Daily Buzz: 7 May 2026

Top News

China Urges Peace Talks Amid Signs of Some Progress, Oil Prices Decline

US media reports said Washington has sent Iran a one-page memorandum that calls for both sides to lift blockades around the Strait of Hormuz, a moratorium on Iranian uranium enrichment and the establishment of a framework for future talks on Iran's nuclear program. The memorandum also proposes an end to US sanctions on Iran and the release of billions of dollars in frozen Iranian assets. Tehran said it is considering the proposal. Amid signs of behind-the-scenes momentum toward ending the two-month war, oil prices plunged and stock markets surged. Benchmark Brent crude futures fell 8 percent to close New York trading at US$101.27 a barrel. The S&P 500 and Nasdaq indexes closed at record highs, after big stock market rallies in Europe and Asia.

At a meeting in Beijing, Chinese Foreign Minister Wang Yi told his Iranian counterpart Seyed Abbas Araqchi that China advocates an immediate and full ceasefire, opposes renewed conflict and stresses the priority of talks, according to state news agency Xinhua. Wang said the situation is at a "critical juncture" between war and peace in the Middle East and urge an immediate resumption of normal and safe maritime shipping through the Strait of Hormuz. He expressed support for Iran's sovereignty and said China welcomes Tehran's assurances that it is not seeking to develop nuclear weapons. For his part, Araqchi said the issue of reopening the strait should be resolved as soon as possible and thanked China for its support and constructive role in peacemaking efforts.

In the Middle East, peace hopes were tempered by caution. Iran's Revolutionary Guards said "safe and stable" passageway through the strait will be "ensured" once the "aggressor's threats" end. Trump cautioned that an Iran deal was a "big assumption" and threatened bombing at "a much higher intensity than before" if no deal is reached. A US jet fighter plane fired on an empty Iranian-flagged tanker in the Gulf of Oman as it tried to break through a US blockade to reach an Iranian port, a French cargo ship was attacked in the Strait of Hormuz, and Israel resumed attacks on the Lebanese capital of Beirut.

Airlines Cut 13,000 May Flights, Resulting in Loss of 2 Million Seats

Airlines have cut 13,000 flights, or two million seats, from this month's schedules to cope with the skyrocketing cost of jet fuel caused by the Middle East conflict, according to aviation analytics firm Cirium. The figure may represent less than 2 percent of global aviation capacity, but it's a bitter pill for passengers whose travel plans are disrupted. The price of jet fuel has more the doubled since the start of the Iran war, and further cancellations could bite into the peak summer travel season. Some analysts have said it will take months for jet-fuel supplies to return to normal after the war ends, even when oil traffic through the Strait of Hormuz resumes. Among the hardest hit carriers so far are Turkish Airlines, Lufthansa, British Airways and KLM. US budget carrier Spirit Airlines collapsed last weekend after fuel costs exacerbated its financial problems.

Top Business

Bud APAC Profit Slips, Chinese Mainland Revenue Falls 4 Percent

Hong Kong-listed Bud APAC, which brews and sells Budweiser and other beers in China, Japan, South Korea, India, New Zealand and Southeast Asia, said first-quarter profit slipped 3.5 percent to US$226 million on a 0.7 percent drop in revenue to US$1.5 billion. Total volumes in Asia rose 0.1 percent to 19.7 million hectoliters, but volumes in China fell 1.5 percent. Revenue from the mainland dropped 4 percent. The company said China underperformed in a slightly improving market and it still has work to do there in strengthening execution, expanding its in-home channel presence, and increasing participation in growing segments of the industry. The company sells a portfolio of beer brands, including Budweiser, Stella Artois, Corona, Harbin, Hoegaarden and Cass. Bud APAC is a subsidiary of Belgian-based Anheuser-Busch InBev.

China's Three-Circle Said to Be Aiming for US$1 Billion HK IPO

Shenzhen-listed Three-Circle Group, which makes small ceramic components for smartphones, autos, data centers and telecom equipment, is seeking to raise up to US$1 billion in a Hong Kong initial public offering. Reuters reported. The listing is still awaiting approval from Chinese securities regulators. Located in the Guangdong Province city of Chaozhou, Three-Circle reported first-quarter net profit of 791 million yuan (US$116 million) on a 46 percent surge in revenue to 2.7 billion yuan. Its components regulate heat, signal transmission and electrical storage in electronics and fiber-optic gear. The company plans to use proceeds of the share sale for capacity expansion, research and development, and automation work at overseas sites in Thailand and Germany.

Geely Buys Some Ford Plant Assembly Facilities in Spain

Chinese automaker Geely has purchased some vehicle assembly facilities at a Ford factory in Spain and plans to build ​one of its models there, Reuters reported, citing local Spanish media. Geely, China's second-largest automaker, is one of several mainland automakers moving to set up production in Europe to skirt EU tariffs on imported vehicles. Local media also reported that Shanghai-based automaker ​SAIC Motor is ​considering a ⁠site in northwestern Spain for European production.

Economy & Markets

China Stocks Surge in Tech Rally

Chinese equities rebounded sharply on Wednesday, led by technology shares, as trading volumes surged and investor sentiment improved. The Shanghai STAR 50 Index closed up 5.5 percent after an intraday surged of more than 9 percent that took the market to a near record high. The benchmark Shanghai Composite Index closed 1.2 percent higher. Combined volume on Shanghai and Shenzhen exchanges topped 3.23 trillion yuan (US$470 billion), one of the highest levels this year. More than 3,800 stocks advanced, with over 100 hitting daily limits. Gains were strongest among companies tied to computing power, AI-related chips and commercial space development. Oil and gas shares retreated. Elsewhere in Asia, South Korea's Kospi surged 6.5 percent to a record close, driven by sharp gains in major chipmakers Samsung Electronics and SK Hynix.

Samsung Electronics Tops US$1 Trillion Market Cap

Samsung Electronics' market capitalization hit the US$1 trillion mark after shares in the South Korean advanced memory-up maker surged 15 percent on Wednesday, riding a tide of investor enthusiasm for companies related to artificial intelligence. In Asia, it joins Taiwan Semiconductor Manufacturing in the elite trillion-dollar club. Globally, Nvidia, Apple, Microsoft and Alphabet are among the handful of trillion-dollar companies. Samsung last week reported first-quarter operating profit surged eightfold on heavy demand and higher prices for its latest-generation high-bandwidth chips.

China to Sell Special Treasury Bonds to Replenish Banks' Capital

China will hold auctions of special treasury bonds totaling 300 billion (US$44 billion) this month and next to replenish core Tier 1 capital at major state-owned commercial banks, China Daily reported. Last year, bond sales totaling 500 billion yuan went to recapitalize Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank of China, raising their capital adequacy ratios. Market analysts expect Industrial and Commercial Bank of China and Agricultural Bank of China to be the main recipients of the next round. China International Capital Corp estimates that the 300-billion-yuan injection would raise the two banks' Tier 1 capital adequacy ratios by about 0.6 percentage point.

Shanghai Hosts 17 Million Holiday Visitors

Shanghai hosted 17 million visitors during the five-day Labor Day holiday, up 2.4 percent from a year ago, with hotel occupancy reaching 73 percent, according to local tourism authorities. Tourism spending, including dining, accommodation, transport, shopping and entertainment, likely topped 21.5 billion yuan (US$3.2 billion). Beijing a day earlier said tourist visits to the capital during the holidays rose 5 percent to 18.8 million.

Corporate

Doubao Launches Paid Subscription Plans

ByteDance's AI chatbot Doubao introduced paid subscription tiers, signaling a shift toward monetization among China's leading artificial intelligence apps. According to updated App Store information, Doubao is now offering a standard plan priced at 68 yuan (US$10) per month, alongside premium tiers at 200 yuan and 500 yuan. A basic version remains free. The move comes as Doubao maintains a leading position in China's AI app market. Data from research firm QuestMobile showed its monthly active users reached 345 million in the first quarter, exceeding the combined total of several major rivals.

Samsung Exits Chinese Home Appliance Market

Samsung Electronics officially announced on Wednesday that it will cease all sales of home appliances on the Chinese mainland, ending a 34-year presence in that market segment. Samsung the decision reflects "rapidly changing market environment" -- a nod to fierce price wars and rising dominance of domestic giants like Haier, Hisense and Xiaomi. The sales halt covers TVs, monitors, refrigerators, washing machines, dryers and clothing care systems.

A Robot Steals the Show in a Stage Musical

A robot from AgiBot-backed robot leasing firm Sharebot stole the show as a special guest on stage at a Shanghai rehearsal of the musical "Natasha, Pierre and the Great Comet of 1812." The company said it was an historic first in the world of theater. The musical, adapted from excerpts of Tolstoy masterpiece "War and Peace," will be staged in the city from May 15 and May 24.

NextRoom Enters AI Smart Home Market

NextRoom, a sub-brand under home-cleaning device maker MOVA, unveiled its core logic and technical framework, marking a shift from cleaning appliances toward AI-driven products. The system features NEX-AI and flagship AI-powered sofas and smart mattresses capable of real-time posture adjustment and advanced sleep monitoring.