Daily Buzz: 27 October 2026

Israeli Voters Go to the Polls Today in Pivotal Election

Israeli voters head to the polls today in what is being called one of the most consequential elections in the country's history, and are also seen as a referendum on Prime Minister Benjamin Netanyahu, who leads the most right-wing government in Israeli history. It is the first vote since the 2023 Hamas attack on southern Israel, which triggered the Gaza war that has killed more than 75,000 Palestinians and left much of the territory in rubble. It is also the first election since Israel joined the US earlier this year in launching the war against Iran and renewing its war in Lebanon. Polls show a tight race between Netanyahu's coalition and the opposition led by former military chief of staff Gadi Eisenkot, a centrist whose son was killed in Gaza. Eisenkot is counting on war fatigue; Netanyahu is playing on security fears. No party has ever won an outright majority in the Knesset, so coalition bargaining will follow. Arab citizens, about one-fifth of the population, could prove pivotal. US President Donald Trump has endorsed Netanyahu, Israel's longest-serving prime minister; Vice President JD Vance declined to make an endorsement.

Brazil Liberal Party Chief Recognizes Lula's Election Win

Brazil's Liberal Party president Waldemar Costa Neto acknowledged on Monday that incumbent President Luiz Inácio Lula da Silva won the 2026 presidential election, after the Superior Electoral Court declared Lula the winner of the runoff on Sunday. Lula took 51.79 percent of valid votes, defeating Flávio Bolsonaro–the Liberal Party candidate and son of former president Jair Bolsonaro–who received 48.21 percent in a fiercely contested race. Bolsonaro, 45, carried the agricultural center-west and south, but Lula, 81, prevailed in major urban areas and the north, including the Amazon basin, where he curbed deforestation. Bolsonaro is serving a 27-year prison sentence for attempting a coup after losing the 2022 election to Lula. US President Donald Trump, an ally of the Bolsonaro family, said the election looked rigged. Brazilian stocks and currency fell on the election outcome after investors bet on a Bolsonaro victory.

Top Business

InnoCare Swings to Q3 Profit as Drug Sales, Licensing Revenue Surge

InnoCare Pharma, a Chinese biotech developing cancer and autoimmune disease treatments, reported third-quarter net profit attributable to shareholders of 409 million yuan (US$61 million), turning from a year-earlier loss. Revenue jumped 151 percent to 962 million yuan on sales of its core drug orelabrutinib, new contributions from tafasitamab and zurletrectinib, and milestone payments from its licensing deal with Zenas BioPharma. Drug sales rose 39 percent to 530.5 million yuan – far below overall revenue growth, showing how much licensing income contributed. For the first nine months, the company swung to profit of 655.7 million yuan from a year-earlier loss, with revenue up 88 percent to 2.1 billion yuan. Operating cash flow turned positive at 219.6 million yuan as commercialization expands.

Anthropic Prospectus: Steep Loss, Heavy Spending, Multiple Risks

US AI giant Anthropic, expected to list in New York in mid-November in what could be a record-breaking IPO, said in its 355-page prospectus made public on Monday that it had a first-half net loss of US$80.7 billion largely related to accounting charges. Revenue came in at US$16.3 billion, surging 1368 percent from a year ago. The company said it spent US$9 billion on AI infrastructure in the first six months, following on from the US$7.3 billion it spent in all of 2025. The prospectus contains 90 pages of risk factors, including the technology possibly posing existential risks to humanity. It also reveals a structure that gives its seven co-founders, including Chief Executive Dario Amodei, effective control over 50.1 percent of shareholder voting power. Anthropic hasn't revealed the size of the IPO yet, but market analysts are predicting US$100 billion or more.

Separately, Anthropic's AI model Claude bypassed a paywall without human instruction and accessed election data in the US state of Georgia. There was no breach of the voter registration system and no alteration of voting records, but state officials raised concerns about exposed system vulnerabilities.

WuXi AppTec Raises 2026 Revenue Outlook as Earnings Rise

WuXi AppTec, a Chinese pharmaceutical research and manufacturing services provider, said net profit attributable to shareholders in the first nine months of 2026 rose 62 percent from a year earlier to 19.16 billion yuan (US$2.87 billion). Revenue increased 39 percent to 45.5 billion yuan. Revenue from continuing operations jumped 46 percent, led by a 52 percent gain in its chemistry segment. Small-molecule development and manufacturing surged 66 percent. The company raised its full-year revenue forecast to 62 billion yuan.

ZTE Q3 Profit Surges Nearly Fivefold on One-Off Gains

ZTE, a Chinese telecommunications equipment maker, said third-quarter net profit attributable to shareholders surged 395 percent from a year earlier to 1.3 billion yuan (US$196 million), while revenue climbed 34 percent to 38.8 billion yuan. More than half of profit came from one-time gains, including 691 million yuan related to financial assets and liabilities. Excluding one-time items, net profit was 592.9 million yuan, up 364 percent from a low base a year earlier. For the first nine months, net profit fell 24 percent to 4.1 billion yuan despite a 16.2 percent rise in revenue to 116.8 billion yuan. Operating cash flow dropped 60 percent to 715 million yuan, and inventories jumped 57 percent from the end of last year to 73.6 billion yuan, underscoring working-capital pressure despite the quarterly rebound.

Shimao Cross-Default Hits US$9.1 Billion of Restructured Debt

Chinese property developer Shimao Group said in a stock exchange filing that a cross-default has occurred on about US$9.1 billion of its restructured offshore debt after a winding-up petition filed by Guotong Trust on August 27 was neither dismissed nor stayed by an October 25 deadline. The affected debt includes a US$771 million short-term loan and a US$1.27 billion long-term loan. Shimao, which specializes in property development, investment and hotel operations on the Chinese mainland, said it has not received any creditor demand for immediate repayment and will "vigorously" oppose the petition. Its shares plunged 19.6 percent in Hong Kong on Monday.

Proposed Data Center in Australia Outback, With Anthropic Lease, Faces the Big Dry

Singapore developer Zerra DC's proposal to build a US$22 billion data center behind a cattle feedlot in Australia has already run into a major problem: the Outback is dry. Although the project hasn't been formally approved yet, US AI giant Anthropic has already signed a lease. The proposed data center would cover an area equivalent to five football fields. The project plans to tap a vast underground basin to power the center, but the process of extracting coal-seam gas requires pumping out groundwater to relieve pressure and free the gas. That is raising public concern in an area of Queensland state where it often doesn't rain for months and farmers rely on artesian aquifers. If constructed, the data center would be the largest in Australia.

Economy & Markets

Citic Securities Q3 Profit Declines Despite Nine-Month Growth

Citic Securities, China's largest brokerage by assets, said third-quarter net profit attributable to shareholders fell 20 percent from a year earlier to 7.7 billion yuan (US$1.2 billion) on a weaker stock market. Revenue dropped 27 percent to 16.9 billion yuan. For the first nine months, net profit rose 33 percent to 31 billion yuan on an 18.6 percent gain in revenue to 66.6 billion yuan, driven by stronger brokerage, investment banking and asset management fees, and reversals of expected credit losses. Net fee and commission income climbed 33 percent to 32.6 billion yuan in the nine months, while net interest income more than quadrupled to 3.2 billion yuan. Investment income fell 45 percent to 18 billion yuan, though fair-value gains of 13 billion yuan replaced year-earlier losses. Total assets reached 2.4 trillion yuan at the end of September.

Chinese Yuan Appreciates to Highest Since February 2023

China's yuan climbed Monday to its strongest level against the dollar since February 2023, with the People's Bank of China setting the daily central parity rate at 6.7162, firmer than the previous setting of 6.7180. The spot yuan is allowed to trade 2 percent either side of the midpoint. A stronger currency makes exports more expensive and imports cheaper.

Chinese Robot Maker Microintelligence Halts Hong Kong IPO

Changzhou-based robotics maker Microintelligence has halted a Hong Kong initial public offering that sought to raise as much as HK$800 million (US$102 million), citing market conditions – even though its subscription, which closed last week, drew orders 31 times the shares on offer. The company said all payments will be refunded. It makes embodied robots for industrial use and holds about 20 percent of the Chinese mainland market. The pullout follows a global slump in tech shares that has pushed a string of companies to delay or scrap IPOs.

SpaceX Closes US$40 Billion in Debt Financing

SpaceX completed US$40 billion in debt financing to purchase Nvidia graphics processing units used to power artificial intelligence systems. The deal closed with the debt rated at the lower rungs of investment grade by credit agencies, citing revenue from the company's Starlink satellite internet system and rocket launch business. The debt highlights the massive cost of purchasing advanced chips and building AI data centers. Musk said companies with no revenue source other than AI data centers have effectively been shut out of debt-market financing, predicting a massive shakeout and consolidation of more than 200 "neocloud" companies.

China Heat Pump Exports to Europe Surge on High Energy Costs

China's heat pump exports to 21 European countries in September more than tripled to 1.03 billion yuan (US$153 million) as soaring energy costs and an accelerating "gas-to-electricity" transition drove demand ahead of the winter heating season. Global monthly exports of heat pumps and components hit a yearly high of 2.4 billion yuan, up 119 percent. Trade remains heavily concentrated, with the Netherlands, Italy, Spain, France and Germany accounting for 70 percent of European imports.

China's Q3 Cross-Border Trips Hit 192 Million on Visa-Free Surge

China recorded 192 million inbound and outbound trips in the third quarter, up 7.9 percent from a year earlier, driven by a rise in foreign visitors and Chinese mainland outbound travel, the National Immigration Administration said. Foreign entries rose 16 percent to 11.6 million, with visa-free entries jumping 24 percent to 9 million. Russians, South Koreans and Vietnamese led foreign visitors, while Hong Kong, Macao and South Korea remained the top outbound destinations for Chinese mainland residents.

Corporate

Gree Profit Slumps as Demand for Air Conditioners Cools

Gree Electric Appliances, one of China's largest air-conditioner makers, said third-quarter net profit attributable to shareholders slumped 43 percent from a year earlier to 4 billion yuan (US$598 million), while revenue fell 7.9 percent to 37 billion yuan. For the first nine months, net profit declined 19.5 percent to 17 billion yuan on an 8.1 percent decline in revenue to 126.5 billion yuan. The company blamed weaker consumer-appliance sales, despite its holding prices steady amid higher raw-material costs. Industry data cited in the filing showed China's household air-conditioner sales fell 8.4 percent in the first nine months.

Dajin Heavy Q3 Profit Plunges 68 Percent

Dajin Heavy Industry, a Chinese maker of offshore wind power equipment, said third-quarter net profit attributable to shareholders fell 68 percent from a year earlier to 109.5 million yuan (US$16.4 million), while revenue dropped 37 percent to 1.1 billion yuan on lower deliveries and a shift in its order mix. For the first nine months, net profit declined 20 percent to 710 million yuan and revenue slipped 5.1 percent to 4.4 billion yuan. Excluding foreign-exchange losses on the stronger yuan, the company said profit would have risen about 6 percent to 860 million yuan. Gross margin improved to 35.6 percent from 31.1 percent, and operating cash flow jumped 35 percent to 2 billion yuan. Dajin is expanding into offshore wind transport and installation services, with three ocean-going transport vessels now operational and a new installation vessel being developed with Norway's Ulstein.

Apple Acknowledges Problems With 'Small Number' of iPhone Duos

Apple, in its first comment on consumer complaints about screen problems with the company's first foldable phone, the iPhone Duo, said it is aware of an issue that has affected a "small number" of phones, and that it would replace the devices under its warranty program. Some users around the world have complained that the inner screen is susceptible to cracking or showing horizontal bright lines emanating from the phone's hinge.

Without warranty, replacing the inner-screen costs US$999. The iPhone Duo's starting price is US$1,999. Meanwhile, Apple has asked its suppliers to accelerate production of the phone as supplies run short. The initial stock ran out last week following the global launch. The next batch of devices isn't expected until January.

HSBC to Merge Hang Seng Investment Arm Into Its Asset Management

HSBC plans to merge subsidiary Hang Seng Bank's US$50 billion asset management arm into its own asset operations, which oversee US$876 billion, the Business Times reported, citing people familiar with the matter. It would be the first business integration since UK-based HSBC, Hong Kong's biggest bank, completed its US$13.6 billion takeover of Hang Seng in January. Hang Seng's investment arm runs Hong Kong's largest exchange-traded fund.

Kinwong Posts Q3 Profit, Revenue Surges

Kinwong Electronic, a Chinese maker of printed circuit board, posted a 66 percent increase in third-quarter revenue to 6.6 billion yuan (US$994.7 million) and a 240 percent surge in profit from a year earlier to 1 billion yuan. For the first nine months, revenue rose 37 percent to 15.2 billion yuan and net profit was up 70 percent to 1.6 billion. The company attributed the growth to higher revenue from high-performance circuit boards used in high-speed communications and AI data infrastructure, and higher selling prices. The company also announced a share buyback of up to 100 million yuan.

Xpeng Gets Go-Ahead for Advanced Robotaxi Testing

Chinese electric-vehicle maker Xpeng said it has received approval for L4 robotaxi demonstration operations in the southern city of Guangzhou, marking a milestone in commercial testing of its self-driving Xpeng Yoyo fleet. Level 4 is the second highest level of autonomous driving, enabling vehicles to drive with no human intervention needed. The technology has a long way to go before authorities allow its use in ordinary passenger cars.