Top News
US allows more time for trade deals
US Treasury Secretary Scott Bessent said import tariffs on trading partners will revert to their original higher levels on August 1 if no progress is made on trade deals. His statement appeared to give additional breathing space for negotiations. President Donald Trump's 90-day suspension of the steepest tariffs was due to end July 9. Bessent said some countries had been dragging their feet on reaching trade agreements but the US is close to some deals that may be announced this week.
Israel, Hamas begin indirect talks on ceasefire
Delegations from Israel and Hamas began indirect talks in Qatar on a proposed 60-day ceasefire. One sticking point could be Hamas' demand for a guarantee that the truce will lead to talks on a permanent peace and the withdrawal of at least some Israeli troops from the coastal enclave – conditions Israel has vehemently opposed in the past. Netanyahu is scheduled to meet US President Donald Trump in Washington today. Trump has been pushing for an end to the nearly three-year conflict.
Top Business
China limits EU devices
China's finance ministry said on Sunday that it will restrict government procurement of certain EU-made medical devices valued at over 45 million yuan (US$6.3 million), effective this week. The move excludes EU-based companies operating in China and exempts exports where there is no viable alternative. The restriction follows the June 20 decision by the EU to ban Chinese companies from government purchases of medical devices worth more than 5 million euros (US$5.9 million) for five years.
OPEC production increase
Eight OPEC+ oil producers agreed to increase their combined crude production by a higher-than-expected 548,000 barrels per day in a continuing rollback of earlier supply cuts. Russia, Saudi Arabia, Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates, in a statement, cited low inventories and a stable market outlook. Benchmark Brent crude was trading down 1 percent this weekend at US$67.58 a barrel.
Trump says TikTok talks nigh
President Donald Trump said talks will start early this week with Chinese officials about a possible deal to end months of uncertainty about the fate of TikTok in the US. China has not responded to this latest claim. Earlier, Trump said a group of wealthy US investors was lined up to buy the popular social media platform from Chinese owner ByteDance. The US Congress last year passed legislation banning TikTok if it remained in Chinese hands, citing security concerns. Trump has twice postponed implementation of the law, now set to take effect on September 17. Any deal would have to be approved by China.
Economy & Markets
New quant trading rules start
New rules on computer-driven quantitative trading come into effect today. The stricter oversight on quant trading, and particularly high-frequency trading, aims to address concerns about potential market manipulation and volatility risk in order to maintain stability and fairness. The rules, been in trial since last year, clearly define which kinds of program and abnormal stock trading might undermine system safety, while at the same time encouraging China's quant trading industry to switch its focus to long-range strategies from speed competition.
Propylene futures, options approved
The China Securities Regulatory Commission approved the registration of propylene futures and options contracts on the Zhengzhou Commodity Exchange. The compound is vital in the petrochemical industry as a raw material in the production of film, fibers and packaging. The new derivatives will give companies a hedging tool to avoid volatile price swings.
Corporate
Honda halts electric SUV
Honda Motor has scrapped plans for a large electric sport utility vehicle aimed at US families due to slowing demand and policy uncertainty, Nikkei reported. The SUV was part of Honda's ambitious "Zero" EV series, which still includes a sedan and mid-size SUV. Honda will shift its focus to expanding output of profitable hybrid vehicles. The decision marks a strategic retreat as Japanese automakers recalibrate their electric-vehicle ambitions amid continuing efforts by the Trump administration to limit their sales in the US.
France fines Shein for deceptive trade practices
Chinese online discount retailer Shein was fined 40 million euros (US$47 million) by France's antitrust regulator on charges of misleading discounts and other deceptive trade practices. The action came after a yearlong investigation. Shein's business strategy of mailing low-value parcels of goods directly to buyers was hit earlier this year by a two-euro duty placed on such packages, following steeper duties imposed by the US.
Power bank makers suspend operations
Power bank maker Romoss abruptly announced a six-month production halt starting July 7 due to "market challenges," and Apex Wuxi, a leading Chinese maker of parts for power banks, has also halted operations. The moves follow recent large-scale recalls by Romoss and rival Anker due to battery cell defects. China's aviation regulator has banned passengers from carrying uncertified versions of the power banks onboard, following a series of in-flight incidents. Several Beijing universities have banned Romoss products from their campuses.
Nio forecasts profit by end of the year
Chinese electric carmaker Nio, which has reported losses for four consecutive years, said it expects to show a profit in the fourth quarter after announcing almost 25,000 vehicle deliveries in June. For the first quarter of 2025, the latest data available, the US-listed company reported a net loss of 6.75 billion yuan (US$930 million). The company said it plans to introduce three new models in the second half of the year.
Vanke stakeholder provides another bailout
Shenzhen Metro Group, the largest shareholder of China Vanke, agreed to grant the debt-ridden Chinese property developer a 6.25 billion yuan (US$872 million) loan, its sixth this year, and extend the terms on another 890 million yuan loan. The new three-year loan, which carries interest of 2.34 percent, will repay principal and interest on Vanke bonds.