Daily Buzz: November 9 2026

Israeli President Taps Netanyahu Rival for First Try at Forming a Government

Israeli President Isaac Herzog tapped retired military chief Gadi Eisenkot to try to form a coalition government after October's deadlocked election gave no side a majority of seats in parliament. The decision was a setback for Prime Minister Benjamin Netanyahu and his rightwing coalition, though Eisenkot faces an uphill battle to oust him. The president, in a largely ceremonial post, traditionally gives the party with the most likely chance to succeed the first crack at forming a government. If that fails within a six-week mandate, the nod goes to another party, and if no one succeeds, the president can call for new elections. Herzog acted on party endorsements for the two main contenders, with centrist Eisenkot reported to have support from 67 of the parliament's 120 members, including Arab parties who secured an unprecedented 19 seats. However, it's not clear if Eisenkot is willing to accept Palestinian support or, if he does, how a coalition between Jewish and Arab parties could be negotiated.

Nvidia Begins Probe of Chief Executive Huang After Affair Disclosure

Nvidia announced Sunday that it is launching an independent investigation into its founder and chief executive Jensen Huang related to reports he was the "target of a foreign intelligence effort." The statement, published on the company's website, relates to his relationship with the executive of Singapore-based cloud company Megaspeed, who is suspected of smuggling advanced AI chips to China. Huang told Nvidia staff in an email on Sunday that he had an affair with the woman in question and apologized. Nvidia said the probe will be conducted by a committee of independent directors, overseen by outside counsel.

China Raises Concerns Over US Trade Restrictions in Video Call

Chinese Vice Premier He Lifeng held a video call with US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer late last week to express China's "serious" concerns about recent US economic and trade restrictions on China. The two sides also discussed progress in implementing agreements reached at summits earlier this year between their presidents, Xi Jinping and Donald Trump. The vice premier described the exchange as candid, in-depth and construction. Washington has rankled Beijing in recent months with further restrictions on technology companies selling into the US and, most recently, proposed to curtail American investments in an expanded number of Chinese sectors, including biotech and high-performance computing and hypersonic systems. China has called the moves "discriminatory."

Separately, He is visiting Canada and scheduled to co-chair the second China–Canada Economic and Financial Strategic Dialogue today with Finance Minister François-Philippe Champagne and International Trade Minister Maninder Sidhu. The talks will focus on advancing bilateral economic cooperation.

Houthis Damage Aramco Building, Trump Says New Attacks on Iran 'Unlikely'

Yemen's Houthi group carried out attacks on Saudi Arabia's energy facilities in the capital Riyadh, damaging a building belonging to oil giant Aramco. No injuries were reported. Elsewhere in the Middle East conflict, the US Central Command says it disabled a commercial vessel in the Gulf of Oman as part of its blockade of Iranian ports, and Iran said two commercial ships hit mines while transiting what it calls unauthorized routes through the Strait of Hormuz. US President Donald Trump said on Sunday that it is "highly unlikely" he will need to order renewed attacks on Iran if progress is made with Tehran over its nuclear program and the reopening the Strait of Hormuz.

Ukraine Nuclear Plant Forced to Rely on Power Generators

The Zaporizhzhia nuclear power plant in Ukraine, Europe's largest, was forced to switch to generators on Sunday after losing its final external power line, the International Atomic Energy Agency reported. The cause of the latest disruption – the 27th of its kind in the almost five-year war with Russia -- isn't yet known, the agency said. The power disruption came after Russian air strikes reportedly killed 55 people in one town in the Zaporizhzhia region, according to Ukrainian President Volodymyr Zelensky.

Trump Asks Cage-Fighting Executive to Become Press Secretary

US President Donald Trump followed his controversial pick of hardliner Stephen Miller to become his new chief of staff with an announcement that he offered the job of White House press secretary to Dana White, chief executive of a cage-fighting organization. White said he will meet with Trump today to discuss the offer, with some media reports suggesting he will decline it. White, head of the Ultimate Fighting Championship, organized a cage-fighting spectacle on the White House lawn in June to mark the president's 80th birthday. Trump is looking to replace a press secretary who lasted only five days.

No Clear Winner in New Zealand Election

No clear winner emerged from New Zealand national election on Saturday, with Prime Minister Christopher Luxon's center-right party ahead of the opposition Labour Party led by Chris Hipkins but lacking a majority. New Zealand has a complicated election system that gives minority parties a stronger chance of winning seats and traditionally leads to coalition governments.

Top Business

Pundits Scale Back Estimates of Anthropic IPO Value

Investors are now speculating that Anthropic's pending IPO in the US, earlier expected to be the biggest in history, has fallen in value from US$2 trillion to as low as US$1.2 trillion after midterm elections showed a public backlash to AI and expansion of data centers. Midterm voters opposed data center-related ballot measures in 40 out of 41 state and local elections. Tech giant Anthropic, which has yet to price the offering, has not made any comment on the speculation. The listing, originally scheduled for mid-November, may be delayed after recent big selloffs in technology shares.

SoftBank, ABB Mull Way Around China Rejection of Acquisition Plan

Japan's SoftBank Group and Swedish-Swiss technology giant ABB are considering hiving off the China portion of ABB's industrial robotics business to salvage their $5.4 billion acquisition deal, after Softbank confirmed that Chinese authorities would veto its takeover of ABB's global robotics business, Bloomberg News reported. The split would circumvent Chinese regulatory authority over the deal. ABB is also weighing alternatives, including a sale to another buyer or a spin-off. China is the largest robot market in the world.

China Shipbuilders Snag Most Global LNG Carrier Orders in October

Chinese shipbuilders in October won five of seven global orders awarded for large liquefied natural gas carriers, outpacing rival South Korea's two. South Korean shipyards maintained top spot in the first 10 months of this year with 58 percent of orders, but China is fast gaining ground as its shipbuilders offer faster delivery times and attractive pricing at about US$225 million per vessel. China's October orders were concentrated in Hudong-Zhonghua Shipbuilding and Jiangnan Shipyard, involving customers that included Malaysian shipper MISC and a subsidiary of the Abu Dhabi National Oil Co.

Berkshire More Than Doubles Share Buybacks

US investment firm Berkshire Hathaway repurchased US$9.6 billion of its own shares in the third quarter, more than double its buybacks in the previous three months. Berkshire's third-quarter operating profit fell 5.8 percent from a year earlier to US$12.7 billion, weighed down by weaker insurance investment results. Overall net earnings fell 28 percent to US$22.1 billion as investment gains from its stock portfolio nearly halved. Berkshire's five largest equity holdings remained the same in the third quarter: Alphabet, American Express, Apple, Bank of America and Coca-Cola.

Economy & Markets

China 10-Year Bond Yield Tumbles to All-Time Low

China's 10-year government bond yield has fallen to a record low of about 1.58 percent as demand strengthens for safe-haven assets after recent sharp sell-offs in equities and after the central bank shifted its benchmark rate to the overnight lending rate from its previous seven-day rate, easing funding conditions. As a result, the People's Bank of China policy rate in early November was 1.25 percent, below the previous benchmark of 1.4 percent. The yield on the government 30-year fell by around 0.01 percentage point to 2.03 percent. China's yields stand in stark contrast to those of other major economies, such as the US and France, which have been soaring and increasing the cost of borrowing for governments, companies and individuals.

China's Gold Reserves Rise for 24th Month

China's central bank in October increased its gold holdings for a 24th consecutive month in October, adding 830,000 troy ounces, the largest monthly purchase since it resumed buying gold in November 2024, official data showed on Saturday. Gold reserves stood at 78.3 million ounces at the end of October. China's foreign exchange reserves rose by US$4.9 billion to US$3.41 trillion, according to the State Administration of Foreign Exchange. The increase reflects currency fluctuations and changes in global asset prices.

China Opens Two EU Anti-Dumping Probes

China has launched anti-dumping investigations into industrial and chemical imports from the EU, including para-aramid filament yarn and ethylidene norbornene, the Ministry of Commerce said. The probes come amid rising strains in bilaterial trade as the EU seeks to limit Chinese imports. A ministry spokesperson said China will conduct the investigations in accordance with the law and ensure the rights of all interested parties. The EU has launched16 investigations involving Chinese products so far in 2026, nearly double the year-earlier number. Nine of those cases targeted chemical products, according to the ministry.

China's Measures to Boost Housing Market Fall Short in Smaller Cities

China's efforts to bolster the sluggish residential property market haven't trickled down yet to smaller cities, the South China Morning Post reported. According to the China Real Estate Index System, prices of new homes in third- and fourth-tier cities last month fell 2 percent from a year earlier, and prices for existing homes declined 6.5 percent. Beijing has extended mortgage terms to make monthly payments cheaper for middle- and low-income consumers, and financial authorities have unveiled mortgage interest subsidies for first-time homebuyers. That has spurred an uptick in prices and sales of homes in China's largest metropolises like Shanghai.

Corporate

DeepSeek Reports Jump in Harness Users

Chinese AI startup DeepSeek said its Harness open-source agent had accumulated 1.5 million daily active users as of November 4. The figure is up from about 271,000 at the end of September soon after the desktop version of the app was released. DeepSeek's agent is challenging Anthropic and OpenAI models.

Huaxin Plans US$1.6 Billion Takeover of Brazil Cement Company

China's Huaxin Building Materials Group plans to acquire Brazil's second-largest cement producer, CSN Cimentos, in a deal that would mark China's first entry into the Brazilian cement market. The company, based in Hubei Province, said the value of the deal, reached over the weekend, is valued at US$1.6 billion. CSN Cimentos operates seven kilns and six grinding stations, with an annual cement capacity of 17 million metric tons, giving it about a 21 per cent share of the Brazilian market. The deal is subject to regulatory approval in China and Brazil.

Coach Reports Strong Sales in China Amid Focus on Younger Shoppers

US luxury leather goods and fashion brand Coach posted double-digit growth in the Chinese market for six consecutive quarters, Liliana Lucioni, president of Coach China said in remarks at the China International Import Expo in Shanghai. She said revenue in the China region for company's fiscal first quarter that began June 28 rose 39 percent to US$385 million, surpassing all other sales regions. Coach is planning to open at least 80 stores in the next three to five years, expanding into new locations such as Zhongshan, Wuhu and Kunshan. Lucioni attributed success in China to Coach's focus on the 5 million young people who turn 18 every year -- a group of consumers she said is drawn to brands that have good design, quality and craftsmanship, and express cultural interests and personal lifestyles.

Audi, SAIC Open Development Center in Shanghai

Audi and its Shanghai partner SAIC Motor have opened a dedicated research and development center in the city to strengthen local product capabilities, focused on AI and smart-driving technologies. The Audi Innovation and Technology Center will oversee the full vehicle development process for the China-focused AUDI brand. "China is a key market for Audi and one of the most dynamic innovation hubs in the automotive industry," said Gernot Doellner, chairman of the board of management of Germany-based Audi.

Chinese Laser Chipmaker Begins IPO Preparations

Laser chipmaker Zonghui Xinguang Semiconductor has registered for a preparatory step in the process toward an initial public offering. The application was filed with the securities regulator in Jiangsu Province, where the company is based. Zonghui Xinguang appointed Guotai Haitong Securities as its adviser. The company's products are used in consumer electronics, automotive sensing and optical communications. Its investors include funds affiliated with Huawei, Xiaomi, BYD and DJI.