Daily Buzz: 2 July 2026

US, Iran Indirect Talks Produce No Breakthrough

The US and Iran concluded a round of indirect talks in Doha without any progress reported. The negotiations, conducted through Pakistani and Qatari mediators, are believed to have centered on the two nations' different interpretations of a preliminary peace agreement they signed on June 17, particularly focused on maritime traffic through the Strait of Hormuz and the release of frozen Iranian funds. Iran said no further talks are scheduled until after the official July 9 funeral for supreme leader Ayatollah Ali Khamenei, who was killed by US and Israeli strikes on the first day of the war in late February.

Since the US lifted its blockade of Iranian ports under the preliminary agreement, Tehran has exported more than 40 million barrels of crude oil, according to Iranian parliament speaker and chief negotiator Mohammad Bagher Ghalibaf. Iran is pricing the oil about 20 percent higher than before the war. Global benchmark Brent crude futures were trading just above US$71 a barrel in late New York trading on Wednesday, down from their war peak of US$118 in April. Prewar, Iran sold its oil at between US$10-$15 a barrel below Brent because of existing Western sanctions. Gregory Brew, a senior analyst at Eurasia Group, told CNBC that he doesn't believe Iran will give up control of the strait under any final peace deal, but Tehran's plan to charge tolls may not come into effect until after the current 60-day ceasefire expires.

US Military Says It's Assisting Search and Rescue in Venezuela

The US military, which invaded Venezuela in January, captured its president and took over its oil industry, said its more than 900 personnel inside the country are assisting in search-and-rescue operations after powerful back-to-back earthquakes struck the country last week. The official death toll is approaching 2,000, with 10,000 injured and tens of thousands of people still missing and believed buried under the rubble of collapsed buildings. Venezuelans have complained their own government's response has been late, insufficient and haphazard. Four Venezuelan police officers were arrested on charges of looting cash from a ruined building

Earth's Oceans Hit Record High Temperatures in June

Earth's oceans broke their June temperature record, with scientists warning of repercussions.

The average global sea surface temperatures reached 20.86 degrees Celsius, according to Europe's Copernicus Climate Change Service Separate data from Mercator Ocean International, found sea temperatures hit 21 degrees Celsius on June 21, beating the previous record. The abnormal heat for this time of year was driven by the onset of El Niño, a natural climate pattern characterized by unusually warm waters, overlaying human-driven global warming, CNN reported. "The pace of warming we are now seeing is alarming," said Michael Meredith, an oceanographer with the British Antarctic Survey. Hotter oceans energize storms and can trigger continental heat waves, extreme rainfall and flooding. "Current conditions could indicate the beginning of a new phase, leading to uncharted territory," said Carlo Buontempo, director of Copernicus.

Top Business

Chinese Auto Sales in June Rebound, Led by Strong Exports

BYD, China's largest electric-car maker, led mainland industry sales in June with a 5.5 percent increase from a year earlier to 403,472 new energy vehicles. Overseas sales, including passenger cars and pickup trucks, surged 95 percent to 174,897 units. Chery Group placed second, with 256,600 vehicles sold and a record 191,100 exported cars. Geely maintained steady overall sales at 240,800 vehicles while achieving a new export high of over 102,000 units. Geely said deliveries of its premium Zeekr brand almost doubled in the first half of this year to 178,370 units.

Among startups, Leapmotor took the top spot in June, with a 95 percent surged in deliveries to 93,376 vehicles. Nio delivered 40,597 vehicles, up 63 percent from a year ago; XPeng deliveries rose 16 percent to 40,126 units; and Li Auto gained 15 percent with 30,895 vehicles. However, Huawei-led Harmony Intelligent Mobility Alliance posted a 4 percent decline with 50,000 deliveries. The alliance includes new energy models from Seres, Chery, Beijing Automotive Group, JAC Motors and Shanghai-based SAIC.

The June figures were an improvement from May, when domestic carmakers reported a 22 percent sales drop from a year earlier, the eighth straight monthly decline.

Anthropic Says US Is Lifting Bans on Fable 5, Mythos 5 Models

US AI giant Anthropic said the US government has lifted export controls on its Claude Fable 5 and Mythos 5 models, the latest development between the company and the Trump administration over access to its models. Anthropic disabled access to Fable 5 and Mythos 5 in mid-June after the US banned foreign nationals, both domestic and overseas, from access, citing "national security" concerns. The US government crackdown came in response to the swift rise in Chinese open-source models that are proving to be almost as capable and significantly cheaper than some of the most powerful US models, CNBC reported.

US Drafting Ban on Imports of Solar Inverters, Mainly Made in China

The Trump administration is drafting a ban on imports of foreign inverters, which connect solar projects and batteries to the grid, on "national security" concerns that China could use them to disrupt power supplies, Reuters reported. China is the world's largest maker of inverters, led by Sungrow Power Supply and Huawei. The rule being drafted by the US Federal Communications Commission would apply to new foreign models of inverters and could be implemented this year. The EU banned use of China-made inverters in publicly funded energy programs in May. The Chinese Embassy in Washington said it "firmly opposes the overstretching of the concept of national security and its unjustified suppression of Chinese companies."

Economy & Markets

China Stocks Markets Adopt After-Hours Trading

Chinese stock exchanges, including major bourses in Shanghai and Shenzhen, announced the introduction of after-hours, fixed-price trading. Starting July 6, investors will gain an extra 30 minutes to execute trades, with the extended market session running from 3-3:30pm. Currently, only Shanghai's tech-focused Star market allows after-hours transactions. The expansion will cover all Class A shares and exchange-traded funds. Hong Kong and most major Western markets provide periods of after-hours trading. While they are convenient for some investors who want to react to late breaking news, the extended trading is not exchange-wide, confining investors to trade with others on the same electronic brokerage, which typically results in thin trading, illiquidity and wider bid-ask spreads.

Chinese mainland stock markets in the first half of this year chalked up record volume of 317 trillion yuan (US$48 trillion). The Shanghai Composite index in the six months rose 3.2 percent, with the Star 50 index surging 64 percent. The Shenzhen Composite Index gained 19.8 percent, with its ChiNext tech board jumping 26 percent. The market capitalization of all mainland-listed stocks rose 9.4 percent to 119 trillion yuan, driven largely by the technology sector.

World Bank Reportedly to End Lending to China in 2031

The World Bank will phase out its lending to China by 2031 under its new country partnership framework, AFP reported. "China has made significant development advances over the past several decades," said a World Bank official familiar with the matter. "We are now reaching a new phase in our relationship, reflecting that reality." World Bank lending, mainly aimed at helping poor and underdeveloped economies, has steadily declined in recent years from a peak of US$2.4 billion in 2017. In his first term in office, US President Donald Trump demanded that the US-based stop lending to China entirely after the nation rose to become the world's second-largest economy. China is the fifth-biggest donor nation funding the World Bank's International Development Association pool for the world's least developed countries.

China Box Office Tops US$2.6 Billion in Six Months

China's film industry, an emerging global player, recorded a box office of 17.4 billion yuan (US$2.6 billion) in the first six months of the year. Some 421 people paid to see 73 million screenings, according to Maoyan. Seven films, led by comedy "Pegasus 3," earned more than 500 million yuan.

Corporate

European Heat Wave Stokes Air-Con Sales for JD Logistics

JD Logistics, an arm of e-commerce giant JD.com, said sales of air conditioners on its European platform in the third week of June surged 40-fold from the first week as an unprecedented heat wave hit the continent. Sales of floor fans soared more than 80-fold. The company said it is accelerating shipments to Europe from Chinese warehouses to meet demand.

Avatr Pledges Profit Ahead as It Files for Hong Kong IPO

Avatr Technology, the Chinese electric car startup backed by auto manufacturer Changan Automobile, reported cumulative four-year losses of 23 billion yuan (US$1.9 billion) in an initial IPO filing with the Hong Kong exchange, though its loss last year narrowed to 3.5 billion yuan. Avatr's research and development spending surged 72 percent last year. Avatr said in the filing that it will improve its financial performance and strive for profitability. The company was set up by Changan in cooperation with Huawei Technology and battery giant Contemporary Amperex Technology as a luxury smart electric vehicle maker in 2018.

Porsche Hits the Brakes on Some Regional Sales Outlets

Porsche China said it is streamlining its sales network by ending operations in regional centers that include the cities of Jining, Huaian, Nanning and Wuhu. After-sales services will continue, however. Foreign automakers are doing it tough in the domestic market amid fierce competition from home brands.

Chongqing-Brand Beer Is First Chinese Brewer to Produce Overseas

Carlsberg Group's Chongqing Beer has become the first Chinese brand to begin brewing operations overseas, with a plant in Malaysia. The Malaysian brew has an alcohol content of 3.8 percent to appeal to younger, health-conscious consumers, in a market where mainstream beers contain an average 5 percent alcohol content.

Xiaomi, Other China Smartphone Maker May Cut Shipment Forecasts

Chinese smartphone makers Xiaomi, Oppo and Vivo may be forced to further pare 2026 shipment forecasts amid the soaring costs of memory chips and resulting increases in phone prices, Nikkei Asia reported. Xiaomi earlier this year cut its forecast to 135 million units from 170 million units last year. The company may reduce that estimate to 95 million, the report said

Neolix Gets Approval for Self-Driving Tests in Malaysia

Chinese autonomous driving provider Neolix has been approved by the Malaysian government to begin testing self-driving delivery vehicles. The company, founded in 2018, operates one of the world's biggest driverless delivery fleets, deployed in 300 cities across 15 countries.