Daily Buzz: 7 April 2026

Countdown Begins on Trump's 'Final' Deadline for Iran

The clock is ticking down on US President Donald Trump's "final" ultimatum for Iran to reopen the Strait of Hormuz or be bombed "back to the Stone Age." His deadline is 8pm Tuesday, New York time (8am Wednesday, Beijing time), with electricity plants and bridges in the crosshairs. "The entire country can be taken out in one night," Trump told a press conference. "Every power plant in Iran will be out of business, burning, exploding and never to be used again. I mean complete demolition by 12 o'clock." He said the people of Iran welcome the sound of bombs because they want to be freed from Tehran's ruling regime.

Ceasefire proposals, including one for a 45-day halt, have reportedly been exchanged between the US and Iran through Pakistan and other third party mediators. Trump said the latest proposal from Iran was "significant but not good enough." Iran called Trump a "madman" and said it formally rejected a US proposal. Israel claimed it killed Iran's intelligence chief.

Benchmark Brent crude oil futures closed at US$109.80 in New York. In thin global trading on Monday, investors apparently clung to hopes of a last-minute deal to avoid an escalation of the war. The S&P 500 index in New York edged up 0.4 percent, and the Nikkei index in Tokyo added 0.5 percent. Markets in mainland China, Hong Kong and Europe were closed for holidays.

NASA Astronauts Push Boundary of Human Space Travel

NASA's Artemis II astronauts set a new record for the furthest distance humans have travelled into space as their Orion space craft headed in a loop around the far side of the moon. The 10-day mission won't land humans on the lunar surface again but is aimed at future missions that will.

Top Business

US Stance Against Chinese Imports Stiffens

The US Federal Communications Commission last week proposed extension of a ban on the import of electronic equipment manufactured by Chinese companies Huawei, Hytera, Hikvision and Duhua on grounds of national security. In December, the telecoms regulator banned imports of all new model Chinese-made drones, and last month banned imports of new model Chinese consumer routers.

The US already levies 100 percent tariffs on auto imports from China, which has effectively closed the market to Chinese vehicle manufacturers, and pressure is mounting in Congress to further bar Chinese carmakers from setting up manufacturing plants in America. Republican Senator Bernie Moreno said he will introduce legislation so that "there's never a scenario where a Chinese automobile will enter our market -- that's hardware, that's software, that's partnerships." However, US consumers may view things differently. A poll of car US shoppers under the age of 29 conducted by Cox Automotive in late December found two-thirds of respondents favorable toward China auto brands.

HyperStrong Predicts Doubled Shipments of Energy-Storage Units

Beijing-based HyperStrong Technology, a leading Chinese supplier of energy-storage systems, said it expects to more than double shipments this year, with deliveries projected to reach 70 gigawatt-hours, Chief Executive Zhang Jianhui told Bloomberg News in an interview. He said the estimate comprises 60 gigawatt-hours from the domestic market and the rest from overseas, where demand from Europe and North America is showing strong growth. Energy storage is vital in maintaining grid stability when supplies of wind and solar power can be intermittent, based on weather. That's particularly important with the rapid expansion of AI data centers that require huge amounts of continuous power.

Economy & Markets

China's Qingming Holiday Boosts Spending, Travel

China said consumer spending during the three-day Qingming holiday that ended on Monday drove retail and catering sales up 2.4 percent from a year earlier and government subsidies on trade-ins resulted in 247 billion yuan (US$34 billion) of new car sales and 216 billion yuan in sales of consumer appliances. Sales of smart glasses tripled, and smartwatch sales were up 12 percent. Railway passenger trips during the holiday rose 6 percent to 845 million. Qingming, also known as Tomb Sweeping Day, is an annual event honoring ancestors.

OPEC+ Proposes Modest Increase in Oil Output

The eight OPEC+ nations agreed to raise its oil production quotas by 206,000 barrels per day for May, equivalent to about 2 percent of supplies disrupted by the Iran war, which has reduced tanker passage through the Strait of Hormuz to a trickle. The OPEC+ moves signals an intent to help address the global supply crisis when the waterway reopens, though it remains a commitment only on paper until a ceasefire is declared.

Middle East Conflict Disrupts Asian Trade

The Middle East war has heavily impacted Asian supply chains. Amid surging demand for alternative fuel sources, Thailand said it will begin regulating crude palm oil exports to safeguard supplies of domestic biofuel feedstock. Japanese carmaker Mazda said it has suspended production of vehicles destined for Middle Eastern markets, including Saudi Arabia and Israel. The automaker, which typically ships about 30,000 units a year to the region, cited the blockade of the Strait of Hormuz for making deliveries impossible.

Corporate

Foxconn Begins Trial Production of First Apple Foldable IPhone

Taiwan-based Foxconn has officially begun trial production of Apple's highly anticipated foldable iPhone, Cailian reported, cited industry sources. Reports last year said Apple had provided its suppliers with shipment target guidance for the new device. The large-screen foldable model is expected to come to market in the second half of 2026.

Zhifei Biological Revises Merck Contract to Remove Minimum Purchases

Zhifei Biological Products recently revised its vaccine procurement and distribution agreement with German pharma giant Merck Sharp & Dohme to remove minimum purchase commitments and shift to demand-driven procurement. The new three-year agreement comes amid weaker vaccine demand on the Chinese mainland. Under the agreement, Zhifei will continue to purchase three products from Merck: Gardasil 9, a vaccine against the genital papilloma virus; RotaTeq, a vaccine to prevent rotavirus infection in children; and Pneumovax 23, a pneumococcal vaccine. The company has been Merck's exclusive distributor on the mainland since 2011.