HOT TOPICS
Middle East conflict escalates
Global markets were thrown into turmoil after an aide to the commander of Iran’s Islamic Revolutionary Guard Corps declared late Monday local time that the Strait of Hormuz had been closed and that Tehran would target any vessels attempting to pass through the strategic waterway. The remarks followed a drone attack on Saudi Aramco’s largest oil refinery that forced an emergency production halt. Brent crude futures surged 13% Monday, while spot gold broke through $5,400 an ounce.
China opposes U.K. sanctions on local firms
Beijing vowed to take necessary measures to protect the legitimate rights of its companies after the U.K. imposed sanctions on Chinese entities over alleged Russia-related activities. The Ministry of Commerce spokesperson urged London to revoke the decisions, stating that normal trade cooperation between Chinese and Russian enterprises should not be disrupted.
NEWS SUMMARY
Companies
Autonomous driving startup WeRide Inc. temporarily suspended its robotaxi operations in Dubai due to security concerns in the Middle East.
Electric-vehicle giant BYD Co. Ltd. announced plans to hold a launch event for “disruptive technology” on March 5.
Fashion retailer Guess is set to close all its stores in the Chinese market by the end of March.
Apparel brand Hla Group Corp. was suspended from military procurement activities due to compliance issues.
International
European natural gas prices surged as much as 42%, marking the steepest daily jump since March 2022.
Thailand announced a temporary suspension of oil exports to safeguard domestic supply.
Contact reporter Qing Na (qingna@caixin.com)
