Daily Buzz: 6 February 2026

Russian-US Nuclear Arms Treaty Expires

The Russian-US nuclear arms control treaty signed in 2010 expired on Thursday, raising concerns about a renewed arms race. The treaty capped the number of nuclear warheads for each side to 1,550 and established some transparency, including on-site inspections. Although Russia suspended the treaty three years ago as tensions grew over the Ukraine war, both countries were still thought to be abiding by the agreement, the BBC reported. Russia and the US did agree to re-establish high-level communications channels suspended after Russia attacked Ukraine.

Russia and the US control more than 80 percent of the world's stockpile of nuclear warheads. UN Secretary-General António Guterres urged both countries to sign a new nuclear deal at what he called a "grave moment for international peace and security." Dmitry Medvedev, the former Russian president who signed the treaty, said this week that its lapse should "alarm everyone." A senior adviser to Russian President Vladimir Putin said the Kremlin would "act in a measured manner and responsibly." China's foreign ministry said the onus is on Washington to avert an unconstrained arms race. US President Donald Trump last month told the New York Times: "If it expires, it expires… We'll just do a better agreement." The US is known to want China as a signatory to any new agreement, and Moscow has long argued it should include nuclear powers France and Britain.

Ukraine Talks Agree to Prison Exchange, No Breakthrough on Territory

The second round of trilateral talks between the US, Ukraine and Russia seeking an end to the four-year war produced another agreement on prisoner exchange on Thursday but made no headway in breaking the impasse over territorial control. Russia is still demanding complete control of the Donbas, a region in eastern Ukraine that it partially occupies. Ukraine is under US pressure to make territorial concessions, though it's not clear what concessions, if any, Russia is willing to make.

Top Business

Tech Selloff Sweeps Through Global Markets

A global selloff of AI-related technology stocks, precious metals and cryptocurrencies swept from Asia across to Europe and New York on Thursday. In Hong Kong, the Hang Seng Tech Index, dominated by mainland Chinese firms, briefly fell into bear territory with a 20 percent drop since October, but managed a late day recovery to close up 0.7 percent. "Tech just got hit with a different kind of sell-off," Stephen Innes, managing partner at SPI Asset Management, said in a note cited by the South China Morning Post. "Not the usual rates tantrum, not a recession whisper, not even an earnings miss in the classic sense. This was the market staring into an AI mirror and recoiling at its reflection." The larger question weighing on tech stocks globally is whether the selloff is just an inevitable correction after strong rallies last year or whether it's an indication of something fundamentally deeper.

Broader markets in Asia pared steep intraday losses on Thursday amid hopes the selloff would end as Western markets opened. The Hang Seng ended flat, and the benchmark Shanghai Composite Index was down 0.6 percent. Seoul's Kospi index led regional declines, plunging almost 4 percent, led by chip heavyweights Samsung Electronics and SK Hynix. Japan's Nikkei lost 1 percent.

In the China tech sector, Alibaba was down 0.3 percent after losing as much as 2.4 percent, and Contemporary Amperex Technology (CATL), the world's largest maker of batteries for electric cars, lost 2 percent. Shanghai-based Semiconductor Manufacturing lost 1.9 percent, chipmaker Cambricon fell 1 percent, and rival MetaX slid 2.6 percent.

In New York overnight, the tech-heavy Nasdaq dropped 1.6 percent, capping the worse three-day performance in almost 10 months. An exchange-traded fund tracking the software industry was down 5 percent, its eighth straight loss. Bitcoin, a bellwether on investor sentiment toward AI technology, plunged 14 percent. Gold fell 3 percent, and silver lost 16 percent. In Europe, the Stoxx600 slid 1 percent.

Meituan to Take Over Dingdong

Meituan, China's largest food-delivery platform, said it will acquire fresh-grocery online retailer Dingdong for US$717 million, buying up all its US-listed shares. The deal is aimed at strengthening Meituan position in the mainland instant delivery market, where it is battling Alibaba and JD.com for customers. The takeover is subject to Chinese regulatory approval. The deal excludes Dingdong's overseas operations, which will be spun off before the transaction is completed.

China Solar Firms Deny Report of Musk Contacts

Chinese solar companies denied reports in local media that Elon Musk teams had visited them secretly looking to buy equipment. After soaring on the report, shares across the sector dropped on Thursday. Jinko Solar fell 6.1 percent, and Shuangliang Eco-Energy System sank 10 percent. Gaoce Technology and Jingsheng Mechanical & Electrical also tumbled. Shanghai-based Jinko said it has not engaged in any talks with Musk personnel nor entered into any agreements on orders.

Economy & Markets

China's Clean Energy Industries Drive Investment Growth

China's clean energy industries drove more than 90 percent the country's investment growth last year, making the sector bigger than all but seven of the world's economies, the Guardian reported, citing a new report from the Center for Research on Energy and Clean Air, a Helsinki-based nonprofit think tank. The manufacture, installation and export of batteries, electric cars, solar, wind and related technologies last year generated a record 15.4 trillion yuan (US$2.2 trillion) of business, accounting for 11.4 percent of China's gross domestic product. The nation's rollout of wind and solar alone is about double the rest of the world combined.

Baidu Announces Buyback, First Dividend

Baidu, China's largest search-engine provider, announced it will pay its first-ever dividend this year and unveiled a three-year, US$55 billion share buyback. The company, one of the mainland's leading AI companies, is seeking to bolster investor confidence amid intensifying competition. The size of dividend will be disclosed when results are released later this year.

Geely-Owned Volvo Cars Suffers Worst Share Plunge

Shares of Sweden's Volvo Cars, which is owned by Chinese carmaker Geely, plunged 22.5 percent on Thursday, their worse-ever trading day. Volvo Cars posted a 68 percent drop in fourth-quarter operating profit from a year earlier. The company blamed US tariffs, negative currency-exchange rates and weak demand.

China Oil Dependence Seen Near 70 percent

China's reliance on foreign oil supplies is expected to remain at about 70 percent this year as high demand persists, a research arm of China National Petroleum said in a new report. It said demand is largely driven by aviation and petrochemical sectors. Chinese use of oil rose to 1.1 percent last year to 762 million ton, though demand for gasoline and diesel has been declining since 2024, partly due to rapid adoption of electric vehicles. The report said self-sufficiency in petrochemical fuel usage is improving.

Corporate

Nio Forecasts First Quarterly Profit

Chinese electric car maker Nio said it expects to deliver its first operating profit when fourth-quarter results are released. The Shanghai-based automotive firm forecasts adjusted operating profit of up to 1.2 billion yuan (US$173 million), turning from a loss of 5.5 billion yuan a year earlier.

The company credited an increase in deliveries in the quarter, a better mix of models on offer and continued cut-cutting. Deliveries in the quarter surged 72 percent to 124,807 vehicles.

Sony Reports Quarterly Profit, Raises Revenue Forecast

Japanese tech and entertainment giant Sony beat analysts' forecasts with December quarter operating profit of 515 billion yen (US$3.3 billion), rebounding 22 percent from a year-earlier decline. Revenue rose 1 percent to 3.7 trillion yen. The company said favorable foreign-exchange rates offset rising costs of memory chips. It raised its revenue forecast for its fiscal year ending March 31 by 3 percent to 12.3 trillion yen, while maintaining estimated losses from US tariffs at 50 billion yen.

CATL, Fulin to Invest in New Battery Materials Plant

China battery giant Contemporary Amperex Technology (CATL) and Fulin Precision, a supplier of battery raw materials, said this week that their joint venture will invest 1.5 billion yuan (US$216 million) in a new factory for high-quality lithium-iron phosphate cathodes. Fulin said the new plant in southwestern China will be built in partnership with Shenghua New Material and will have the capacity to annually produce 500,000 tons of ferrous oxalate, a key feedstock in production of

lithium iron phosphate used in lithium-ion batteries. CATL is the world's biggest maker of batteries used in electric cars.

Macau Hotel Sells Gold-Paved Entrance

The operator of Macau's Grand Emperor Hotel has sold 79 kilograms of gold bricks that paved the hotel's entrance for more than two decades, cashing in on high gold prices. Parent Emperor International Entertainment Hotels said in a Hong Kong stock exchange filing that the gold was sold for HK$99.7 million (US$12.8 million), booking a gain of about HK$90.2 million. The buyer was Heraeus Metals Hong Kong, part of Germany's Heraeus Group. The gold entryway was installed on the lobby floor to create a "sumptuous" atmosphere" for the former casino, which ceased operations last October 30 following regulatory changes.