Daily Buzz: 11 March 2026

Middle East War Drags On, Oil Prices Skittish

The Middle East war enters its 11th day, with Iran showing no signs of surrender and investors trying to figure out how soon is the "soon" President Donald Trump promised the conflict will end.

Iran's Revolutionary Guards said they won't allow "one liter of oil" to pass through the Strait of Hormuz, which they effectively control, even after Trump said the US would hit Iran "20 times harder" if it seeks to block the vital passage for oil tankers. US energy secretary Chris Wright wrongly claimed in a social media post that the US Navy had successfully escorted a tanker through the strait. CNN reported that Iran has begun laying more mines in the waterway, citing US intelligence sources. The Pentagon said 16 mine-laying ships were hit.

The US and Israel pounded targets in Iran in what the Pentagon said were the most intense air strikes of the war. Russian President Vladimir Putin, in a phone call with Trump, denied reports that Moscow is sharing intelligence with Iran on US military operations in the region, US special envoy Steve Witkoff told CNBC. "We can take them at their word," he said. "Let's hope that they're not sharing." South Korean President Lee Jae Myung said he opposes US plans to redeploy some Patriot air defense missile installations from his country to the Middle East.

Oil prices remained skittish after surging earlier this week to near US$120 a barrel. Benchmark Brent crude was at quoted at US$91.40 in late trading in New York. US stock markets ended mostly flat after European and Asian markets rebounded on Tuesday on Trump's assurances that the war will end soon. The benchmark Shanghai Composite Index rose 0.65 percent, Hong Kong's Hang Seng was up 2.2 percent, Japan's Nikkei added 2.9 percent and South Korea's Kospi gained 5.4 percent.

Top Business

Nio Posts First Quarterly Profit, Shares Surge

Shanghai-based electric carmaker Nio turned to net profit of 282.7 million yuan (US$40.4 million) in the fourth quarter, its first-ever quarterly profit, from a year earlier loss of 7.1 billion yuan. Revenue rose 76 percent to 34.6 billion yuan on an 81 percent increase in vehicle sales to 31.6 billion yuan. Deliveries rose 71 percent to quarterly record of 124,807 units. Gross margin reached 17.5 percent, ending a long cash-burning phase. The fourth-quarter profit narrowed Nio's full-year loss to 14.9 billion yuan from 22.4 billion a year earlier. Revenue in 2025 rose 33 percent to 87.5 billion yuan. Spending on research and development last year fell 19 percent to 10.6 billion yuan. The carmaker forecast deliveries in the first quarter of this year will rise up to 90 percent. Nio shares surged 15 percent in New York.

Nio was founded in 2014 by business entrepreneur William Li and unveiled its first vehicle two years later. It has become a leading Chinese company in the manufacture and sales of electric SUVs and sedans, and is involved in development of batteries, smart-driving chips and autonomous vehicles. The company additionally operates battery-swapping stations for faster recharging. The company listed in New York in 2018, followed by a Hong Kong public offering in 2022. In addition to its namesake brand, Nio also sells vehicles under the Onvo and Firefly marques. Nio shares in New York have dropped about 10 percent this year amid rising competition and slowing sales in the Chinese mainland. The company also sells vehicles in Europe and Southeast Asia.

VW's China Woes Weigh on Bottom Line

Volkswagen's battle to win back market share in China contributed to a 44 percent slump in 2025 global net profit to 6.9 billion euros (US$8 billion), its worst result in nearly a decade. Europe's largest carmaker has suffered an erosion of sales in China amid stiff competition from domestic auto makers and weak consumer demand. China was once VW's biggest growth market, but sales fell to third place behind BYD and Geely in 2025. Porsche sales suffered a sharp drop.

US Companies Rate China Investment Highly

A report published by the American Chamber of Commerce in South China on Tuesday said 95 percent of participating companies reported a firm commitment to maintaining operations in China. According to the report, 45 percent of companies ranked China as their top investment priority, up 6 percentage points from 2024, and 75 percent of respondents said they plan more investment this year. "Companies are reinvesting not only to expand market share, but to innovate, localize and strengthen their integration within the Chinese economy," said Harley Seyedin, chairman and president of AmCham South China.

Economy & Markets

China Exports in First Two Months Surge Beyond Forecast

China's exports in January-February beat expectations with an export surge of 21.8 percent in dollar terms from a year earlier, while imports rose 19.8 percent. The nation's trade surplus rose to a two-month record of US$213.6 billion, putting the economy on track to top last year's record US$1.2 trillion trade surplus. The two months were combined in the latest report to remove distortions caused by the Chinese Lunar New Year falling in two different months this year and last. The long holiday break typically slows trade and factory production. Two-month trade with the US dropped 16.9 percent to US$88.2 billion, while rising about 20 percent with each the EU and Southeast Asia. China has been diversifying its trade outside the US since bilateral trade tensions flared last year.

Chinese Wing Turbine Makers Dominate Global Market

Chinese wind turbine manufacturers tightened their grip on the global market in 2025 as a surge in installations lifted their position in industry rankings, according to a report from Bloomberg research. Global wind capacity rose 38 percent from a year earlier to 169 gigawatts, the third consecutive year of record growth. Installations on the Chinese mainland in 2025 totaled more than 100 gigawatts for the first time. Chinese firms took the top six places in global market share ranking. Beijing-based Goldwind retained its position as the largest supplier, with 29.3 gigawatts installed, followed by Envision Energy with 20.9 gigawatts. China's Chinese turbine makers are increasingly pushing into markets across Latin America, the Middle East, Africa and Asia.

Corporate

Oppo Announces Higher Prices for Some Phone Models

Chinese smartphone maker Oppo said prices of some its models, including the A and K series, will increase, beginning next week, as costs related to the surge in prices of memory chips used in consumer electronics rise. Rivals Vivo and Honor have also signaled that they may have to raise prices.

RT-Mart Parent Names New CEO

Shanghai-based Sun Art Retail Group, parent of Chinese hypermarket chain RT-Mart, said Chairman Julian Juul Wolhardt has been appointed chief executive officer to replace Li Weiping, after Li disappeared without leave of absence. Earlier this year, Chinese media reported that Li had been taken away by police to assist with an investigation. Hong Kong-listed Sun Art initially denied the reports but later confirmed that it couldn't contact him. Wolhardt is a co-founder of the company and chief executive of private equity firm DCP Capital. The company said he will remain as chairman.

Nexperia's China Unit Develops New Production

Chipmaker Nexperia's China unit has begun small initial production of "bipolar discrete devices" using a domestically developed 12-inch wafer platform, in a step toward local manufacturing after its dispute with its Dutch-controlled parent cut its supply chain. A discrete power device is a single, standalone component that can switch or regulate electrical power. The company also said it has developed a new protection device designed to safeguard transmission lines from static discharge, surge currents and short circuits. The government of the Netherland seized control of Nexperia, a company owned by China's Wingtech Technologies, last year. A battle for corporate control continues.

WeRide, Geely Unit Ramp Up Robotaxi Production

China's WeRide and carmaker Geely Auto's Farizon unit said they plan to deliver 2,000 upgraded robotaxis this year. The vehicles are used in self-driving, ride-hailing services both domestically and abroad. The additional units will swell the operating fleet to 2,600 vehicles.