Daily Buzz: 28 October 2025

'King of a Lost World' Wins Election

The ruling party of Argentine far-right President Javier Milei decisively won Sunday's midterm congressional elections after ally US President Donald Trump made continuation of a US$40 billion bailout for the country contingent on that outcome. Milei's libertarian La Libertad Avanza party won 40.84 percent of the vote against the Peronist opposition, gaining seats in both House and Senate. In his first two years in office, Milei has tackled the nation's economic crisis by slashing government spending, bringing inflation down from 200 percent to 30 percent. At his party's victory celebration, Milei took to the stage singing, "I am the king of a lost world."

China to Deepen ChiNext Reform

China's securities regulator will strengthen the Shenzhen stock exchange's Nasdaq-style ChiNext board, which hosts startups in emerging industries, to underscore support for funding of new technologies. Wu Qing, chairman of the China Securities Regulatory Commission, said reforms will introduce listing standards better tailored to the needs of companies involved in innovative industries, including a shelf registration system for refinancing and expanding channels to support mergers and acquisitions. Listed firms will be encouraged to boost dividends and share buybacks to enhance investor returns.

Brazil President Confident of US Trade Deal

Brazilian President Luiz Inacio Lula da Silva said on Monday that US President Donald Trump gave him guarantees that the two countries will reach a trade deal to ease tensions triggered when Washington slapped 50 percent tariffs on Latin America's largest economy. Speaking after a meeting with Trump on the sidelines of the summit of the Association of Southeast Asia Nations in Malaysia, Lula said US actions against his country were "incorrect," but he is willing to put that aside to improve trade relations.

Melissa Bears Down on Jamaica

The world's strongest storm of the year is pummeling Jamaica, with meteorologists warning of catastrophic winds, flooding and storm surge. Hurricane Melissa is a category five storm with wind speeds of up to 282 kilometers an hour.

Top Business

Kingsoft Office Profit Jumps 35 Percent

Beijing-based Kingsoft Office Software reported a 35 percent rise in third-quarter net profit on strong growth in its subscription and cloud businesses. The developer of the WPS Office suite said net profit rose to 431 million yuan (US$60.5 million) in the July-September period, while revenue climbed 25 percent to 1.5 billion yuan. For the first nine months, revenue was up 15 percent from a year earlier at 4.2 billion yuan, with net profit increasing 13 percent to 1.21 billion yuan. Revenue from its WPS 365 cloud service surged 712 percent and gained 51 percent from information technology application software. The company hit the headlines recently when China used its WPS format to make a major announcement, eschewing the usual use of Microsoft format. Kingsoft's Shanghai-listed shares rose 4.3 percent on Monday.

WuXi AppTec Posts Higher Profit, Revenue

Shanghai-based WuXi AppTec, a global provider of research, development and production services to the pharmaceutical and life-sciences industries, reported a 53 percent rise in third-quarter profit to 3.5 billion yuan (US$491 million) on a 15 percent rise in revenue to 12.1 billion yuan. Operating revenue from US customers rose 32 percent, revenue from Europe increased 13 percent, and revenue from China was up 0.5 percent. For the first nine months of the year, WuXi posted an 85 percent increase in profit to 12.1 billion yuan on a 19 percent gain in revenue to 32.9 billion yuan. Based on growth in the industries it serves, the company raised its forecast of full-year revenue to up to 44 billion yuan. It also announced the sale of two clinical research facilities to Hillhouse Investment for 2.8 billion yuan. Its Shanghai-listed shares closed 2.73 percent higher at 106.64 yuan, while its Hong Kong stock gained 4.07 percent to HK$ 115 (US$14.8).

Seres Files for Hong Kong IPO

Seres, a Chinese maker of Aito brand electric cars, filed for an initial public offering in Hong Kong, seeking to raise HK$13.2 billion (US$1.7 billion). The company will sell about 100 million shares at a price capped at US$131.50, with 90 percent of them reserved for institutional investors, the South China Morning Post reported. The shares are expected to debut on November 5. Seres said it plans to use the proceeds for research and development, and global expansion. It has longstanding partnerships with Chinese technology suppliers Huawei and CATL.

Baosteel Rare Earth Posts Strong Growth

Inner Mongolia Baosteel Rare Earth, the first state-owned rare earth company in China, reported 33 percent growth in third-quarter revenue to 11.4 billion yuan (US$1.6 billion), with net profit surging nearly 70 percent to 610 million yuan. In the first nine months of 2025, the company's revenue grew 40.5 percent to 30.3 billion, while profit surged 280 percent year on year to 1.5 billion yuan. The company attributed its performance to rising prices for rare earths, minerals critical to industrial production of everything from smartphones and electric cars to wind turbines and defense equipment. Its Shanghai-listed shares rose 4 percent.

Europeans Form Aerospace Giant

European aerospace companies Airbus and Thales of France and Italy's Leonardo combined their satellite and space activities to form an industrial juggernaut to rival Elon Musk's Starlink. The combined entity will employ 25,000 people across Europe and is forecast to generation multiple millions in operating income.

Economy & Markets

China, Other Asian Stock Markets Rally

Markets across Asia rallied on optimism of easing trade tensions between China and the US, which announced agreement on a preliminary framework accord on Sunday. Japan's benchmark Nikkei 225 index rose 2.5 percent to close above 50,000 for the first time as US President Donald Trump arrived in Tokyo for a meeting today with new Prime Minister Sanae Takaichi. South Korea's Kospi gained 2.6 percent as the country is poised to host this week's summit of Asia-Pacific Economic Cooperation members, with Trump and Chinese President Xi Jinping attending. The benchmark Shanghai Composite Index rose 1.2 percent, and Hong Kong's Hang Seng closed up 1 percent.

Optimism about a new China-US trade accord carried into European and US markets. All three major indexes in New York climbed above Friday records, with the S&P 500 index rising 1.2 percent to close above 6,800 for the first time; the Nasdaq gained 1.9 percent. In Europe, the Stoxx600 was up 0.2 percent. Gold has been dropping on easing trade tensions, slipping below the US$4,000 level in late New York trading.

China Industry Profits Surge for Second Month

China's industrial profits in September rose at their fastest pace in two years, increasing 21.6 percent from a year earlier, the National Bureau of Statistics said. That followed a 20.4 percent gain in August as government efforts to curb price wars take hold. For the first nine months of the year, profits at major industrial firms grew 3.2 percent.

Job Vacancies: Advanced Materials and Pet Care

China's employment market in the third quarter was buoyed by job vacancies in advanced materials manufacturing and in entertainment and services that include pet care and the production of short video dramas, the South China Morning Post reported, citing data from online recruitment platform Zhaopin. Job postings in the sector of advanced industrial materials rose 44 percent from a year earlier, while demand for veterinarians more than doubled and openings for pet groomers rose 67 percent. China's urban employment rate in September remained steady at 5.2 percent.

South Korean Growth Surge

South Korea's economy in the third quarter grew at its fastest pace in a year, beating market forecasts with a 1.7 percent increase in gross domestic problem, almost three times the rate of growth in the second quarter. The increase was supported by a 6 percent rise in exports and a 3.3 percent gain in manufacturing.

Corporate

Shenhua Energy Profit, Revenue Drop

Chinese coal giant Shenhua Energy said net profit in the third-quarter fell 6.2 percent from a year earlier to 14.4 billion on a 17 percent drop in revenue to 39 billion yuan. For the first nine months of the year, the company posted a 16.6 percent decline in revenue to 213 billion yuan, reflecting a 14 percent drop in coal prices. Electricity sales in the nine months fell 5.5 percent to 153 billion kilowatt-hours.

Toyota Output Rises 11 Percent

Toyota Motor, the world's largest automaker, said global production in September rose for a fourth straight month, with an 11 percent increase that reflects robust demand, particularly for hybrids. Production in the US surged 29 percent, gained 9 percent in Japan and rose 16 percent in China. US sales increased 14 percent in the month, but declined 1 percent in China and 5 percent in Japan.

Porsche Sales in China Fall

German luxury carmaker Porsche said sales in China plunged 26 percent in the first nine months of the year, contributing to an overall 99 percent decline in operating profit to US$46 million. Foreign automakers have found themselves struggling in a Chinese market dominated by domestic carmakers.

CNOOC Unit Gets Thai Contract

China National Offshore Oil said its engineering unit won a US$800 million contract for a Thai project to build wellhead platforms and install sub-sea oil pipelines for Thailand oil producer PTT Exploration & Production. The Tianjin-based subsidiary will be responsible for the whole project, from design to installation to commissioning.

Meili to Buy Dutch Tow-Bar Firm

Meili High Technology, a Chinese supplier of car parts, said it will invest 63.7 million euros (US$74.1 million) to acquire Dutch-based Hitched Holdings 3, which owns Oris, a leading German supplier of vehicle tow bars, with factories worldwide and Volkswagen, Mercedes-Benz and Tesla among its clients.

Nio Battery Swaps

Chinese electric carmaker Nio said battery swaps to date at the 8,300 stations it operates total 90 million. Swapping a spent battery for a fully charged one is an alternative to plugging the car into a battery-charging station, which takes longer.