HOT TOPICS
Middle East War Escalates
U.S. President Donald Trump pledged immediate retaliation after Iranian drones struck American embassies in Kuwait and Saudi Arabia, with administration officials indicating that ground-troop deployments remain an option. In response, Iran declared readiness for a prolonged conflict. The U.S. State Department issued emergency orders for the evacuation of non-essential government personnel from missions in Jordan, Bahrain, Iraq, Kuwait, Qatar and the United Arab Emirates. Separately, the International Atomic Energy Agency confirmed that Iran’s Natanz nuclear facility sustained damage in recent attacks, though no radiation leak was detected.
Energy Crisis and Market Shock
Global power markets faced turmoil as Qatar Energy announced a production halt following the attacks, causing European natural gas prices to surge by as much as 54%. Shipping costs for crude oil from the Middle East to China spiked to record highs due to navigation interruptions in the Strait of Hormuz. The geopolitical instability triggered a broad selloff in China’s A-shares on Tuesday.
China Vows to Secure Energy Security
Foreign ministry spokesperson Mao Ning Tuesday stated that Beijing would implement necessary measures to safeguard its energy security, addressing concerns that U.S. actions in Venezuela and Iran could disrupt oil supplies to China. Mao emphasized that energy security is vital for the global economy and urged all parties to cease military hostilities and ensure the safety of navigation in the Strait of Hormuz.
Two Sessions
The National Committee of the Chinese People’s Political Consultative Conference opens its annual session Wednesday afternoon in Beijing, kicking off one of the country’s two major annual political meetings collectively known as the “Two Sessions.” The meeting, scheduled to conclude on March 11, will likely focus on economic growth targets and fiscal expansion strategies for the current year.
Solar Recycling Roadmap
The Ministry of Industry and Information Technology and five other departments issued guidelines on the recycling of photovoltaic components, targeting a cumulative recycled volume of 250,000 tons by 2027. The policy aims to establish a comprehensive system for green manufacturing, orderly decommissioning and efficient dismantling to handle the industry’s impending large-scale retirement of solar panels by 2030.
NEWS SUMMARY
Domestic
The People’s Bank of China injected a net 300 billion yuan ($42 billion) into the banking system via the medium-term lending facility in February.
New account openings by investors in the A-share market fell 11% year-on-year to 2.52 million in February.
The Shanghai International Energy Exchange adjusted trading limits for crude oil and other futures contracts to manage heightened volatility.
Companies
Amazon Web Services facilities in the UAE and Bahrain were reportedly struck by drones as the regional conflict widened.
Elon Musk confirmed that SpaceX is targeting a valuation exceeding $1.75 trillion in its potential initial public offering.
OpenAI CEO Sam Altman admitted that a collaboration agreement with the U.S. Department of Defense was reached “too hastily.”
XPeng Inc. Chairman He Xiaopeng predicted that fully autonomous driving technology could be realized within three years.
Alibaba’s AI model Qwen surpassed Google’s Gemini to rank third globally in monthly active users among AI applications.
Nvidia Corp. announced plans to invest $2 billion each in Lumentum Holdings Inc. and Coherent Corp.
International
Stock markets in Japan and South Korea plunged as the conflict in the Middle East intensified.
Chinese automakers and crossborder e-commerce logistics providers are facing significant disruptions in reaching European and Middle Eastern markets due to the war.
The U.K. Prime Minister voiced opposition to regime change enforced by air power, while Spain refused a U.S. request to use its military bases.
French President Emmanuel Macron proposed a Europe-wide nuclear deterrence strategy, which received support from multiple nations.
The Central Bank of Russia filed a request with the EU court to invalidate regulations freezing its assets.
