Daily Buzz: 16 April 2026

Top News

US Says Gulf Shipping Open to Non-Iran Vessels, Data on Blockade Mixed

US President Donald Trump said he's reopening the Strait of Hormuz for China and other nations, saying Beijing will give him a "big, fat hug" for his efforts. though data from shipping-traffic services show a Chinese-flagged vessel forced to turn back by the US Navy blockade this week. Independent assessments of the success of the blockade of Iranian ports, aimed at starving Iran of oil-export revenue, are mixed. Some vessels that have transited the strait from the Persian Gulf to the Gulf of Oman that leads to open waters have been turned back.

Tanker transit is about 90 percent of normal flows seen before the war against Iran started on February 28, creating what the International Energy Agency said is the worst oil crisis in history. Analysts said the new US blockade could remove almost two million barrels of oil a day from the world market, further tightening global supplies. Oil futures prices remained below US$100 a barrel, but the spot price for immediate delivery – an indicator of the situation on the ground – are about US$35 higher.

The White House denied reports that the US is seeking an extension its two-week ceasefire with Iran, due to expire early next week, but said a resumption of negotiations in Pakistan may take place this week.

The Israeli security cabinet is due to meet to discuss a possible ceasefire in the war against Hezbollah militants in Lebanon. The US said it has not demanded a ceasefire but would welcome one. Israel and the government of Lebanon met this week in Washington in the first bilateral talks since 1993, but Hezbollah wasn't involved and said it would ignore any agreements arising from the negotiations.

China Rebukes UK for Banning Ming Yang Wind Project

China criticized the UK government for its decision to block a 1.5 billion pound (US$2 billion) wind turbine factory by Chinese turbine maker Ming Yang after the British government cited unspecified national security concerns. "China firmly opposes the UK's decision," a spokesperson for the Chinese commerce ministry said in an online statement. The project, which would have redeveloped a disused yard in Ardersier on the North Sea, promised to create 1,500 jobs in an area of high unemployment. China said it expects the UK to provide a "fair, just, and non-discriminatory" business environment for Chinese companies. Ming Yang earlier said the reasons for the rejection have never been explained, though analysts said it reflects suspicions that Chinese companies involved in infrastructure will deploy technology that can be used for spying and industrial espionage.

Top Business

CATL Q1 Profit Surges Almost by Half

Contemporary Amperex Technology (CATL) reported a sharp rise in first-quarter earnings as strong demand from the electric-vehicle industry boosted sales of power batteries. The Chinese battery giant said net profit surged 49 percent from a year earlier to 21 billion yuan (US$3 billion) on a 53 percent increase in revenue to 129 billion yuan. Based in Ningde, Fujian Province, CATL is the world's largest producer of lithium-ion batteries for electric vehicles and energy-storage systems, supplying major automakers and energy companies globally. CATL said it is developing a next-generation battery capable of charging a vehicle in about five minutes while offering longer lifespan and range. The company earlier this year reported 2025 profit rose 42 percent to 72 billion yuan, while revenue gained 17 percent to 424 billion yuan. Its global market share was unchanged at about 30 percent. The company will hold its annual conference to release new tech products on April 21.

Luxshare Signals Q1 Profit May Rise 22 Percent

Luxshare Precision Industry forecast a sharp rise in first-quarter profit, driven by resilient demand and its diversified business portfolio. The Apple supplier expects net income of up to 3.7 billion yuan (US$540 million) for the first three months, rising as much as 22 percent from a year earlier, according to a company filing. Luxshare said it benefited from its strengths in precision manufacturing, materials science and system integration, supporting balanced growth across consumer electronics, communications and data centers, and automotive segments. However, the company flagged cost pressures from rising global memory chip prices and higher raw material costs, including copper, aluminum and nickel. Increased foreign-exchange volatility since late 2025 also weighed on operations.

Canton Fair Opens Amid Disrupted World Trade

The China Import and Export Fair, more commonly known as the Canton Fair, has opened its spring session in the southern city of Guangzhou. The fair, China's largest and oldest exposition of its kind, dates back to 1957 and often serves as a barometer of trading into and out of China. The fair, held twice yearly in an area the size of 180 football fields, comes against the backdrop of the Iran war that is disrupting supply chains. Some 32,000 exhibitors from around the world are participating. The fair is held in three phases stretching to May 5, showcasing products that span electronics, manufactured goods, new energy vehicles, homewares, building materials, toys and textiles.

Economy & Markets

China to Offer Largest Issue of Sovereign Bonds Since 2023

China is seeking to raise about 15.5 billion yuan (US$2.3 billion) from a sovereign bond sale in Hong Kong next week, the South China Morning Post reported. It will be the largest issue of its kind since 2023, with global investors seeking refuge in Chinese assets amid the US-Iran war expected to participate. China issued 14 billion yuan of the bonds in February. The Ministry of Finance said details of the April 23 sale will be announced through the Hong Kong Monetary Authority.

China Pushes Faster Launch of Innovative Drugs

China is stepping up efforts to accelerate the development and rollout of innovative drugs, aiming to improve access and affordability for patients. The Ministry of Industry and Information Technology said it is drafting a new five-year plan for the pharmaceutical sector, focusing on speeding up production, market approval and hospital adoption of new medicines. Authorities also pledged to promote more affordable pricing, with a focus on children, the elderly and rare-disease patients. The plan will encourage the integration of AL intelligence in drug development to balance quality, cost and accessibility.

Trump Threatens to Fire Fed Chair if He Stays at the Helm

President Donald Trump said he will fire Jerome Powell if he does not step down as chairman of the US Federal Reserve on May 15 when his term expires. The nomination of the man Trump chose to succeed him as chair, Kevin Warsh, remains bogged down in the Senate, where approval is required for him to take office. Powell has said he will remain as temporary interim chairman, allowed under Fed regulations, if Warsh isn't confirmed by May15. His term on the central bank's board of governors doesn't end until January 2028. At Trump's instigation, the Justice Department is conducting a criminal investigation into allegations that Powell lied to Congress last year about the Fed's US$2.5 billion dollar renovation of its Washington headquarters, an accusation Powell called politically motivated amid Trump's very public attempts to force him from office for not lowering interest rates fast enough. Warsh's nomination has been blocked by senators waiting for the results of that investigation.

China Triples Banks' Offshore Lending Leverage

China's central bank and foreign exchange regulator raised the overseas lending cap for foreign-funded banks operating domestically and the Export-Import Bank of China to encourage cross-border capital flows and expand global use of the yuan. The People's Bank of China and the State Administration of Foreign Exchange said the leverage ratio for overseas lending was lifted to 1.5 from 0.5 for foreign-owned and joint-venture banks, including branches of foreign lenders. The same rules apply to institutions from Hong Kong, Macau and Taiwan operating in the Chinese mainland. The relaxed rules will allow lenders to significantly increase their offshore loan portfolios, taking advantage of the yuan's growing appeal as a low-cost financing currency.

Corporate

Yancoal to Acquire Control of Australia Miner

Yancoal Australia, majority owned by China's Yankuang Energy Group, announced plans to acquire control of Australia's Kestrel Coal for up to US$2.4 billion. The proposed takeover comprises a US$1.85 billion upfront payment and a contingent cash consideration of up to US$550 million linked to the future operational performance of Kestrel Coal, a coking and thermal coal producer in Queensland.

STO Signals Doubling of Profit for Q1

STO Express, a mainland courier service, said first-quarter profit will likely double from a year earlier to up to 500 million yuan (US$56 million). The company earlier reported 2025 profit jumped a third to 1.4 billion yuan on an 18 percent rise in revenue.

Ping An Good Doctor, Roche Team Up on Alzheimer's

Hong Kong-listed Ping An Good Doctor has signed an agreement with Roche Diagnostics China to optimize full-cycle disease management of Alzheimer's. As China's aging population expands, this partnership aims to create an accessible, inclusive ecosystem for early screening and elderly care. Industry figures show that China has approximately 15 million people suffering from Alzheimer's patients, with 80 percent of cases detected too late.

Digital China Launches Business-Oriented OpenClaw System

Shenzhen-listed Digital China has launched a business-targeted OpenClaw system that covers computing power, platform support and security protection. At a demonstration event in Shanghai, the company showcased an all-in-one OpenClaw equipped with national-standard security chips. Digital China's SmartClaw has been deployed across multiple industries, including pharmaceuticals, automotive and manufacturing.

China's Unmanned Cargo Plane Completes Maiden Flight

China's first an unmanned cargo aircraft, the HH200, successfully completed its maiden flight. Developed by Aviation Industry Corp of China (AVIC), the plane can carry payloads of up to 1.5 tons and has a range of 2,360 kilometers.