Daily Buzz: July 15 2026

Trump Does U-Turn on Strait of Hormuz Toll Plan, Attacks Continue

US President Donald Trump did an about-face, scrapping his day-earlier plan to impose 20 percent tolls on ships transiting the Strait of Hormuz to compensate the US for providing safe passage. His out-of-the-blue fee plan raised eyebrows after months of US claims that tolls threatened by Iran would contravene international law. Meanwhile, the battle over control of the strait continued, with the US saying the waterway is open and Iran saying it's closed. Maritime traffic through the strait ground to a virtual halt, sending global oil prices to a one-month high. The US reimposed its naval blockade on Iranian ports to choke off revenue from oil sales and launched a fourth days of strikes on sites near the strait. Iran's state media reported blasts in multiple cities, including Bushehr, home to the nation's only functioning nuclear power plant. Iran targeted US military facilities in Bahrain, Kuwait and Jordan. Global benchmark Brent crude futures closed New York trading at US$84.73 a barrel.

China Smartphone Deliveries Slump Amid Shortage of Memory Chips

China's shipments of smartphones in the second quarter fell 4.3 percent from a year earlier to 66 million units, the fifth consecutive decline, according to preliminary data from International Data Corporation. Sales of the phones during the June 618 shopping festival tumbled nearly 15 percent. Global shipments of smartphones in the quarter fell 6.7 percent from a year earlier to 277.5 million units, reflecting a continuing shortage of memory chips and rising prices. Apple and Samsung were the only two vendors among the top five to show sales growth in the quarter. That suggests top Chinese makers Xiaomi and Oppo suffered downturns in shipments. International Data forecasts Chinese phone shipments will drop 20 percent in the second half.

US Banking Giants Prosper on AI Boom, Stock Market Rallies

The biggest US-based investment banks are raking in profits as the AI boom turbocharges dealmaking business, stock market rallies fuel brokerage income and mega IPOs like the recent SpaceX share sale boost underwriting fees. Four of the banks with global operations reported second-quarter earnings on Tuesday that beat expectations.

JPMorgan Chase said second-quarter net profit rose 41 percent from a year earlier to US$21.2 billion as revenue increased 27 percent to a record US$58 billion. It was the highest Q2 revenue ever reported by a US bank. "In some respects, a lot of it is just downstream of the AI theme writ large on a global basis, and it's just a very, very, very active environment," JPMorgan Chase Chief Financial Officer Jeremy Barnum told reporters. Goldman Sachs said Q2 net income increased 8 percent from a year earlier to US$6.6 billion on a 39 percent rise in revenue to US$20.3 billion. For the first half, revenue was US$37.6 billion and net income totaled US$12.3 billion. Revenue from Asian operations in the first six months rose 90 percent to US$6.6 billion.

Bank of America's second-quarter revenue jumped 15 percent to a record US$31.6 billion, with every business segment posting double-digit growth. Net income rose 27 percent to US$9.1 billion.

Citigroup reported net income surged 45 percent to US$5.8 billion on a 14 percent revenue increase to US$24.8 billion.

Top Business

Shein Said to Be Aiming for US$3 Billion IPO in Hong Kong

Global online low-cost fashion platform Shein is reported to be aiming for up to US$3 billion from a Hong Kong initial public offering as early as August, according to multiple news reports. The Chinese company, which moved its headquarters to Singapore in 2021 but still sources most of its products on the Chinese mainland, plans to issue about 341.6 million shares, though pricing has yet to be announced. Shein's earlier attempts at IPOs in the US and London were scuppered. This third attempt has been approved by Chinese regulators and will go before a listing-committee hearing at the Hong Kong exchange on Thursday. The company is reported to be seeking a market valuation of up to US$40 billion, despite pressure from stakeholders to cut that goal to about US$30 billion amid increased competition from PDD-owned rival Temu, loss of duty-free mail delivery in the US and Europe, and a series of regulatory fines in Europe.

BYD Launches New Model Overseas at Higher Price

BYD has become the latest Chinese automaker to launch a model overseas before introducing it in the domestic market, pricing the vehicle higher than in China. In the UK, where the Denza Z electric supercar debuted, the starting price was 142,900 pounds (US$191,300), compared to its Chinese mainland list price of 680,000 yuan (US$100,300). Chinese carmakers often command higher prices overseas because of import tariffs. Yicai reported that 10 Chinese models are sold overseas at prices higher than at home, with at least four models priced three times higher, including the Geely Galaxy E5 and BYD Han EV. China carmakers are rapidly expanding globally, especially in Europe, to offset weaker sales and rising competition domestically.

IBM Chalks Up Biggest Stock Market Dive

Shares in IBM plunged a record 25 percent in New York on Tuesday after the company's preliminary second-quarter results fell short of forecasts. The tech giant reported adjusted earnings of US$2.93 a share on revenue of US$17.2 billion, citing weakness in its software and infrastructure businesses as corporations shift spending from software to AI data-center infrastructure.

Economy & Markets

China Exports Expand Faster Than Expected in June

China's exports in June grew a faster-than-expected 27 percent from a year earlier, driven by demand for AI semiconductors and green energy products, according to Chinese customs. The pace accelerated from a 19.4 percent gain in May. June exports were also buoyed by foreign buyers placing earlier orders than usual for the Christmas season ahead. Exports to the US last month jumped 14 percent, shipments to Southeast Asia surged 35 percent, and exports the EU rose 18.5 percent. Chinese imports in June rose 36 percent to five-year high, but crude oil imports fell 41 percent to 29.3 million tons, according to CNBC calculations. China's trade surplus at the end of June stood at US$125.6 billion.

London Clearing House Accepts Dim Sum Bonds as Collateral

The London Clearing House has begun accepting offshore, yuan-denominated Chinese government "dim sum" bonds as non-cash collateral, marking a structural milestone in Beijing's campaign to increase foreign acceptance of its currency and integrate its debt into global financial systems, the South China Morning Post reported. The move by the derivatives clearing house, owned by the London Stock Exchange, means investors can use dim sum bonds to meet margin requirements. Bank of China Hong Kong branches in London and Hong Kong executed the first transactions using the bonds as collateral last week.

US Consumer Prices Soften, Allaying Rate-Rise Concerns for Now

US consumer prices in June rose a slower-than-expected 3.5 percent from a year earlier but fell 0.4 percent from May. The softer inflation came during a month of a Middle East ceasefire, since broken, that eased global oil prices. The June reading prompted investors to scale back expectations of any imminent Federal Reserve increase in interest rates.

ENN Fusion Valued at US$1.6 Billion After Fundraising

ENN Fusion Energy Technology, a unit of Chinese gas supplier ENN Group, was valued at 10.6 billion yuan (US$1.6 billion) after its first fundraising round, led by Longxi Private Equity Venture Capital Fund Management, CAS Star and venture capital firm Mocci. Proceeds from the investments will go toward development of Helong-2, a third-generation fusion device. Fusion, the force that powers the sun, creates massive energy when two or more atoms are forced to collide. It has been hailed as the clean energy of the future.

Investment Banks Cut Profit Forecasts for Top 3 Chinese Airlines

HSBC cut its earnings forecasts for top Chinese mainland carriers Air China, China Eastern Airlines and China Southern Airlines, citing soft domestic travel demand and higher jet fuel prices. That followed last week's announcement from investment bank Morgan Stanley that it is paring its profit forecasts for the three largest airlines by an average 12 percent.

Corporate

Three China Companies Cleared by US to Buy Nvidia, AMD Chips

A unit of telecoms equipment maker ZTE and two other Chinese firms are among the latest entities to receive US approval to purchase advanced chips from Nvidia and AMD, Reuters reported. The companies are ZTE Kangxi Telecom, server maker Mangifera and Hengqin Yuxiang Zhisheng Network Technology, a subsidiary of cloud computing company Kingsoft.

Lim Dynamics Raises US$200 Million for Robot Development

Chinese humanoid robot maker Lim Dynamics raised nearly US$200 million in a pre-IPO fundraising, with proceeds allocated to developing the integration of robotic "brain" technologies.

Participants in the funding round included US private equity firm IDG Capital, Chinese smart hardware manufacturer Lens Technology and Chinese investors West Summit Capital and Hefei Banhu Industry Development Group. Lim has raised US$400 million in outside investment in the last six months, Yicai reported.

ByteDance Denies Foray Into Intelligent Driving

ByteDance, operator of TikTok and AI agent Doubao, denied media reports that it plans to expand into intelligent driving, Yicai said. The report claimed the Chinese tech giant is exploring a foray into unmanned logistics.

Victory Giant Says It's the Victim of Online Smear Campaign

Victory Giant Technology, a leading Chinese maker of advanced printed circuit, said in a filing with the Hong Kong stock exchange that negative rumors circulating on online platforms about the company's products, market and progress are "seriously inaccurate," misleading investors and harming the company. It said the company is a "long-term strategic partner of leading AI clients, both domestically and internationally" and has always stressed quality and safety in its products. Victory Giant said it reserves the right to sue those responsible for spreading false statements.

Tianqi Lithium Forecasts First-Half Profit Surge, Anfang Steel Flags Loss

China's Tianqi Lithium said it expects first-half net profit likely surged up to 50-fold from a year earlier to 4.25 billion yuan (US$627 million), driven by strong demand from the green energy sector. In another earnings forecast, Anfang Steel said it expects to post a first half loss of about 2 billion yuan, narrowing 84 percent from a year earlier. The steelmaker cited industry overcapacity and depressed steel prices.