Weekend Buzz: 7-8 November 2026

US Voter Backlash Against Data Centers Wins at Ballot Box

Voters backlash to AI data centers prevailed in specific state and municipal ballot measures in the US midterms, in addition to the election of Democratic governors promising regulations on their expansion. The outcomes signal a slowdown in construction of the massive sites hosting the chips that run AI. In Ohio alone, voters in at least 14 cities approved bans or restrictions on datacenter development in their communities. In Maine, eight municipalities passed temporary datacenter moratoriums. Similar sentiment emerged in Kansas and North Dakota ballot measures. In a high-profile election in Texas, home to about a quarter of data-center expansion plans, Democrat Gina Hinojosa defeated an incumbent Republican governor on a pledge to impose a moratorium on data center construction until regulations are enacted and more public participation is involved in decision-making. Newly elected governors in Georgia and Ohio also promised reviews of data center construction. Public backlash centers on concerns about their mammoth size, their huge electricity needs causing utility bills to rise, and a failure to understand their benefit to the public. Many corporate AI titans are already looking for overseas sites to build data centers.

Wave of Hoax Bomb Threats Across Europe Spreads to Media

A wave of hoax bomb threats that have disrupted dozens of flights across Europe this week expanded to media organizations. Ireland's national broadcaster RTÉ evacuated its offices after receiving a bomb threat. An RTÉ reporter read excerpts of the email received by the outlet in which someone claimed to be planning to blow up Europe's "airplanes, cruise ships, subway stations and trains." Other media organizations, including Sky, said they too had received threats. No culprits have been officially singled out, but some are blaming so-called hybrid attacks by Russia.

Trump Replaces Chief of Staff

Susie Wiles, chief of staff for President Donald Trump, who once called her indispensable, has been replaced by Stephen Miller, the hardline architect of his contentious immigration policy. Wiles resigned after Republicans suffered a stinging loss in midterm elections, ceding control of both chambers of Congress to Democrats. Trump said last month there was "zero chance" Wiles would be leaving his administration.

Paraguay President Resigns Amid Banking Scandal

Paraguay rightwing President Santiago Peña resigned amid a banking scandal precipitated by the insolvency of Ueno Bank, which rose from obscurity under Peña's regime to become one of the South American nation's largest lenders. Paraguay's senate voted on Friday to impeach Peña, who is facing a criminal investigation. The central bank has frozen deposits of 3 million customers, bank executives were arrested and thousands of people took to the streets in massive protests. Ueno Bank began as a finance company in the 1970s and received authorization in 2023 to operate as a digital bank. It was managing about US$800 million in pension funds.

Top Business

Yangtze Memory Plans Increase in Homegrown Equipment Purchases

Yangtze Memory Technologies, China's largest flash memory chipmaker, plans to source as much as 70 percent of the equipment for a planned fourth factory from domestic suppliers, Reuters reported. The company's third factory, due to begin operation this year, sourced about half of its equipment purchases domestically. The fourth factory, to be located in Wuhan, is expected to make the company's most advanced NAND chips, with 300 vertical layers of memory cells. It is expected to focus mainly on storage ⁠chips for data centers and artificial intelligence applications. US export controls have restrained Yangtze Memory's access to some American chipmaking technology. The company's NAND market share in the second quarter rose to 38.5 percent from 28 percent in 2025.

GE Aerospace Signs US$12.9 Billion in Deals at China Import Expo

US engine maker GE Aerospace said on Friday it signed record sales and service agreements in China worth more than US$12.9 billion during the China International Import Expo that opened in Shanghai this week. Among the deals, China Eastern Airlines will purchase 202 LEAP-1A engines to power 101 newly ordered Airbus A320neo-family aircraft, with the agreement also covering spare engines and long-term service support. GE Aerospace said it also ⁠reached supply and repair agreements with MTU Maintenance Zhuhai, a joint venture between China ⁠Southern Air Holding and Germany's MTU Aero Engines.

Separately, China's JD Health said it signed agreements with 20 global pharmaceutical companies, including Pfizer, Merck and Novo Nordisk, at the expo. The company operates China's largest online retail drug platform. The new agreements extend beyond new-product launches and exclusive distribution rights to include patient management, AI innovation and other areas.

Microsoft Winds Back AI Leasing From Oracle

Microsoft is winding down an arrangement to rent AI computing power from Oracle as part of a larger reassessment of billions of dollars in cloud partnerships, Bloomberg News reported on Friday, citing people familiar with the matter. Both companies are feeling pressure after a Democratic midterm election sweep raised worries about tighter scrutiny over the AI industry's breakneck expansion. US tech giants have been investing billions of dollars on AI infrastructure, often financed by debt. However, OpenAI told CNBC that it will press ahead with its US data-center expansion plans despite the election outcome.

Levi Strauss 'Bullish' on Retail Growth in China

US apparel retailer Levi Strauss, famous for making denim jeans stylish, said it is bullish on China and plans further investment and new store openings on growth driven by young shoppers. The optimism comes as other foreign retailers struggle in the market. "We are going to see China become a much bigger portion of our business globally," said Gianluca Flore, executive vice-president. "I'm aware of other brands, even luxury brands, that are reducing their footprint, but I am personally and professionally bullish on China." In the third quarter, the San Francisco-based company said Asian revenue rose 10 percent from a year earlier, but didn't break out China figures.

Economy & Markets

China Renews Pledge to Stabilize Stock Markets

The State Council, China's cabinet, pledged improved policy mechanisms to stabilize stock markets after another selloff on Friday. "We will enhance the inherent stability of the stock market and foster the steady and healthy development of the capital market," officials at a State Council executive meeting chaired by Chinese Premier Li Qiang were quoted as saying on Friday. The comments came as the CSI 300 Index, which tracks major Chinese stocks traded in Shanghai and Shenzhen, sank 1.4 percent on Friday, following a meltdown on Wall Street a day earlier. Technology stocks led the drop, with Shanghai's Nasdaq-style Star Market slumping 2.6 percent.

Overnight on Wall Street, technology stocks clawed back some of Thursday losses. The tech-heavy Nasdaq rose 1 percent after plunging 5.5 percent on Thursday, but posted its fourth straight weekly decline. Market weakness has reportedly raised speculation that Anthropic's jumbo IPO may be delayed this month and scaled back in value.

China Brokerages Deploy Funds to Buy Stocks

China International Capital (CICC) and China Galaxy Securities have begun deploying funds under the third round of the central bank's securities swap facility, stepping up purchases of equities to support market stability. CICC said it had bought stocks using funds obtained through the program and would continue increasing its equity holdings. China Galaxy said it had completed its first round of investment purchases after securing initial repurchase financing under the facility. The People's Bank of China launched the third round on November 3, attracting applications totaling more than 100 billion yuan (US$15 billion). A total of 31 securities firms and fund managers were selected to participate. The swap facility allows eligible financial institutions to exchange assets such as bonds for highly liquid assets, enabling them to raise funds for stock market investment.

US October Jobs Growth Exceeds Market Forecasts

The US economy unexpectedly added far more nonfarm jobs to the workforce in October than expected, with a seasonally adjusted rise of 165,000. The unemployment rate dropped to 4.1 percent. The Bureau of Labor Statistics also revised its figures higher for September and August. Professional and business services led sectors, with an increase of 70,000 jobs in October, followed by healthcare. The strong labor market raised market expectations for a further rate cut by the Federal Reserve this year. Inflation and the labor market, by law, are the primary factors in central bank decisions.

HKEX Posts Record Revenue, Ranks Second Globally in IPOs

Hong Kong Exchanges and Clearing achieved record-high revenue and net profit for the first three quarters of 2026. The stock exchange said revenue rose 12 percent from a year earlier to HK$24.6 billion (US$3.2 billion), while net profit climbed 15 percent to HK$15.4 billion. It ranked second globally for initial public offerings, hosting 118 new listings that raised HK$388.4 billion, more than double the entire figure for 2025. The exchange, however, reported a 1 percent dip in third-quarter profit, its first quarterly decline in two years.

Chinese Futures, Options Trading in Lithium Hydroxide Approved

The China Securities Regulatory Commission approved lithium hydroxide futures and options on the Guangzhou Futures Exchange. Lithium hydroxide is a key raw material for high-nickel ternary cathode materials. China dominates world production of the material. The new futures contracts will complement existing lithium carbonate futures and options, supporting cross-product hedging and spread trading.

Goldman Cuts Gold Price Targets by 11 Percent

Goldman Sachs has cut its gold price forecasts for 2026 and 2027 by about 11 percent, citing a more hawkish Federal Reserve outlook that could keep interest rates higher for longer. The bank now expects gold to reach US$4,150 an ounce by the end of this year and US$4,800 by the end of 2027. Goldman cautioned that higher oil prices could add pressure in gold, while any sharp stock market correction could trigger margin calls and force investors to liquidate gold holdings to raise cash. However, demand from central banks and wealthy investors is expected to support bullion prices. Gold futures in New York ended trading on Friday at US$4,079.

Guotai Junan International Schedules Vote on Privatization

Hong Kong-listed Guotai Junan International, an arm of leading Chinese mainland brokerage Guotai Haitong, has scheduled a November 30 general meeting to vote on a plan to take itself private at a cancellation price of HK$3 (38 US cents) a share. The plan requires at least 75 percent shareholder approval. The privatization is expected to take effect in late January.

Nobel Laureate Warns of an AI Investment Bubble That Could Burst

Nobel economics laureate Joseph Stiglitz, a professor at Columbia University, warned that a collapse of a potential bubble in AI investment could trigger a severe shock to the global economy. Speaking at an international conference in South Korea on Friday, he noted that trillions of dollars invested in AI models, data centers and semiconductors could squeeze the financing capability for more traditional industries. "Even within the tech sector, it is difficult to raise new funding if you are not connected to AI," he said, adding that "it will be very difficult for the projections of AI optimists to pan out."

Deep Dive

[China's Next Order] How Foreign Exporters Need to Position Themselves to Succeed in China Market

This series, "China's Next Order," focuses on Chinese buyers and what they need. Reporting from the ground in Shanghai, including the China International Import Expo, reporters and expert columnists follow purchasing decisions. From households to manufacturers selling abroad, we try to understand where foreign businesses win orders, what keeps them competitive and what puts that business at risk.

Corporate

Yangwang U9 Xtreme Shatters Speed Barrier to Set New World Record

BYD's Yangwang brand unveiled an all-electric supercar, the U9 Xtreme, which is capable of achieving a top speed of 503 kilometers per hour (312.5 miles an hour). The U9X becomes the world's first production road car to break the 500 kph barrier, surpassing its previous record of 496 kilometers an hour.

Toyota Revamps Global Leadership for Electric Car Transition

Toyota Motor said it will restructure its regional leadership, effective next year. Sukenaga Ota, a veteran of Toyota's Chinese operations, will take over as chief executive of the China region. His appointment follows the consolidation of Toyota's joint ventures with Chinese carmakers FAW and Guangzhou Auto. His local expertise is seen as an asset in streamlining resources, accelerating smart technology deployment and boosting competitiveness in China's fiercely competitive new energy vehicle market. Masato Hashimoto was named to lead Toyota's Asia region, and Mark Templin will take over North America. The restructuring also establishes new robotics and education divisions.

Oppo May Scrap Next-Generation Find X10 Ultra, Reports Suggest

Chinese smartphone maker Oppo may be canceling development of its next-generation flagship, the Find X10 Ultra, according to Digital Chat Station and other media. The decision regarding the company's Ultra brand, known for its ultra-high-resolution cameras, could reflect changing user preferences on screen sizes and a sharp surge in semiconductor prices. The Find X10 Ultra had been scheduled for launch next quarter. Oppo hasn't commented publicly on the reports.

Panasonic Expanding Suzhou Production Site

Japan's Panasonic said it is investing 30 billion yen (US$190 million) to expand its factory site in Suzhou, citing the growth in demand for data-center electronic components in China that is outpacing the global average. A new building at its production site is expected to supply multilayer circuit board materials used in AI servers.

Huafa Plans to Sell Zhuhai Luxury Hotel Amid Debt Pinch

Huafa Group, facing US$62 billion in debt, is seeking to sell its Marriott Hotel Jinwan in the southern city of Zhuhai to Gree Group, expecting a valuation of about 2 billion yuan (US$300 million). The sale plans follow recent missed payments on trust products. The luxury hotel has 296 rooms and suites. Huafa recently sold a 3.2-billion-yuan stake in Zhuhai Duty Free Enterprise Group to Gree, a government-owned entity in Guangdong Province with extensive operations in property development and hospitality.