Daily Buzz: 8 April 2026

US, Iran Step Back From the Brink in Two-Week Truce

US President Donald Trump, at the urging of Pakistan Prime Minister Shehbaz Sharif, agreed to a two-week delay in his threat to wipe out the "whole civilization" of Iran beginning today, contingent on Iran agreeing to reopen the Strait of Hormuz for two weeks. Iran's Foreign Minister Abbas Araghchi said safe passage through the waterway will be possible for two weeks as long as Israel and the US halt military strikes on the country.

Pakistan, a third-party mediator in the war, urged both countries to step back from the brink to allow time for negotiations to find a peaceful resolution to the conflict, now in its sixth week. Trump had threatened to bomb Iran's power plant, bridges and other civilian infrastructure "back to the Stone Age" if Iran didn't reopen the strait by an 8pm Monday evening deadline, New York time. Israel, however, bombed railways and bridges in Iran ahead of the deadline, claiming they were used by the Iranian military.

Oil prices plunged on hopes of an end to the war, with benchmark Brent crude futures plummeting 16 percent to US$92.15 a barrel. In the first major stock markets to open after the ceasefire was announced, the Nikkei in Tokyo jumped 4.5 percent in the first 10 minutes of trading, South Korea's Kospi gained 5.5 percent and Australia ASX 200 index added 2.5 percent. US stock futures surged in New York.

Taiwan Delegation Begins Rare Chinese Mainland Visit

A Taiwan delegation of the Chinese Kuomintang party, led by its chairwoman Cheng Li-wun, arrived in Shanghai on Tuesday on a Chinese mainland visit that will run through Sunday. It's the first time in a decade that the chairperson of the party has led such a visit. The purpose of the trip, according to the State Council Taiwan Affairs Office, is to strengthen exchanges and dialogue across the Taiwan Strait. The group's itinerary also includes Nanjing and Beijing.

Top Business

Samsung Electronics Flags Record Quarterly Profit

Samsung Electronics said it expects to show record quarterly profit for the first three months of this year. It forecast operating profit of 5.7 trillion won (US$38 billion), up eightfold from a year earlier. The South Korean company, a leading global chipmaker, also predicted revenue would surge 70 percent to 133 trillion won on strong global demand for memory chips used in AI computing. The company is expected to announce official results later this month.

SpaceX Seeking to Allocate Bigger Slice of IPO to Individual Investors

Elon Musk's SpaceX told its team of bankers Monday night that it plans to earmark a large portion of this year's initial public offering, expected to be the largest-ever in the world, to retail investors, Reuters reported, citing people familiar with the matter. Companies typically designate 5 percent to 10 percent of share sales to individual investors, with the bulk going to institutions. The company's Chief Financial Officer reportedly told the bankers that SpaceX is planning the largest retail portion in IPO history because individuals have been loyal supporters of the company and deserve to be rewarded. The company has submitted a confidential filing for listing but revealed no financial details yet. Media reports speculate that the rocket maker will seek to raise about US$75 billion. SpaceX is due to make its prospectus public in late May.

Economy & Markets

Rokid Reportedly Nears IPO Application in Hong Kong

Hangzhou-based smart glasses maker Rokid is preparing to file for a Hong Kong listing as early as the end of this month, the South China Morning Post reported. That would follow Beijing-based Xreal, a maker of augmented-reality glasses, that filed for a Hong Kong initial public offering last week. Companies in the rapidly growing consumer market segment have been tapping capital markets to fund expansion and development. Rokid makes industrial and consumer-grade augmented-reality glasses, and AI-powered eyewear.

Gasoline, Diesel Prices Raised in China

Gasoline prices in China this week rise by 420 yuan (US$61) a metric ton and diesel prices increase 400 yuan per ton, reflecting international oil prices. The National Development and Reform Commission said the impact on consumers has been eased by government price-adjustment measures.

China's Gold Reserves Increase

China's official holdings of gold in its foreign-exchange reserves rose to 74.4 million ounces in March, the 17th consecutive month of increases. The People's Bank of China said the holdings increased from 74.2 million ounces at the end of February. However, overall forex reserves declined 2.5 percent from February to US$3.3 trillion, reflecting a stronger dollar and changes in global asset prices.

Fundraising by Chinese Mainland IPOs Grew 56 Percent in Q1

Chinese mainland stock markets posted a 56 percent increase in money raised from initial public offerings in the first quarter from a year earlier, the South China Morning Post reported, citing Bloomberg data. The gain largely reflects continued regulatory easing of listing requirements for advanced technology companies. Twenty-nine companies raised a combined 26 billion yuan (US$3.7 billion) in IPOs on the Shanghai, Shenzhen and Beijing exchanges in the first three months. The biggest IPO in the first quarter was Zhenshi New Materials, a developer of fiber reinforcement materials for clean energy applications, which raised 2.9 billion yuan in Shanghai.

China's Electric-Arc Steel Capacity Utilization at Two-Year High

Capacity utilization at 94 independent Chinese electric-arc steel mills rose to 61 percent last week, the highest rate in more than two years, Bloomberg News reported, citing a survey by consultancy Mysteel. The sector had been struggling to hit 60 percent. Steven Yu, a Mysteel researcher, was quoted as saying "electric furnaces are becoming profitable again." Electric-arc furnaces are fed with recycled scrap, rather than iron ore and coal, which makes them a cleaner, though more expensive, alternative to traditional carbon-intensive blast furnaces The price gap between the two production methods narrowed in recent weeks as higher prices for traditional materials rose.

Corporate

E-Bike Makers in China Raise Prices

Ninebot, Yadea Group and other Chinese electric bicycle manufacturers have hiked prices amid rising material costs, Yicai reported. The increases, which have ranged up to 300 yuan (US$43.6), also reflect the removal of e-bikes from the national subsidy program for trade-ins and from tighter regulatory standards for the vehicles. Wuxi-based Yadea cited increased costs of including aluminum, copper and iron used in production. E-bike sales in China fell 38 percent in February from a year earlier, according to market researcher AVC.

Xpeng Rules Itself Out of Cheap Car Market

Leading Chinese carmaker Xpeng said the company won't compete in the low-cost car segment because of poor profit margins. Chief Executive He Xiaopeng said that "we won't be in the segment for vehicles priced below 100,000 yuan (US$14,540)." Speaking of the intense domestic competition in the industry, he predicted the large field of current players will be whittled down to five dominant automakers by 2030. Xpeng, He said, is transforming itself from a carmaker to a technology company. Profit in the Chinese auto industry has fallen about 30 percent this year on rising costs and weaker consumer spending.

UBtech, Honda Unit Sign Partnership Pact

Shenzhen-based UBtech Robotics signed a partnership agreement with Honda Trading Corp, a subsidiary of Japanese automaker Honda Motor, for joint research on humanoid robots and unmanned logistics vehicles. The pact includes exploration for industrial uses of UBtech's flagship Walker series of embodied robots. Earlier this month, UBtech announced a global recruitment campaign for core research and development professionals.

BYD Added to Brazil's 'List of Shame'

BYD, China's largest maker of electric vehicles, was added to Brazil's "list of shame," a registry of employers who impose slave-like conditions on workers. The designation came after a 2024 scandal related to Chinese workers said to have been victims of human trafficking and abusive contracts, CNBC reported. The list, compiled by Brazil's Labor Ministry, bars the automaker from obtaining certain loans from Brazilian banks but doesn't affect production at the company's lone car plant in the country. BYD didn't comment on the report but has in the past denied knowledge of any violations that may have been caused by a local contractor used to hire workers.