Daily Buzz: 27 October 2025

Asia Hosts Global Diplomacy, US-China Trade Framework

The focus of global diplomacy and trade shifts to Asia this week, with two regional summits of world leaders set amid hopes of easing global tensions. The three-day meeting of the Association of Southeast Asian Nations (ASEAN) began on Sunday in Malaysia. It will be followed by a four-day meeting of the Asia-Pacific Economic Organization (APEC) that begins on Friday in South Korea. US President Trump will attend both meetings; Chinese President Xi Jinping will be attending the APEC meeting. Japan's new prime minister Sanae Takaichi, the first woman ever to hold the post, will be making her diplomatic debut at the twin summits.

Concurrent with the ASEAN summit, Chinese and US negotiators meeting in the Malaysian capital of Kuala Lumpur said they reached preliminary consensus on a trade framework addressing bilateral concerns. US Treasury Secretary Scott Bessent said the agreement covers Chinese-owned social media platform TikTok, Chinese export controls on rare earth minerals and Chinese purchases of US soybeans, and it also removes Trump's threat of additional 100 percent tariffs on China that were to take effect on November 1. He said the framework deal will be the basis of talks between Xi and Trump when they meet in South Korea on Thursday. The Chinese side said the preliminary agreement involves tariff suspension, trade in agricultural products, export controls and US measures targeting shipbuilding and maritime trade, but made no comment on a possible meeting between both leaders. China's Vice Minister of Commerce and top negotiator called the discussions "in-depth" and "candid," adding that "the US has a tough stand, and China is firm in safeguarding our own interest."

At the start of the ASEAN summit, Trump presided over the signing of a peace accord between Thailand and Cambodia, after summer military skirmishes along their disputed border, even though his involvement in brokering the ceasefire was peripheral. Trump also signed trade deals with ASEAN members Malaysia, Thailand, Vietnam and Cambodia.

Trump Escalates Spat With Canada

US relations with Canada soured further as President Donald Trump slapped additional 10 percent import tariffs on the northern neighbor. The additional duties come a day after Trump broke off all trade talks with Canada over an Ontario-created TV ad criticizing Trump's tariffs with 1987 comments by former president Ronald Reagan. Ontario Premier Doug Ford has since pulled the ad, but not before it aired during two World Series baseball championship games between Toronto and Los Angeles teams. The new duties come in addition to 35 percent existing tariffs on some Canadian products.

US Supports Unlocking Frozen Russian Assets

Washington said it supports the EU using frozen Russian assets, mostly held in Belgium, to buy US weapons for Ukraine, though the EU has yet to approve their release. The Trump administration also said it is preparing additional economic sanctions on Moscow if President Vladimir Putin doesn't agree to peace talks. Last week, the US sanctioned Russia's two largest oil companies. On Sunday, Russia said it successfully tested its new nuclear-powered Burevestnik cruise missile.

Sinn Fein Choice Wins Irish Presidency

Leftist independent candidate Catherine Connolly, a former barrister, won a landslide election victory for the largely ceremonial post of Irish president, defeating center-right candidate Heather Humphreys, a former cabinet minister. Connolly was supported by the Sinn Fein and other leftist parties.

French Arrest Louvre Heist Suspects

French police arrested two suspects in the daring jewelry heist from the Louvre museum last week, Paris media reported. There was no word on whether priceless crown jewels from the Napoleonic and royal eras were recovered or on the whereabouts of two other people suspected of involvement in the robbery.

Top Business

Shanghai Approves 2 Chip Startup IPOs

Moore Threads Technology and MetaX, two Chinese developers of graphics processing units seeking to raise money for research and development, received approval from Shanghai's stock exchange for initial public offerings on the STAR Market, an exchange for science and technology startups. Beijing-based Moore Threads seeks to raise 8 billion yuan (US$1.1 billion), according to its prospectus. The company posted a 1.5 billion loss for 2024 on revenue of revenue of 438 million yuan. Shanghai-based MetaX is seeking to raise 3.9 billion yuan (US$548 million). The company reported a loss for the first half on revenue of 915 million yuan. Both companies are viewed as emerging competitors to US chip giant Nvidia.

Economy & Markets

HK Flooded with 300 IPO Applications

Hong Kong's stock exchange said it is reviewing about 300 applications for initial public offerings, half of which are from cutting-edge companies in industries like electric vehicles, renewable energy, artificial intelligence and biotechnology. More than 60 companies went public in Hong Kong in the first nine months, raising US$23 billion and ranking the city at the top of the global IPO leaderboard.

Foreign Investment in China

Nearly 49,000 companies with foreign investment were registered in China in the first nine months of the year, a 16 percent increase from a year earlier, the Ministry of Commerce said on Saturday. Foreign direct investment in actual use totaled 573.75 billion yuan (US$80.6 billion), down 10.4 percent on the year. In September alone, direct investment from abroad rose 11 percent. The sectors benefitting the most are e-commerce, aerospace equipment manufacturing and medical instruments. By source, investment from Japan, the United Arab Emirates and Switzerland were the leaders.

Injection of Liquidity

China's central bank said it will conduct a 900-billion-yuan (US$127 billion), one-year lending facility today to maintain ample liquidity in the country's banking system. Such operations are a means of allowing banks to borrow money from the People's Bank of China, using securities as collateral.

Corporate

Shanghai Disney Attendance Up 5 Percent

Shanghai Disney Resort was the world's fifth most-visited theme park in 2024, according to a new report from global Themed Entertainment Association. Attendance at the Shanghai attraction rose 5 percent to 14 million visitors, making it the fastest-growing site among the world's Top 10 parks. Since its opening in 2016, Shanghai Disneyland has added Pixar Toy Story and Zootopia themed attractions.

AstraZeneca's New Beijing Facility

UK-based pharma giant AstraZeneca opened a new global research and development center in Beijing, its second such site in China and its sixth in the world. The new center, along with an existing facility in Shanghai, is accelerating development of next-generation drugs.

Didi Expansion to Mexico

Chinese ride-hailing giant Didi launched 500 all-electric vehicles on its ride-hailing platform in Mexico, the company's first foray in Latin America. All the cars are from Chinese brands, including models from Guangzhou Auto and JAC Group. Didi plans to take more than 100,000 Chinese electric cars to Mexico by 2030.

New Plant for Battery Materials

Sichuan Development Lomon, a phosphate miner and fertilizer producer, said it will invest 362 million yuan (US$51 million) in a new plant to produce materials for lithium batteries. The facility will have an annual production capacity of 100,000 tons of lithium dihydrogen phosphate, the Chengdu-based company said. China now supplies more than 70 percent of the world's battery materials.