving technologies. A new agreement gives Carizon access to Horizon's AI foundation model, enabling Volkswagen to build its own AI ​driving ​solutions faster, ⁠including advanced capabilities for robotaxis.

Pony.ai Partners with JD Auto Care on Robotaxi Maintenance

Autonomous driving company Pony.ai has partnered with JD Auto Care to standardize maintenance services and supply-chain logistics in the scaling up of robotaxi fleets. The companies will collaborate on maintenance, repair services and supply-chain coordination, providing infrastructure for Pony.ai's global rollout. The company aims to operate in over 20 cities worldwide and expand its robotaxi fleet to over 3,500 vehicles.

Costco, JD.com Team Up in Exclusive Partnership

US big-box retail chain Costco will launch its first mainland online flagship outlet, choosing the Chinese e-commerce platform JD.com in an exclusive partnership. Costco non-members will have access to goods on the platform, with same-day delivery options.