Daily Buzz: 23 March 2026

Trump Delivers Ultimatum on Hormuz Strait, Iran Warns of Retaliation

US President Donald Trump, hours after saying he is considering "winding down" the war against Iran, threatened to "obliterate" Iran's power plants if Tehran doesn't open the Strait of Hormuz within 48 hours. Iran said it will completely shut the strait if Trump proceeds with his threats and will target energy facilities that host US bases and Gulf desalination plants. The strait normally carries 20 percent of the world's oil and liquefied natural gas, mostly bound for Asia. Iran has let a small number of vessels from "friendly" nations pass through the waterway since the war started.

Global oil prices rose as markets reopened after the weekend, with benchmark Brent crude up nearly 1 percent at US$113.20 a barrel. New Zealand, the first stock market to open in the world every day, dropped 1.4 percent Monday morning, and stock futures in New York also fell. Spot gold prices suffered their worst weekly decline in 15 years last week, amid fears that inflation triggered by the war will cause central banks to lift interest rates. Gold closed at US$4,491.67 an ounce on Friday.

Iranian missiles struck the Israeli towns of Dimona and Arad near the nation's nuclear research hub, injuring 100 people. The strikes appeared to be in retaliation for an Israeli attack on Iran's Natanz nuclear site. A day earlier, Iran fired intermediate-range ballistic missiles at Diego Garcia, a joint US-UK military base in the Indian Ocean, 3,780 kilometers from Iran. Defense officials said the missiles didn't hit the strategic base.

An Iranian strike close to a bulk carrier off the coast of the United Arab Emirates on Sunday caused an explosion, according to the UK Maritime Trade Operations center. Japan said it might consider deploying its military for minesweeping in the Strait of Hormuz if a ceasefire is reached in the war, Reuters reported, but Trump a day earlier said he's not interested in a ceasefire.

AP reported that 1,500 people in Iran, 1,000 people in Lebanon, 15 residents in Israel and 13 US military personnel have been killed to date as the war ended its third week.

Top Business

China Vows Further Opening, Expanded 'Trade Pie'

Chinese Premier Li Qiang pledged that China will further open its economy as it pursues a high standard of growth and will increase imports of diverse, high-quality goods. He said China supports a balanced global trading system and will work with trading partners to expand the global "trade pie." China reported a record trade surplus last year of US$1.2 trillion, and exports surged in the first two months of this year. In a keynote speech to the China Development Forum in Beijing on Sunday, Li also said, "We are against disorderly, irrational competition. China will continue to strive to maintain a market order of fair competition, strengthen communication with all parties and promote the stability and security of global supply chains."

At the event, People's Bank of China Governor Pan Gongsheng said the central bank will maintain an "accommodative" monetary policy stance and defended the nation's trade surplus. Market liquidity will remain ample, he said, supported by tools such as reserve requirement ratios, policy rates and open market operations. Pan also said China's trade surplus reflects its manufacturing competitiveness rather than policy distortions. He added that China has no intention of weakening its currency to boost exports and will keep the yuan stable at a reasonable "equilibrium" level.

Apple Chief Executive Tim Cook, in a speech to the forum, said the US smartphone giant will continue to work with Chinese suppliers to advance the industry. Among others attending the forum were senior executives from Samsung Electronics, Volkswagen , Siemens, BASF, HSBC and UBS.

Dingdang Health Narrows 2025 Loss

Beijing-based Dingdang Health Technology, which competes with Alibaba and JD in the emerging market for AI-driven consumer healthcare, narrowed its 2025 loss to 52.1 million yuan (US$7.6 million) from 380 million yuan a year earlier on improvement in its profit margin to 35 percent. The Hong Kong-listed company reported a one-time foreign-exchange loss of 11.9 million yuan. Revenue for the year rose 4.7 percent to 4.89 billion yuan, with online "smart" pharmacy express services rising 8.4 percent and offline sales up 3.9 percent. Marketing expenses rose 8.5 percent. The company delivers drugs and operates an online medical AI assistant.

VW Chief Says Look to China for Clues to Success

Volkswagen Chief Executive Oliver Blume told Bild am Sonntag newspaper that Germany's car industry could learn a lesson or two from China's disciplined industrial planning. "The Chinese proceed in a very ⁠planned way and have clear priorities structured in an optimal way," he said.

"It is ‌worth ⁠looking beyond our own backyard. We can learn a great deal from how that country has developed." He said the Chinese auto market is highly competitive, with "over 150 competitors ⁠and strong innovation dynamics."

Gold Heist Cracked in Hong Kong

Police in Hong Kong have arrested five suspects and recovered all 73 kilograms of stolen gold bars worth about HK$100 million (US$12 million) after a brazen robbery on March 20 at a gold shop in Peninsula Square. A man posing as a buyer was conducting a transaction when three accomplices stormed the shop, seizing 73 gold bars before they fled. A fifth suspect served as getaway driver.

Economy & Markets

China Urges Global Energy Security

China's foreign ministry, responding to the US decision to temporarily lifted sanctions on 140 million barrels of Iranian oil currently at sea, said energy security is vital to the world economy and all parties have a responsibility to ensure stable supplies. Foreign Ministry spokesperson Lin Jian said China opposes illegal unilateral sanctions and is "deeply concerned" about the ongoing tensions in the Middle East. China has consistently said all parties should immediately cease military operations to prevent further regional instability and greater impact on the world economy.

Foreign Investors in China Focus on Tech, Manufacturing, Pharma

Foreign investors are expanding positions in tech, manufacturing and pharma companies listed on the Chinese mainland. Some 41 listed companies have heavy foreign holdings, and many foreign investors have become top shareholders for the first time. Most active in that realm are investment banks like UBS, Barclays, Morgan Stanley, Goldman Sachs, and JPMorgan. Sovereign funds from nations like Abu Dhabi and Kuwait are investing in pharmaceuticals, energy and industrial manufacturing, a new report said. Global banks, meanwhile, are allocating funds to semiconductors, hardware, electrical equipment and auto components.

Insurers Dismiss Role in Stock Volatility

Chinese insurance industry insiders rejected claims that small and mid-sized insurers are driving recent volatility in Chinese mainland stock markets by cutting equity positions, according to Cailian Press. Market speculation had linked the pullback in Class A shares to insurers reducing holdings ahead of potential new solvency rules. However, multiple industry sources said the so-called "Phase III" solvency framework has yet to be finalized and is unlikely to be implemented in the near term. Executives said large insurers account for the majority of investment, limiting the market impact of any isolated moves by smaller firms.

Blackstone Fund Has First Monthly Loss in Three Years

US private equity firm Blackstone's flagship private credit fund posted its first monthly loss in more than three years, amid some investor concerns about the stability of the US$1.8 trillion market, Bloomberg reported. The US$83 billion fund, known as BCRED, lost 0.4 percent in February, resulting in a flat performance for the first two months of the year after an 8 percent gain in 2025, according to its website. The fund was set up in January 2021. Concerns have arisen over rising redemptions in some private credit funds, especially those lending to AI and software businesses.

Corporate

Tencent Links WeChat to OpenClaw

Chinese tech giant Tencent on Sunday launched the ClawBot tool to integrate its WeChat social media platform with OpenClaw, the US-based AI agent that can perform tasks such as transferring files and sending emails on users' behalf. The agent has become wildly popular in China. Earlier, Tencent launched its own AI agent called QClaw. The move follows initiatives by Alibaba and Baidu to unveil their own versions of OpenClaw.

JD Slashes Delivery Times to Woo Customers

China e-commerce giant JD.com, which launched its Joybuy platform in Europe last week, is joining rival online retailers in cutting delivery times to win consumers in a fiercely competitive market. JD promises that orders placed before 11am will be at the doorstep the same day, and orders made before 11pm will arrive by 3pm the following day. Two days after the launch of JoyBuy in 30 European cities, the platform topped the sales charts in six countries. Joybuy is aimed at rival Amazon.

Novo Nordisk to Invest US$480 Million in China

Danish-based Novo Nordisk said it will invest a further 3.3 billion yuan (US$480 million) in China. Chief Executive officer Vas Narasimhan said the investment will expand its research and development, production and operations in China. "China is very important to Novo Nordisk's long-term development and innovation," he said. The company has begun upgrading and expanding its plant in Beijing, which was established in 1987. Its China headquarters is in Shanghai.

BASF Looks to Increase Presence in China

BASF German chemicals giant BASF said its decision to make its biggest-ever single investment, a 9 billion euro (US$10 billion) project in China, will upgrade its presence on the Chinese mainland. Stephan Kothrade, a member of the company's executive board, told Reuters that BASF China has been "under-represented" in the company's global network. The new chemical complex in the city of Zhanjiang is scheduled to be completed in 2028. While demand from China makes up about half ⁠of global chemicals markets, but China comprises only 14 percent of the company's global revenue. The new project will lift that percent to about a fifth by 2030.

Dinglong Begins Production of Chip Materials

Wuhan-based Dinglong Holdings began production of so-called photoresists, light-sensitive materials used in making advanced chips, another step toward China's goal of self-sufficiency in semiconductors. The plant in Hubei province has annual capacity to produce 300 tons of the materials. The production challenges global market leaders Japan and the US.