Daily Buzz: 20 May 2026

Top News

US Says Attacks on Iran Could Resume Next Week, Bond Yields Surge

President Donald Trump said the US could resume attacks on Iran next week, though a series of earlier deadlines for a settlement in the war have come and gone. The latest warning came after Trump aborted a plan to resume strikes on Tuesday at the behest of Gulf nations to allow more time for negotiations. The prospect of the current stalemate continuing, oil prices remaining high and inflation worsening sent yields on US Treasuries higher, as investors dumped government bonds amid fears that inflation will undercut their value. The yield on the 30-year Treasury surged to its highest level since the global financial crisis 19 years ago. Higher yields lift borrowing costs for the government, companies and consumers, including mortgage rates. They also diminish investor interest in stocks. Wall Street markets fell on Tuesday, and benchmark Brent crude futures hovered at about US$111 a barrel.

Cuba Warns of 'Bloodbath" if US Attacks

Cuban President Miguel Diaz-Canel said any US military action against Cuba would lead to a "bloodbath" with severe consequences for regional stability. "Cuba does not represent a threat," he said in an online post. His comments followed a report on the Axios US news site that Cuba had acquired more than 300 military drones and would use them to attack the US naval base at Guantanamo Bay. Cuba said the report was a ruse to establish an excuse to attack the island. President Donald Trump threatened to topple the communist government in Havana after the US attacked Venezuela and deposed its president earlier this year. However, US attention has been refocused for the time being on the Iran war. A US blockade of oil shipments to Cuba has crushed an already weak economy and left residents there struggling amid power outages and shortage of basic necessities.

Health Authorities Voice Concerns About Latest Ebola Outbreak

Global health authorities and experts are warning that the latest outbreak of Ebola, a particularly virulent strain that has so far been linked to 136 deaths and 514 suspected cases in Africa, may be difficult to contain. Cuts in international funding aid and regional conflicts are hampering efforts to curtail its spread. The US tightened entry rules for some travelers after an American doctor working in region was infected with the disease and flown to Germany for treatment. The current outbreak is centered in Democratic Republic of Congo, with two confirmed cases in neighboring Uganda. The World Health Organization declared an international public health emergency in those two nations over the weekend.

Thailand Returns to 30-Day Visa-Free Entry

Thailand is halving visa-free stays for tourists to 30 days after a string of high-profile crimes involving foreigners. The 60-day policy was adopted a year ago to boost tourism, a major money spinner for the nation.

Top Business

Bilibili Turns to Profit, Average User Time Rises to Record

Nasdaq-listed Chinese video-sharing platform Bilibili turned to a first-quarter profit of 202 million yuan (US$29.3 million) from a year-earlier loss of of 10.7 million yuan. Revenue grew 7 percent to 7.5 billion yuan as advertising income surged 30 percent to 2.6 billion yuan. Daily active users increased 8 percent to 115 million, while monthly active users reached 376 million. Average daily time spent on the site rose 11 minutes to a record 119 minutes. However, revenue from mobile games fell 12 percent. Net profit margin was 2.7 percent. "Our community is thriving with more high-quality content," Chief Executive Chen Rui said. "This progress is a testament to our commitment to content quality and a 'community-first' philosophy, which allows us to grow alongside the younger generation while expanding our reach to a broader audience." The Shanghai-based company said AI is being deployed to improve ad and video services.

ZTO Posts 5.7 Percent Gain in Q1 Net Income

US-listed Chinese logistics company ZTO Express reported first-quarter net income rose 5.7 percent to 2.2 billion yuan (US$313 million) from a year earlier on a 22 percent increase in revenue to 13.3 billion yuan. Revenue from express delivery services rose 94 percent, and freight forwarding edged up 1.2 percent. ZTO said parcel deliveries in the period totaled 9.7 million, a gain of 13 percent. Chief Executive Lai Meisong said, China's express delivery industry is benefiting from a central government crackdown on fierce competition in some domestic industries, which triggered price wars.

Hengyi Petroleum to Invest US$3.8 Billion in Ethylene Glycol Factory

Hangzhou-based Hengyi Petrochemical said it will invest 25.7 billion yuan (US$3.8 billion) to build what it says will be the world's largest single-line, coal-to-ethylene glycol production facility in the Himalayan plateau city of Turpan to boost raw materials for polyester production amid volatile global prices. The project will have an annual capacity of 2.4 million tons of ethylene glycol, using local coal feedstock, Yicai reported. Production by-products will include synthetic ammonia, ethanol, sulfur, and industrial-grade dimethyl carbonate. In a separate announcement, the company said it will invest 1 billion yuan to build a polyester recycling plant in the central city of Jingzhou.

BYD Upgrades Denza SUV in Pivot Toward Top End of Market

BYD, China's largest electric carmaker, unveiled an upgraded version of its flagship Denza D9 SUV at a 5 percent higher starting price, as the company pivots to the more premium end of the market to shore up profit. The new model comes with 100 improvements, the company said.

The starting price is 409,800 yuan (US$60,265). BYD said 70 percent of Chinese mainland D9 buyers are former owners of German luxury brands BMW, Mercedes-Benz and Audis, Reuters reported. In 2024, BYD took full ownership of its joint venture with Mercedes-Benz, which launched the Denza marque. Denza sales slumped two-fifths in the first four months of this year amid rising competition from domestic rivals such as Zeeker and Voyah. BYD is also banking on Denza strengthening export sales.

Economy & Markets

China's Electricity Usage Rises 6 Percent in April

Electricity use in China, a key indicator of economic activity, rose 6 percent in April from a year earlier to 820.5 billion kilowatt-hours. The National Energy Administration said power use by primary industry rose 2 percent, while that of secondary industries was up 5.3 percent. Rapid growth was reported in electric-car charging and battery swapping, Internet data services and advanced equipment manufacturing. Household consumption rose 6 percent.

Chinese Direct Investment in EU Surges

Chinese direct investment in Europe last year surged 67 percent from a year earlier to a seven-year high of 16.8 billion euros (US$19.5 billion), with a pivot toward constructing new factories instead of buying existing facilities, German business daily Handelsblatt reported, citing a study by think tanks Merics and Rhodium Group. Nearly half of the investment was funneled into automaking and electric-vehicles supply chains as China's carmakers seek local production to circumvent import taxes on vehicles.

Japan's Economy Grows Faster Than Expected in First Quarter

Japan's economy grew a faster-than-expected 2.1 percent in the first quarter on strong exports and consumer spending, despite the energy shock from the war in Iran. Analysts said the result showed some resilience in the economy in face of higher oil prices. Japan is a major global importer of oil, much of it from the Persian Gulf, now blocked by the war. It was the second quarter of growth in Japan, after a 0.8 percent increase in the last quarter of 2025.

US in 'No Hurry' to Extend Trade Truce With China

The Trump administration is "no rush" to extend a trade truce with China that expires in November, US Treasury Secretary Scott Bessent told Reuters. The truce, which suspended a fierce trade war last year, related to tariffs and other trade barriers. It leaves extra duties on Chinese goods at about 20 percent. Bessent also called on European allies to more forcefully disrupt Iran's financing networks to choke its ability to fund its war with the US.

Yangtze Delta Trade Hits Record

Trade in China's Yangtze River Delta – a region designated by the central government as an economic growth zone – rose 16 percent in the first four months of the year to a record 6 trillion yuan (US$900 billion), accounting for 38 percent of China's total foreign trade. Exports increased 13.6 percent, and imports jumped 20 percent to 2.31 trillion yuan.

Shanghai Fixed-Asset Investment Rises

Shanghai's fixed-asset investment in the first four months of this year rose 7.3 percent, driven by strong growth in industrial and infrastructure spending. Investment in industry was up 24 percent, while urban infrastructure climbed 14 percent. Investment in property development investment, however, fell 2.3 percent, underscoring continued weakness in the real estate sector.

Corporate

IQiyi Turns to Loss From Profit in Q1

Nasdaq-listed Chinese streaming platform iQiyi, an arm of Baidu, turned to a first-quarter loss of 204.6 million yuan (US$30 million) from a year-earlier profit of 182.1 million yuan a year earlier. Revenue fell 13 percent to 6.2 billion yuan. On an earnings call with analysts, the Beijing-based company said member revenue improved from dramas like "The Punishment 2" and "Pursuit of Jade," and said it will work to reactivate interest among dormant subscribers. Revenue from international membership rose 40 percent and was particularly strong in Southeast Asia and Latin America.

Suning.com to Sell Insolvent Carrefour Business for Peanuts

Chinese retailer Suning.com plans to sell its insolvent Carrefour China business for 1 yuan (15 US cents) as the company continues to dispose of non-core assets and reduce debt burdens. Suning acquired an 80 percent stake in France-based Carrefour's China business for 4.8 billion yuan in 2019. The two companies later disagreed over the sale of the remaining 20 percent stake. Suning spent another 220 million yuan last year to gain full ownership of Carrefour China, whose profit has steadily declined on competition from e-commerce platforms. Brick-and-mortar stores began closing in 2022 because of the Covid pandemic, and none now remain.

StanChart to Slash Jobs, Rely More on AI

UK-based Standard Chartered, Hong Kong's fourth-largest bank, said it will cut about 7,800 global back-office jobs, or 15 percent of its global staff, by 2030 as its steps up deployment of AI in its operations to save costs. "We are scaling practical uses of automation, advanced analytics and artificial intelligence to streamline processes, improve decision making and enhance both client service and internal efficiency," the bank said in a statement. It didn't say which countries would be affected by the cuts, but it has major back-office operations in China, India, Malaysia and Poland.

ABB Drives Up Investment in China

Swiss tech giant firm ABB began construction on a new industrial park in Nanjing to produce car transmissions. The site is scheduled to open next year. "This investment reflects our confidence in China's long-term development and fulfills our promise to serve customers as close as possible," said Tuomo Hoysniemi, president of ABB's Global Drive Products Division. Around 85 percent of ABB's products sold in China are manufactured locally, the company said.