Top News
China denounces any US sanctions on Russian trading partners
China said it firmly opposes legislation pending in the US Senate that would slap 500 percent tariffs on countries, which include China and India, that continue to buy Russian oil, gas or uranium if Moscow doesn't end its war against Ukraine. Chinese Foreign Ministry spokesperson Lin Jian said, "dialogue and negotiation are the only viable solution" to the Ukraine crisis. "China firmly opposes any unilateral sanctions," he said. "Tariff wars have no winners. Coercion and pressure will lead nowhere." Earlier this week, President Donald Trump threatened to impose 100 percent tariffs on Russia's trading partners if the war doesn't end in 50 days. Unfazed by Trump's warning, Russia continued to pummel Ukraine cities with drone and rocket attacks overnight.
US-Indonesia trade agreement raises eyebrows
US President Donald Trump announced a preliminary trade agreement with Indonesia that he said gives the US full access to the Indonesian economy while imposing a 19 percent tariff on the country's exports to the US. Indonesia had bilateral trade of US$38 billion in 2024. The high tariff caused some concerns in Asian countries still negotiating trade deals with the US.
Nvidia chief praises China's AI know-how
Jensen Huang, the Taiwan-born chief executive of Nvidia, told a supply chain conference in Beijing on Wednesday that China's artificial intelligence technologies are world class, singling out the achievements of DeepSeek, Alibaba, Tencent and Baidu. The world's largest semiconductor company is poised to resume shipments of its H20 AI chips to China soon as part of a deal struck between the US and China that ends a three-month US ban on chip exports. US-based AMD also confirmed on Wednesday that it will resume MI308 AI chip exports to China.
Israel bombs Syrian capital
The Israeli military bombed the Syrian defense ministry in Damascus twice on Wednesday in what it says was an effort to protect the minority Druze community from continuing government assaults. The strikes killed three and wounded 34. Israel has described Syria's new government as barely disguised jihadists. Turkey said Israel is trying to torpedo warming ties between Syria and the US and other countries. US Secretary of State Marco Rubio called Israeli-Syrian tensions a "misunderstanding" and said all parties in the conflict have agreed on steps to end the fighting.
Top Business
ASML Q2 earnings undercut by 2026 growth doubts
Dutch-based ASML, the world's biggest seller of computer chip-making equipment, reported better-than-expected second-quarter net income of 2.3 billion euros (US$2.7 billion) on sales of 7.7 billion euros. Although ASML forecast sales of up to 7.9 billion euros in the current quarter, its shares in New York fell 8.3 percent after the company said it can't confirm growth for 2026. The Chinese mainland accounts over a quarter of ASML's business.
Huawei captures top spot in China smartphone market
Huawei took the lead in China's smartphone market for the first time in four years, according to research firm IDC. Its 18 percent market share came at the expense of rivals Vivo, Oppo and Xiaomi. Overall, China's smartphone shipments slipped 4 percent in the second quarter to 69 million units.
Global new vehicle sales rise, led by China and Europe
China and Europe spearheaded a 24 percent surge in global sales of electric and plug-in hybrid vehicles in June to 1.8 million units. Sales in China jumped 28 percent, while European sales rose 23 percent. Sales in the US fell 9 percent.
Economy & Markets
Huadian New Energy shares soar in debut
Shares of Huadian New Energy soared in their Shanghai debut on Wednesday, triggering several trading halts after surging nearly 220 percent intraday. The stock closed up 126 percent at 7.18 yuan, giving the company a market cap of 292.4 billion yuan (US$41 billion.) The wind and solar power arm of Huadian Corp is now the largest-listed renewable energy company on the A-share market.
China's A-share investors increase
The number of active A-share investors in China exceeded 240 million at the end of June, according to China Securities Depository and Clearing data. About 12.6 million new accounts were opened in the first half, translating to at least 6.3 million new investors, even under conservative estimates. Individual investors account for 99.6 percent of new accounts, while institutional participation continues to shrink. Credit accounts used for margin trading topped 7 million.
Trump says tariffs on foreign drugs imminent
President Donald Trump said he will probably impose tariffs on imports of foreign pharmaceuticals by the end of the month, with duties on semiconductors to follow. He said any tariff on drugs would start low to give pharma companies time to adjust and then be raised.
US crypto legislation hits snag
Cryptocurrency legislation remained stalled by political infighting in the US House of Representatives despite White House efforts to smooth its passage. Three bills, supported by the crypto industry, include the so-called Genius Act that would regulate stablecoins.
Corporate
ExxonMobil begins operations at Chinese petrochemical complex
ExxonMobil started operations at its new chemical complex in southern China, the country's first major petrochemical project wholly owned by a US company. The first phase of the project, located in the city of Huizhou, comprises a feedstock steam cracker with annual capacity to produce 1.6 million tons of ethylene, a key material used in making plastics and fibers. The site also houses units to produce polyethylene and polypropylene.
Airbus signs China deal for localized parts
Europe's Airbus signed a deal with Chinese partner AVIC Xi'an Aircraft Industry to localize parts production for its A321 jetliner at a facility in China. The agreement involves fuselage equipping at a factory in Tianjin that also houses the first Airbus assembly line outside of Europe. Air China, China Eastern Airlines and China Southern Airlines placed an order for 292 Airbus A320 aircraft in 2022 in a deal valued at US$37.2 billion, the biggest single aircraft order in Airbus.
Geely finalizes deal to take Zeekr private
Geely Auto and its luxury electric-vehicle startup Zeekr finalized an agreement to take Zeekr private by the end of the year. Under the deal, Geely, which already owns 63 percent of Zeekr, will buy outstanding shares it doesn't already own at a price of US$26.87 per American depositary share, valuing Zeekr at US$6.8 billion.
Baidu, Uber team up on robotaxis
Tech giant Baidu signed a deal with Uber Technologies to deploy its Apollo Go robotaxis on Uber's ride-hailing platforms in Asia and the Middle East. The deal does not include Chinese mainland, where TrendForce is predicting the robotaxi market will hit a value of US$44.5 billion by 2035.
CIMG to promote Chinese liquor overseas
Nasdaq-listed CIMG, which recently acquired Shanghai-based liquor maker Huomao, said it plans to integrate the company into its global operations and promote the Huomao brand in Singapore, Kazakhstan, Japan, Germany and Italy.
Pop Mart predicts profit surge
Pop Mart, the Chinese toy firm behind the popular Labubu dolls, forecast its first half profit will surge by at least 350 percent on a tripling of revenue. The dolls have become a collectible craze.