Daily Buzz: 24 April 2026

Top News

Global Oil Prices Rise Amid Anxiety Over Standoff in Iran War

Global oil prices rose above US$100 a barrel again as dueling blockades in the Gulf region by Iran and the US kept the Strait of Hormuz mostly closed to oil and other maritime traffic, and the possibility of renewed peace talks remained elusive. Benchmark Brent crude futures were trading at US$106.50 late in New York. US President Donald Trump tried to ease growing public irritation over high gasoline prices, saying consumers should expect to pay more "for a little while." At the same time, he said the US blockade on Iranian shipping is hurting the country economically and he has "all the time in the world" for that to play out.

Iran detained two cargo ships this week and said it is beginning to collect tolls for vessels it allows to transit the waterway. Trump issued a "shoot and kill" on any Iranian ships trying to mine the strait after US naval forces intercepted several Iranian-flagged commercial vessels. The president this week extended a ceasefire in attacks on Iran to allow what he called a "fractured" government in Tehran to decide its next step. Iran denied there was any infighting between hardline and moderate factions in Tehran, though an unconfirmed report from Israeli broadcaster N12 said chief Iran negotiator Mohammad Bagher Ghalibaf had resigned due to interference in the negotiating process from the country's Revolutionary Guards.

Trump announced that Israel and Lebanon have agreed to extend a previous 10-day ceasefire by three weeks, following a meeting at the White House by representatives from both sides. However, the existing ceasefire has been punctuated by attacks from both Israel and Iran ally Hezbollah.

Tentacles of Oil Disruptions Extend Deep Into Consumer Market

Oil supplies disrupted by the two-month war in Iran don't just affect prices at the gas pump and airfares around the world. Petroleum derivatives are used in a vast array of consumer products, including clothing, cosmetics, condoms, soft-lens contacts, detergents, hearing aids, luggage, insect repellent and umbrellas, AP reported, and prices for those products could climb if the two-month Middle East conflict continues. Plush toy manufacturers in China have notified some buyers that raw materials costs have already increased up to 15 percent, and some major Chinese suppliers of fabrics, building materials and furniture products have already started hiking prices, Yicai Global reported. Oriental Yuhong notified its clients and business partners last week that it will raise prices of all waterproofing materials by up to 8 percent, citing rising costs of asphalt-based materials derived from petroleum. Crude oil is refined into six major petrochemicals - ethylene, propylene, butylene, benzene, toluene and xylene - critical in industrial production. Food prices could also rise as fertilizer feedstock produced as a byproduct of natural gas refining in the Gulf states is stranded by blockades, curtailing global supplies just as farmers around the world undertake spring planting.

EU Approves Big Loan to Ukraine After Change in Hungarian Leadership

The EU approved a 90 billion euro (US$105 billion) loan to Ukraine using frozen Russian assets after the new government in Hungary dropped the veto of prime minister Viktor Orbán, who was ousted from office in a general election earlier this month. Orbán was Russia's only staunch ally in the European bloc. The loan is expected to provide up to two-thirds of Ukraine's financial needs this year and next. The first portion of the loan will fund drone production. EU leaders also completed agreement on a new sanctions package against Russia over its invasion of Ukraine.

Top Business

China Telecom Profit Down, AI Growth Up

China Telecom reported first-quarter profit fell 17.1 percent to 7.4 billion yuan (US$1 billion) on a 2.3 percent decline in revenue to 131.4 billion yuan, as growth in its traditional telecom business slowed amid intensifying competition. The company said its emerging businesses continued to gain traction, with cloud revenue rising 6.8 percent and smart services income surging 39.4 percent, driven by expanding AI-related offerings. Operating cash flow jumped 114 percent to 23.2 billion yuan, supported by tighter receivables management and lower cash outflows. The wireless carrier said its 5G subscriber base exceeded 314 million, with penetration reaching 71.3 percent, while total mobile users rose to 441 million.

China Eastern Launches One-Stop, AI Travel-Booking Service

Shanghai-based China Eastern Airlines has partnered with Alibaba's flagship Qwen consumer chatbot to introduce a one-stop, AI-powered flight booking system, marking a major shift in how airline tickets are sold and managed in China. The service allows users to book flights, select seats, check in and manage itineraries through a single AI chat interface, without switching between multiple apps or relying on traditional online travel agencies. Passengers can input travel preferences such as departure and destination cities, timing, price range, and cabin class via text or voice. The AI then searches, compares and recommends suitable China Eastern flights, completing booking and payment within the same interface. Initially, the system covers all domestic routes for booking and seat selection. The companies said they will expand it to include enhanced refund and membership services in the next phase, and add AI-based promotions for peak travel periods.

SK Hynix Delivers Record Quarterly Profit, Revenue

South Korean memory-chip titan SK Hynix posted record profit and revenue in the first quarter on demand for AI semiconductors exceeding capacity and chip prices rising. Operating profit jumped fivefold from a year earlier to 37.6 trillion won (US$25 billion) on a tripling of revenue to 52.6 trillion won. SK Hynix makes memory chips used to store data in devices ranging from servers to smartphones and laptops. Despite the first three months of the year typically a low season in the industry, "strong demand persisted due to expanded investments in AI infrastructure," the company said in a statement. "The importance of memory has become greater than ever."

Economy & Markets

Shanghai's Economy a National Powerhouse in Q1

Shanghai's economy expanded 5.9 percent in the first quarter from a year earlier, its fastest pace since 2021. It outpaced the national growth rate of 5 percent in the first three months. Consumer spending, investment and foreign trade figures also superseded the national average. Output from the city's three leading industries - artificial intelligence, biomedicine and integrated circuits rose16 percent from a year earlier, and new energy vehicles up 35 percent. Retail sales of consumer goods in the first three months increased5.5 percent and investment in fixed assets was up 7.6 percent.

Nvidia H200 Chips Still Haven't Arrived in China, US Official Says

US chip giant Nvidia hasn't sold any of its H200 AI chips to Chinese companies, Reuters reported, citing US Commerce Department Secretary Howard Lutnick. The Trump administration in January approved sales of the chips, which were specially designed for China to comply with US government export restrictions, but shipments have been obstructed by disagreements over sales terms, both in China and the US, Lutnick said, noting that the Chinese government is resistant to foreign chip imports as it pursues self-reliance in semiconductors.

South Korean Growth Beats Forecasts

South Korea's economy in the first quarter grew 3.6 percent from a year earlier, it's fastest three-month expansion since 2020. The stronger-than-expected performance was driven primarily by a 5.1 percent surge in exports, led by semiconductors and other components used in AI infrastructure. Consumer spending rose 0.5 percent, while government expenditure increased only 0.1 percent.

Corporate

CSSC Unit Reports Large Order for Container Ships

Dalian Shipbuilding Industry, a listed arm of China State Shipbuilding Corp (CSSC), the world's largest shipbuilder, said it has received a 9 billion yuan (US$1.2 billion) order for a dozen twenty-foot equivalent unit container ships, with deliveries scheduled between 2028-30. It didn't disclose the name of the buyer. The new order follows the March announcement of a deal to build 10 "very large crude carriers" for China Merchants Energy Shipping, valued at up to 9 billion yuan.

Chalco Flags Strong Q1 Profit

Aluminum Corporation of China (Chalco), one of the world's biggest producers of the metal, is forecasting first-quarter profit will rise up to 58 percent from a year earlier to between 5.3 billion yuan and 5.6 billion yuan. That result would exceed expectations for a typically weak seasonal period in the aluminum industry and be the company's best-ever first-quarter. The company cited efficiency gains across its integrated production chain, spanning bauxite mining, alumina refining and aluminum smelting.

Xpeng Poised to Begin Major Humanoid Robot Production

Chinese electric vehicle maker Xpeng said it plans to start major production of humanoid robots in the fourth quarter of this year and of its "flying cars" next year, Reuters reported, citing company President Brian Gu. He said in the next 10-20 years, Xpeng's robotics business will be larger than its automotive division as use of humanoid robots permeates daily life. Gu hailed the potential to increase Xpeng's collaboration with Volkswagen, after the two companies began production of a new jointly developed electric vehicle. He cited the importance of partnerships with "different players in different regions." Xpeng has received more than 7,000 orders for low-altitude "flying cars," which have yet to be approved by Chinese regulators. Gu also said the company will start robotaxi ​tests in the southern city of Guangzhou this year and engage in tests around the world with partners in 2027.

T3 Ride-Hailing Platform Files for HK Listing

T3 Chuxing, a ride-hailing platform and rival of dominant player Didi, filed an application with the Hong Kong stock exchange for a listing, Yicai reported. The Nanjing-based company had over 234 million registered users at of the end of last year, with services covering 194 cities across China. T3 is a backed by Alibaba, Tencent and Chinese automakers FAW, Dongfeng and Changan.