Daily Buzz: 9 June 2026

Top News

Chinese President Xi Lauds Relations with The Democratic People's Republic of Korea

Chinese President Xi Jinping lauded the longtime friendship with North Korea on the first of a two-day visit to Pyongyang, his first visit there in seven years. He pledged to work with leader Kim Jong-un to enhance bilateral relations, Chinese state media reported. Xi said the two countries share ideals and common goals of socialism, and seek regional peace and development. Both leaders agreed to seize the trend of the times, sharing the aspirations of both nations to improve humanity.

Israel, Iran Halt Worst Flareup of Fighting in Two Months

Israel and Iran halted strikes on one another after US President Donald Trump intervened to stop the worst fighting in two months. The escalation began days ago when Israel attacked Hezbollah positions in Beirut after agreeing to a US-brokered deal not to resume strikes on the Lebanese capital. In retaliation, Iran fired missiles at Israel, and Israel responded with attacks on Iran. Trump said "the fire is contained" after both sides agreed to an uneasy truce.

Trump is trying to reach a peace deal with Iran, with Israel's continued attacks in Lebanon and then on Iran threatening to derail chances. Trump told Israel's Channel 12 that he warned Israeli Prime Minister Benjamin Netanyahu that Israel could be left alone against Iran if fighting escalates into a wider war. He said to the Financial Times, "I call all the shots. He (Netanyahu) doesn't call the shots."

Iran's ambassador to Russia said the Strait of Hormuz will be reopened under the control of Iran and Oman, which border the waterway. Ships will be charged a transit fee, Kazem Jalali told the Kremlin newspaper Izvestia. The US has opposed any reopening of the strait that doesn't revert back to prewar unfettered passage. Traders are predicting the waterway won't return to normal traffic before the end of the year. Benchmark Brent crude oil futures traded at US$94.05 a barrel after earlier rising as high as US$98.

Magnitude 7.8 Quake Strikes Southern Philippines

A powerful earthquake measuring magnitude 7.8 struck the southernmost tip of Mindanao island in the Philippines, killing at least 35, injuring 200 and leveling buildings. The quake, which struck on Monday at about 7:30 am local time, was at a depth of 35 kilometers.

Peru Election Close, Kosovo and Armenia Polls Return Incumbents

Peruvian conservative presidential candidate Keiko Fujimori and left-wing rival Roberto Sánchez are virtually tied as ballot-counting continues in Sunday's run-off election. The two are competing to replace former left-wing president Pedro Castillo, now jailed. In two other elections held on Sunday, Kosovo Prime Minister Albin Kurti's party won the most seats in parliament but fell short of the majority needed to end a months-long political crisis. And in Armenia, the protest-West government of Prime Minister Nikol Pashinyan won the most votes in a general election.

Top Business

Moonshot AI Seeking US$2 Billion Round Ahead of IPO

Moonshot AI, dubbed by investors one of China's "AI Tigers" and creator of the popular Kimi chatbot, is in early talks to raise up to US$2 billion in a new funding round that would value the company at US$30 billion, Bloomberg reported on Monday. The proposed financing is the Beijing-based firm's third funding round in six months, highlighting the intense race for capital among Chinese AI startups. Moonshot, a large language model developer, is moving toward a possible initial public offering in Hong Kong. In April it released its Kimi K2.6 chatbot, an open-source model in coding and agent.

Airline Market Faces Fallout from Higher Jet Fuel Costs

Global airlines facing an extra US$100 billion in jet fuel costs this year are downgrading profit forecasts for 2026 and raising airfares. Willie Walsh, the director of the International Air Transport Association, told a group summit in Rio, "High oil prices will inevitably mean higher ticket prices. There's just no way to avoid that." The association is predicting that industry profits will halve this year to US$23 billion, and some carriers may struggle to survive. The effective closure of the Strait of Hormuz in the Gulf, with no end currently in sight, is expected to raise fuel costs 70 percent this year. "The big unknown is how long travelers will tolerate higher prices," Walsh said. In Hong Kong, flagship carrier Cathay Pacific, warned on Monday that passenger flights could be cut this autumn if surging jet fuel prices remain elevated.

OpenAI Files for IPO as SpaceX Nears Listing Debut

OpenAI filed an application for an initial public offering in New York that could extend mega-share sales, just days before SpaceX is due to begin listing in a world-record US$75 billion IPO. OpenAI, which is valued at than more than US$850 billion, hasn't disclosed how much it is seeking to raise nor the time of the IPO. Ahead of a listing, the company is planning its biggest-ever overhaul of its ChatGPT, aiming to turn the chatbot into a "super-app" with coding tools and AI agents, the Financial Times reported. The changes are part of a broader reorganization of the company as it intensifies its competition with rival Anthropic.

Nvidia Strengthens Ties with South Korea Tech Giants

US chip giant Nvidia announced with South Korean tech giants, including SK Hynix and SK Telecom, as it seeks to strengthen its position in AI supercomputers and robotics. Memory chip maker SK Hynix signed a multiyear partnership with Nvidia to develop advanced types of memory chips for global AI ⁠data centers. "SK Hynix will continue to be Nvidia's largest memory partner," Nvidia chief Jensen Huang said. No financial details were disclosed. Nvidia is also partnering with SK Telecom to build a gigawatt-scale AI cloud system in South Korea, using Nvidia technology, and with the Doosan conglomerate on building AI data centers. Doosan Group develops robots and produces materials used in Nvidia's powerful Blackwell chips. In addition, Nvidia said it's linking up with LG Group on electronics, mechanical systems and AI for humanoid robots,

Economy & Markets

Asian Stocks Plunge, Wall Street Recovers

Asian stock markets plunged on Monday following a selloff in technology shares on Wall Street on Friday. South Korea's tech-heavy Kospi led the regional losses, plummeting 8.3 percent, led by tech giants Samsung Electronics, which fell 10.2 percent, and SK Hynix, which dropped 7.6 percent. Tokyo's Nikkei 225 dropped 3.9 percent, with Japanese tech investor Softbank plunging 6.1 percent and Tokyo Electron losing 7.45 percent. In mainland China, the benchmark Shanghai Composite Index dropped 1.7 percent, with the tech-focused STAR market 50 index down 4.3 percent. Leading chipmaking startups Cambricon closed down 3.8 percent and Moore Threads fell 2.8 percent. The Hang Seng index in Hong Kong lost 1.2 percent, with its tech index down 2.7 percent. Semiconductor Manufacturing, the mainland's largest chipmaker, tumbled 4 percent. The selloff in Asia may abate today after the Nasdaq in New York rose nearly 1 percent on Monday and the broad S&P 500 index gained 0.3 percent.

Beijing to Issue US$23.5 Billion of Bonds to Fund Pipeline Overhaul

China will sell 160 billion yuan (US$23.5 billion) in ultra-long treasury bonds to finance the first year of a five-year project to build and upgrade approximately 770,000 kilometers of urban underground pipelines, according to National Development and Reform Commission. The project aims to overhaul aging segments of the nation's 3.9 million kilometers of underground networks. State planners indicated the initiative will prioritize replacing older water and gas lines, upgrading drainage networks to mitigate urban flooding and embedding digital monitoring systems to detect safety risks.

Chinese Mainland Investors Assured HK Brokerage Deposits Are Safe

China's crackdown on illegal cross-border investment won't lead to offshore accounts of mainland residents being closed or assets forced into liquidation, China's securities regulator said, the reassurance came amid investor concerns over the fate of US$54 billion in assets in broker accounts. Reuters reported some mainlanders are traveling to Hong Kong to ascertain how to secure deposits in offshore accounts there after the China Securities Regulatory Commission fined three online brokers – Tiger, Futu and Longbridge -- for helping mainland investors illicitly buy foreign shares. The commission said legitimate business can continue. The three brokerages have told mainland clients they can no longer open new accounts or add fresh capital, but offshore services will remain intact.

Quartz Discovery to Ease China Reliance on Foreign Suppliers

A new quartz-related deposit discovered in southwestern China could help the nation in its goal of self-sufficiency in computer chips and a reduction of reliance on US imports, the South China Morning Post reported. Geologists have identified extensive reserves of leucogranite that can be processed into high-purity quartz, an essential material used to produce chips and solar panels. According to a study published in the European Journal of Mineralogy, test results show the deposit could yielding silicon-dioxide purities of 99.995 percent. China is currently the world's largest importer of quartz.

Corporate

Enflame Technology Advances US$834 Million Chinese Mainland IPO

An initial public offering application by Shanghai-based Enflame Technology, an AI chip startup backed by internet giant Tencent, will face an initial review by the Shanghai Stock Exchange next week. The company is seeking 6 billion yuan (US$834 million) from the share sale. An updated prospectus released on Monday showed Enflame's first-quarter revenue surged 1,475 percent from a year earlier to about 287 million yuan (US$40 million), but the company posted a net loss of 444 million yuan. Enflame is commonly grouped with Moore Threads, MetaX and Biren Technology as one of China's so-called "four little dragons" of domestic AI chip companies. The other three companies are already listed either on the mainland or in Hong Kong.

JD.com to Open First Hong Kong Offline Store

Chinese e-commerce giant JD.com plans to open its first offline retail store in Hong Kong next week as it steps up expansion outside the mainland to counter slowing domestic growth. The JD Mall in the Wan Chai district will focus on consumer electronics and home appliances. The company said it aims to open up to eight additional locations across Hong Kong within three years as a trial before expanding globally.

Govy Takes Orders for Its First 'Flying Cars'

Govy Technology, the flying car brand of Chinese carmaker Guangzhou Automobile, will launch commercial operations of manned electric vertical take-off and landing aircraft next year and turn profitable by 2030, Yicai reported. Chief Executive Su Qingpeng told the news service that the company is taking orders for its first mass-produced flying car model, the Govy AirCab. The company said it expects the aircraft to receive all necessary accreditation in the first half of 2027. He predicted low-flying aircraft are the transport of the future and said the company plans to go public at some point.

Sinochem Unit Seeks Court Reversal of Conditions on Pirelli Stake

China National Tire & Rubber, a unit of Sinochem, has appealed to an Italian court to overturn Italian government conditions on its stake in tire maker Pirelli. National Tire holds a 34.1 percent stake in Pirelli through its Milan-based vehicle Marco Polo International. The government invoked its "golden share" prerogative to impose conditions on what it called a "strategic" investment. Under that move, Italy reduced the number of representatives Sinochem ⁠can name to Pirelli's next board to three from eight in an effort to ⁠avoid US restrictions on the Italian group.

Baidu Restructures Digital Business

Beijing-based Baidu, China's largest search engine and an AI developer, upgraded its digital business into an independent division as part of a restructuring within its Mobile Ecosystem Group, aiming to accelerate the commercialization of generative AI. The restructuring follows the mid-May rollout of Baidu Yijing, a multi-agent digital platform designed for automated e-commerce livestreaming, video generation and real-time interactive functions.