Daily Buzz: 15 April 2026

Revival of US-Iran Talks Looms, China Warns Against 'Law of the Jungle'

Chinese President Xi Jinping told visiting Spanish Prime Minister Pedro Sanchz, one of Europe's most outspoken opponents of the war against Iran, that the world is in turmoil and slipping into the "law of the jungle." Spain has closed its airspace to US warplanes involved in the conflict and barred use of two US military bases on its territory. China's foreign ministry said the US blockade of Iranian ports that began on Monday was "dangerous and irresponsible," threatening an "already fragile ceasefire." In a separate meeting with Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, crown prince of Abu Dhabi in Beijing, Xi said China will continue to promote peace and talks in the Middle East.

The US said peace talks with Iran may resume this week after negotiations last weekend in Islamabad collapsed. Host Pakistan has offered to hold the talks again before a two-week ceasefire ends early next week. Tehran has yet to respond. Iran and the US remain deadlocked over Tehran's nuclear ambitions.

The US blockade of the Strait of Hormuz, aimed at stopping Iranian oil shipments, ended its first 24 hours with six merchant vessels turned back by the US Navy, the Pentagon said, without revealing the nationality of the ships. However, a Chinese-owned tanker blacklisted by the US travelled through the Strait of Hormuz on Tuesday after the blockade began, shipping data from the London Stock Exchange Group showed. It was not clear if the vessel was carrying any cargo.

Separate talks between Lebanon and Israel in Washington – the first between the two nations in decades – ended with both sides agreeing to move peace negotiations to a higher diplomatic level. Ending that war, which started as an adjunct to the war in Iran, is complex because the government in Beirut is weak and has no effective control over Iran ally Hezbollah, the target of Israeli attacks. Hezbollah, excluded from the talks, said it won't abide by any agreements reached.

Oil prices hovered below US$100 a barrel amid hopes of an end to the war in Iran. Benchmark Brent futures were trading at US$95.20 late in New York. Global stock markets rose on Tuesday amid optimism that a war now in its seventh week will end soon.

Canadian Prime Minister Secures Parliamentary Majority

Canadian Prime Minister Mark Carney's Liberal Party solidified its control of parliament after sweeping three seats in Monday by-elections and the recent defections of five opposition lawmakers to its ranks. Carney, who came to office last year as the head of a minority coalition, is the 14th of the 24 prime ministers in Canadian history to achieve a majority in the House of Commons. Carney, a former head of the Bank of Canada and the Bank of England, came to office without any political background. His popularity has risen on his willingness to stand up to US President Donald Trump, who has denigrated the northern neighbor and suggested it should become the 51st US state.

Top Business

IMF Lowers Global Growth Forecast, Warns of War Impact

The International Monetary Fund lowered its growth forecast for world economic growth this year, warning that further escalation in the Iran war could trigger a global recession. The IMF is now forecasting global growth of 3.1 percent for 2026, down 0.2 percentage points from its January report. For China, the IMF lowered its forecast to growth of 4.4 per cent this year from an earlier 4.5 percent. Asked about the global downgrade, US Treasury Secretary Scott Bessent said a "small bit of economic pain" is worthwhile if the threat of Iran's nuclear ambitions can be thwarted.

Kingsoft Office Forecasts Fourfold Profit Rise

Shanghai-listed Kingsoft Office, which develops office tools aimed competing with Microsoft Office, predicted earnings in the first quarter would increase up to fourfold to more than 2 billion yuan (US$296 million) on a 20 percent gain in revenue to around 1.5 billion yuan. The surge in profits mostly came from the company's investment. Kingsoft has been deploying AI into its flagship WPS product and expanding overseas. The company earlier reported 2025 profit rose 11.6 percent on a 16 percent rise in revenue.

Blackrock, a Big Investor in China, Posts Earnings Growth

Blackrock, the world's largest asset management firm, with major investments in Chinese heavyweights, beat analysts' forecasts with first-quarter net income surging 46 percent from a year earlier to US$2.2 billion, largely from inflows into its exchange-traded funds. Revenue increased 27 percent to US$6.7 billion. Blackrock's Chinese investments include battery giant Contemporary Amperex Technology (CATL) and automakers BYD, NIO and Li Auto. The firm has US$14 trillion of funds under management.

Economy & Markets

China Export Growth Slows on Impact of Iran War

China's export growth rate in March slowed to a six-month low as the Iran war disrupted supply chains, while imports logged their strongest growth in more than four years. Exports in US dollar terms rose 2.5 percent from a year earlier, according to Chinese customs, after a 21.8 percent surge in the first two months of the year. Imports soared 27.8 percent despite a 4.4 percent decline in crude oil shipments and a 10.6 percent decline in natural gas deliveries, CNBC reported. Wang Jun, customs vice minister, told a press briefing that "fierce fluctuation" in global oil prices created a "complex and severe" trade environment that weighed on overseas demand. For the first quarter, exports rose 15 percent, and imports were up 23 percent.

Yuan Hits Three-Year High

China's yuan climbed to its strongest level in three years on Tuesday, triggered by a weaker US dollar and improving domestic fundamentals. The onshore yuan rose to 6.8182 per dollar, its firmest level since March 2023, while the offshore yuan also touched a similar high before trimming gains. Both have strengthened steadily since late March, with the currency up about 1.2 percent this month and 2.6 percent this year. Analysts said multiple factors are driving the rally. Strong first-quarter economic data boosted market confidence and attracted short-term capital inflows. At the same time, seasonal demand from exporters converting foreign earnings into yuan increased buying pressure. Market participants expect the currency to maintain a firm but stable trend.

China Loans, Money Supply Rise in Quarter

China's yuan-denominated loans in the first quarter rose 5.7 percent from a year earlier to 280.5 trillion yuan (US$41.1 trillion), the People's Bank of China reported. M2, a widely watched broad measure of money supply that covers cash in circulation and all deposits, rose 8.5 percent year on year to 353.9 trillion yuan. Yuan deposits rose 8.6 percent to 342.4 trillion yuan in the three months.

Trump Threatens China With 50 Percent Tariff

US President Donald Trump threatened a 50 percent tariff on China if Beijing supplies weapons to Iran. His warning came amid unconfirmed reports suggesting China is poised to deliver a shipment of air defense systems to Iran. "I hear news reports about China giving (Iran) shoulder missiles... anti-aircraft missiles," Trump told a US media outlet. "I doubt they would do that... but if we catch them doing that, they get a 50 percent tariff, which is a staggering." China's Foreign Ministry had previously rejected such "groundless smears and malicious associations," and on Monday stressed again that "China has always adopted a prudent and responsible approach to arms exports, implementing strict controls in accordance with its domestic export control laws and regulations as well as its international obligations."

Corporate

Yangtze Memory Said to Plan a Doubling of Chip Capacity

Chinese chipmaker Yangtze Memory Technologies, the nation's largest maker of NAND flash memory chips, is seeking to build two more factories in addition to one that will be completed this year, doubling production capacity, Reuters reported. The expansion comes as Beijing seeks to develop national self-sufficiency in chipmaking and other advanced technologies. The three new plants will each have the capacity to produce 100,000 wafers per month when fully operational. The unlisted company is under Washington restrictions on sales of its products in the US.

Hellobike Facing Fines in Beijing

Beijing authorities summoned officials from Shanghai-based Hellobike for talks related to deployment of two many rental bikes in the city and its failure to correct the problem. Hellobike, a provider of shared bikes and car-pooling services, faces possible fines, Yicai reported.

Two Largest US Investment Banks Post Higher Earnings

JPMorgan Chase, the biggest US investment bank, posted a bigger-than-expected 13 percent jump in first-quarter profit to US$16.5 billion as revenue surged 20 percent to US$11.6 billion on record high trading and dealmaking. Chief Executive Jamie Dimon, in a statement, warned about geopolitical tensions and war affecting performance this year. Net interest income – the difference between what a bank earns on loan payments and pays out in deposits – rose 9 percent. Assets under management totaled US$4.8 trillion.

Rival Goldman Sachs, second largest in the industry, reported first-quarter profit rose 19 percent to US$5.6 billion on a 14 percent revenue increase to US$17.2 billion. Earnings from equity investments and debt underwriting were principal drivers of the bank's second-highest quarterly revenue. The asset and wealth management division showed a 10 percent increase, and provisions for credit losses increased by a 10th. Global assets under management totaled US$1.8 trillion.