Surging oil prices driven by the US-Israel war on Iran could accelerate the global adoption of electric vehicles – a sector that helped China overtake Japan to become the world’s largest seller of automobiles last year. “The closure of the Strait of Hormuz could be a game-changer for EVs,” said David Brown, director of energy transition research at Wood Mackenzie, in a report released on Friday. T...
Surging oil prices driven by the US-Israel war on Iran could accelerate the global adoption of electric vehicles – a sector that helped China overtake Japan to become the world’s largest seller of automobiles last year. “The closure of the Strait of Hormuz could be a game-changer for EVs,” said David Brown, director of energy transition research at Wood Mackenzie, in a report released on Friday. The “eye-watering” 50 per cent surge in global oil prices so far this month would further incentivise consumers to pivot towards EVs, he said. Advertisement Brent crude was trading at more than US$100 per barrel on Monday, as the upwards pressure on oil prices continued. On Saturday, US President Donald Trump threatened to “obliterate” Iran’s power plants unless it fully reopened the Strait of Hormuz to shipping traffic within 48 hours. “In those countries with access to low-cost Chinese EVs, the competitive advantage over gasoline-engined cars will come even sooner,” Brown said, noting that Brazil had already become the largest overseas market for Chinese EV giant BYD. Advertisement Justin Feng, an Asia economist at HSBC, also highlighted this trend in a Friday report. He said higher and more volatile oil prices could turn EVs into a clearer “cost-savings proposition” if the conflict persisted, accelerating the electrification of Asia’s road transport. There are now 39 countries where EVs account for more than 10 per cent of total auto sales, up from four in 2019, according to a report by the British think tank Ember released on Wednesday. Emerging markets are adopting electric cars at a rapid pace, with some now surpassing advanced economies in terms of their EV sales share, the report added.
(RTTNews) - The China stock market has moved lower in three straight sessions, shedding almost 250 points or 6.2 percent in that span. The Shanghai Composite Index now sits just above the 3,810-point plateau although it's due for support on Tuesday. The global forecast for the Asian markets is upbeat as tensions in the Middle East take a slight breather. The European markets were mixed and the U.S...
(RTTNews) - The China stock market has moved lower in three straight sessions, shedding almost 250 points or 6.2 percent in that span. The Shanghai Composite Index now sits just above the 3,810-point plateau although it's due for support on Tuesday. The global forecast for the Asian markets is upbeat as tensions in the Middle East take a slight breather. The European markets were mixed and the U.S. bourses were up and the Asian markets are expected to follow the latter lead. The SCI finished sharply lower on Monday with losses cross the board, especially among the finance, property and resource sectors. For the day, the index tumbled 143.77 points or 3.63 percent to finish at 3,813.28 after trading between 3,794.68 and 3,906.62. The Shenzhen Composite Index plunged 108.36 points or 4.19 percent to end at 2,480.75. Among the actives, Industrial and Commercial Bank of China contracted 3.33 percent, while Bank of China dropped 2.18 percent, Agricultural Bank of China stumbled 4.29 percent, China Merchants Bank sank 2.69 percent, Bank of Communications retreated 3.47 percent, China Life Insurance plunged 5.51 percent, Jiangxi Copper cratered 5.67 percent, Aluminum Corp of China (Chalco) tumbled 4.16 percent, Yankuang Energy shed 1.42 percent, PetroChina gained 0.82 percent, China Petroleum and Chemical (Sinopec) fell 0.66 percent, Huaneng Power lost 2.65 percent, China Shenhua Energy eased 0.10 percent, Gemdale crashed 6.78 percent, Poly Developments declined 3.90 percent and China Vanke plummeted 7.37 percent. The lead from Wall Street is broadly positive as the major averages opened higher on Monday and remained firmly in the green throughout the trading day. The Dow surged 631.00 points or 1.38 percent to finish at 46,208.47, while the NASDAQ spiked 299.15 points or 1.38 percent to close at 21,946.76 and the S&P 500 rallied 74.52 points or 1.15 percent to end at 6,581.00. The early rally on Wall Street came reaction to President Donald Trump backing down from his thr...
A Chinese man who was spotted riding a modified electric bicycle powered by his pet dog has faced online allegations of animal abuse. A video clip that went viral online shows the man from eastern China’s Jiangsu province riding on the modified bike on a road on March 16. Another road user filmed the dog in action under the seat of the man’s electric bicycle. Photo: sohu.com The bike’s battery had...
A Chinese man who was spotted riding a modified electric bicycle powered by his pet dog has faced online allegations of animal abuse. A video clip that went viral online shows the man from eastern China’s Jiangsu province riding on the modified bike on a road on March 16. Another road user filmed the dog in action under the seat of the man’s electric bicycle. Photo: sohu.com The bike’s battery had been removed and a reined golden retriever was running under the seat. The dog’s mouth was also muzzled. Advertisement The man also has a stick in his right hand, with which he seemed to whip the dog. The video was filmed and posted by another bike rider. Advertisement Local traffic police have reportedly tracked down the man, but only educated him since he is a senior.
Russia plans to open four control stations for long-range attack drones in Belarus, Zelenskyy said on Monday, adding: “There will be responses to this. And they will be felt.” Zelenskyy has in recent months repeatedly warned about Belarus becoming more involved in Russia’s war, and added in comments on X that he had instructed the service’s chief to inform Kyiv’s partners about these plans. Speaki...
Russia plans to open four control stations for long-range attack drones in Belarus, Zelenskyy said on Monday, adding: “There will be responses to this. And they will be felt.” Zelenskyy has in recent months repeatedly warned about Belarus becoming more involved in Russia’s war, and added in comments on X that he had instructed the service’s chief to inform Kyiv’s partners about these plans. Speaking later in his nightly video address, the president said that earlier in the war, Belarusian assistance had for a time intensified the damage inflicted by Russian attacks until Ukraine took action against it. “We now have information from our intelligence that Russia intends to continue using the territory of Belarus and temporarily occupied territory of Ukraine to build ground control stations for long-range drones,” he said. Belarus’ foreign ministry did not immediately reply to a request for comment outside business hours. The European Union executive has demanded clarity from Hungary following reports that its foreign minister had passed sensitive information about EU negotiations to Russia. On Saturday, the Washington Post quoted serving or former European security officials as saying Peter Szijjarto regularly called his Russian counterpart, Sergei Lavrov, during breaks in EU meetings to give “direct reports on what was discussed” and suggest possible courses of action. On Monday, European Commission spokesperson Anitta Hipper said. “[A] relationship of trust between member states, and between them and the institution, is fundamental for the work of the EU. We expect the Hungarian government to provide the clarifications.” Hungarian prime minister Viktor Orbán is one of the few EU leaders to maintain close ties with Russia amid the war in Ukraine. The US media outlet’s report has raised hackles in Brussels, where many officials remain furious that Hungary continued to block a loan of €90bn ($104bn) to Ukraine at an EU leaders’ gathering last week. Szijjarto has descri...
Donald Trump has claimed there have been talks between the US and Iran over the past day in which the two sides had “major points of agreement”, appearing to avert a potentially severe escalation of the conflict. Tehran has denied the claim in which Trump also speculated that a deal could soon be done to end the war. Iran’s foreign ministry spokesperson said no talks had been held with the US sinc...
Donald Trump has claimed there have been talks between the US and Iran over the past day in which the two sides had “major points of agreement”, appearing to avert a potentially severe escalation of the conflict. Tehran has denied the claim in which Trump also speculated that a deal could soon be done to end the war. Iran’s foreign ministry spokesperson said no talks had been held with the US since the bombing campaign began 24 days ago. In a flurry of presidential announcements on Monday, Trump first posted on social media that he had extended his deadline by five days, saying the US and Iran had held “very good and productive conversations” in recent days, then told reporters in Palm Beach, Florida, that his Middle East envoy, Steve Witkoff, and close aide and son-in-law Jared Kushner had held “very, very strong talks” with the Iranians a day earlier. Trump’s threat at the weekend to “hit and obliterate” Iran’s power stations and energy infrastructure if Tehran did not allow shipping to move freely through the strait of Hormuz, and Iran’s threat to destroy infrastructure across the Middle East in retaliation, had raised fears of a deepening conflict and global economic crisis. Catching up? Here’s what happened Sunday 22 March.
Confidence is building around Asia-Pacific private equity as exit values increase and investors’ net cash flow turns positive, though war in the Middle East threatens the recovery, according to global consultancy Bain & Co. While the conflict hasn’t had a big impact on Asia dealmaking yet, the longer it continues “the deeper the effects will be on markets, valuations and ultimately on transactions...
Confidence is building around Asia-Pacific private equity as exit values increase and investors’ net cash flow turns positive, though war in the Middle East threatens the recovery, according to global consultancy Bain & Co. While the conflict hasn’t had a big impact on Asia dealmaking yet, the longer it continues “the deeper the effects will be on markets, valuations and ultimately on transactions,” Sebastien Lamy, co-head of the Asia Pacific private equity practice at Bain, said in an interview. Last year, Asia Pacific accounted for about 5% of global fundraising, dropping to $58 billion, the lowest in 12 years, according to Bain’s report on private equity in the region, published Tuesday. While the number of transactions rose, total deal value fell 8%. Buyouts accounted for about half of the total deal value, with an average size of around $438 million, a five-year low, the report showed. Exits were a bright spot for 2025, helped by robust markets, with their value through initial public offerings climbing more than 70%, according to the report. Still, there’s a large backlog, especially for a glut of deals done around 2020-2021, Lamy said. And while fundraising is likely to recover, smaller funds are finding it difficult amid market volatility, especially if they haven’t got a strong track record of returning cash to investors. Read More: Japan Is Where Private Equity Wants to Be: Bloomberg Deals Top Spots Japan has been a standout market, recording an increase in both deal value and volume last year, Bain said, highlighting corporate governance reforms, carve-outs and privatizations, and a weak currency and low borrowing costs. Technology, media and telecommunications was the leading segment for private equity dealmaking in 2025, but its share of deal value fell to 25%, a decade low. Advanced manufacturing and services was second at 22%, while retail sector deals saw a resurgence to 9.2% of total deal value, according to the report. Read More: China Inc. Is Back...
Chicago Approves 19% Hotel Tax To Fund Tourism Push The Chicago City Council has approved a plan to boost tourism marketing by raising hotel taxes. Under Ordinance 2026-0022544, the total tax rate on hotel rooms will increase from 17.5% to 19% in downtown and nearby areas, according to Fox News . The higher rate will apply to hotels with more than 100 rooms that choose to participate. The report s...
Chicago Approves 19% Hotel Tax To Fund Tourism Push The Chicago City Council has approved a plan to boost tourism marketing by raising hotel taxes. Under Ordinance 2026-0022544, the total tax rate on hotel rooms will increase from 17.5% to 19% in downtown and nearby areas, according to Fox News . The higher rate will apply to hotels with more than 100 rooms that choose to participate. The report says that alongside the tax increase, the council created a Tourism Improvement District (TID) to fund Choose Chicago, the city’s tourism marketing organization. Revenue will support promotional campaigns and help cover bids for major events and conventions. Chicago is already pursuing the Democratic National Convention, which requires a $1 million bid. The city previously hosted the event in August 2024 and is competing with several other cities. Mayor Brandon Johnson called Chicago a leading destination for tourism and large-scale events, saying the city will continue investing in growth and development. Choose Chicago CEO Kristen Reynolds described the move as a “transformative moment” that will strengthen marketing efforts and attract more visitors. Some critics, however, argue the 19% hotel tax — among the highest in the country — could make travel to Chicago more expensive and potentially discourage tourism. Tyler Durden Mon, 03/23/2026 - 21:00
FCC Bans Foreign-Made Wireless Routers The FCC has banned the import of all new foreign-made consumer wireless routers, citing "severe national security risks" . The decision, announced today, follows a White House-convened inter-agency review that determined these devices - primarily those manufactured overseas - pose unacceptable threats to US households, critical infrastructure, and the economy...
FCC Bans Foreign-Made Wireless Routers The FCC has banned the import of all new foreign-made consumer wireless routers, citing "severe national security risks" . The decision, announced today, follows a White House-convened inter-agency review that determined these devices - primarily those manufactured overseas - pose unacceptable threats to US households, critical infrastructure, and the economy . Major brands like TP-Link (which holds a dominant share of the U.S. market), Netgear, Google Nest, Amazon Eero, Cisco, Linksys, and Asus produce most models abroad, often in China, which controls an estimated 60% of the U.S. home router market. Interestingly, Netgear's stock soared (presumably as a US company that has the potential to steal market share from TP-Link)... The FCC highlighted how malicious state and non-state actors have exploited vulnerabilities in foreign-made routers for cyberattacks on American civilians , including espionage, network disruptions, intellectual property theft, and incidents linked to groups like Volt Typhoon and Salt Typhoon. The ban applies only to new models manufactured outside the U.S., regardless of the company's nationality, but does not affect routers already imported or in use. Companies can seek exemptions through the Department of Defense or Department of Homeland Security if their products are deemed low-risk. The move builds on prior FCC actions, such as the December 2025 ban on new foreign-made drones, and aligns with ongoing scrutiny of firms like TP-Link, which faces separate national security probes and a lawsuit from Texas over alleged deceptive marketing and data access risks. Lawmakers, including Rep. John Moolenaar (R), chair of the House Select Committee on China, praised the order as a strong defense against Chinese cyberattacks. "Routers are key to keeping us all connected," he said, "and we cannot allow Chinese technology to be at the center of that." This policy could reshape the router market, encouraging domest...
Due to antitrust laws and modern government intervention, true monopolies are few and far between today. Most companies that approach monopoly status are stopped by the state intervening in their attempts to create one. That's why it's so surprising that one of the world's only true monopolies exists in an industry so critical to the global economy: Semiconductor manufacturing equipment. I'm talki...
Due to antitrust laws and modern government intervention, true monopolies are few and far between today. Most companies that approach monopoly status are stopped by the state intervening in their attempts to create one. That's why it's so surprising that one of the world's only true monopolies exists in an industry so critical to the global economy: Semiconductor manufacturing equipment. I'm talking about ASML N.V. (ASML +4.08%), which is the world's only provider of extreme ultraviolet (EUV) lithography machines. Pass go, collect $400 billion ASML is the pick-and-shovel play behind the entire tech industry. Its EUV lithography machines are the only ones capable of etching semiconductor chips of 7 nanometers (nm) or smaller. Older deep ultraviolet (DUV) machines (which ASML also produces) can only etch larger chips. Chips sized 7nm and smaller are needed for modern smartphones, artificial intelligence (AI) data centers, and cloud computing, just to name a few applications. Each of ASML's EUV lithography machines is about the size of a bus and costs $400 billion new. It takes seven Boeing 747 jets or about 25 trucks just to ship one of these machines to a customer. And they are in extremely high demand. In its full-year 2025 results, ASML reported that its net bookings more than doubled from 5,399 in Q3 2025 to 13,158 in Q4 2025. Bookings for the whole of 2025 grew to 28,035, up from 18,899 in 2024. That's not too surprising given that everyone needs advanced semiconductors, and every company that makes them needs ASML's EUV lithography machines to do it. And being a monopoly does have its perks as evidenced by the rest of ASML's results. Expand NASDAQ : ASML ASML Today's Change ( 4.08 %) $ 53.70 Current Price $ 1370.95 Key Data Points Market Cap $508B Day's Range $ 1348.77 - $ 1400.34 52wk Range $ 578.51 - $ 1547.22 Volume 127K Avg Vol 1.7M Gross Margin 52.80 % Dividend Yield 0.59 % Mr. Monopoly ASML's revenue for 2025 totaled 32.66 billion euros, up 15% over 2024 a...
Key Points ASML is the world's only provider of EUV lithography machines. EUV lithographs are required to produce advanced semiconductor chips. ASML is seeing explosive growth both in orders as well as in its revenue and EPS. 10 stocks we like better than ASML › Due to antitrust laws and modern government intervention, true monopolies are few and far between today. Most companies that approach mon...
Key Points ASML is the world's only provider of EUV lithography machines. EUV lithographs are required to produce advanced semiconductor chips. ASML is seeing explosive growth both in orders as well as in its revenue and EPS. 10 stocks we like better than ASML › Due to antitrust laws and modern government intervention, true monopolies are few and far between today. Most companies that approach monopoly status are stopped by the state intervening in their attempts to create one. That's why it's so surprising that one of the world's only true monopolies exists in an industry so critical to the global economy: Semiconductor manufacturing equipment. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » I'm talking about ASML N.V. (NASDAQ: ASML), which is the world's only provider of extreme ultraviolet (EUV) lithography machines. Pass go, collect $400 billion ASML is the pick-and-shovel play behind the entire tech industry. Its EUV lithography machines are the only ones capable of etching semiconductor chips of 7 nanometers (nm) or smaller. Older deep ultraviolet (DUV) machines (which ASML also produces) can only etch larger chips. Chips sized 7nm and smaller are needed for modern smartphones, artificial intelligence (AI) data centers, and cloud computing, just to name a few applications. Each of ASML's EUV lithography machines is about the size of a bus and costs $400 billion new. It takes seven Boeing 747 jets or about 25 trucks just to ship one of these machines to a customer. And they are in extremely high demand. In its full-year 2025 results, ASML reported that its net bookings more than doubled from 5,399 in Q3 2025 to 13,158 in Q4 2025. Bookings for the whole of 2025 grew to 28,035, up from 18,899 in 2024. That's not too surprising given that everyone needs advanced semiconductors, and every company...
John Quelch, Executive Vice Chancellor at Duke Kunshan University, discusses how China is repeating its message of stability and non-interference, as the war in the Iran continues. He speaks with Stephen Engle at the China Development Forum in Beijing. (Source: Bloomberg)
John Quelch, Executive Vice Chancellor at Duke Kunshan University, discusses how China is repeating its message of stability and non-interference, as the war in the Iran continues. He speaks with Stephen Engle at the China Development Forum in Beijing. (Source: Bloomberg)
Andrii Dodonov/iStock via Getty Images By John R. Mousseau, CFA The war against Iran began its fourth week this Sunday. We have seen bond yields rise in both taxable and tax-free bond markets, reflecting mostly the rise in the cost of oil due to shipping stoppages through the Strait of Hormuz. Below is a graph of the price of oil over the last year, and you can see the jump from roughly $70/barrel...
Andrii Dodonov/iStock via Getty Images By John R. Mousseau, CFA The war against Iran began its fourth week this Sunday. We have seen bond yields rise in both taxable and tax-free bond markets, reflecting mostly the rise in the cost of oil due to shipping stoppages through the Strait of Hormuz. Below is a graph of the price of oil over the last year, and you can see the jump from roughly $70/barrel spiking to over $115/barrel, a 65% increase. Below is a table showing the changes in yield in both the Treasury market and AAA municipal bonds. Here is a graph showing the US Treasury yield curve right before the hostilities and now. Some observations. While all yields are higher, short-term yields have risen more than longer-term yields. Two-year Treasury bond yields are about 55 basis points higher, while ten-year yields are approximately 45 basis points higher. The factors weighing on the bond market prior to the war were concerns about AI’s impacts on software companies and service companies and the fallout being seen in private credit, all of which was taking bond yields lower, and indeed ten-year Treasury bond yields to levels below 4%. All of that has been changed by the war and concern over the oil not being shipped through the Strait of Hormuz. The Federal Reserve went out of their way on Wednesday to disabuse investors thinking that there would be any short-term rate cuts in the future. The market has gone from projecting cuts to projecting possible short-term rate hikes in the next year. Clearly, this trajectory will depend on the duration of the conflict in general and the closure of the Strait of Hormuz in particular. As soon as we have a week of unencumbered passage through the Strait, we think bond yields will start to decline. It may take a while for them to decline, as the markets will want to see how much the price action from the oil shock works its way through various parts of the inflation outlook, e.g., airline costs, labor, goods with oil inputs, etc...
The drag in Iran war has put Chinese stocks’ resilience to the test , but investors anticipate a rebound as key market indicators signal conditions often associated with turning points. The benchmark CSI 300 Index tumbled 3.3% on Monday, its worst since the global tariff shock about a year ago, while another onshore benchmark slid deeper below the psychologically important 4,000 level. The setback...
The drag in Iran war has put Chinese stocks’ resilience to the test , but investors anticipate a rebound as key market indicators signal conditions often associated with turning points. The benchmark CSI 300 Index tumbled 3.3% on Monday, its worst since the global tariff shock about a year ago, while another onshore benchmark slid deeper below the psychologically important 4,000 level. The setback has dragged a number of indicators — including momentum gauges and breadth — to levels last seen in previous routs that ultimately preceded market turnarounds. China stands to gain from the conflict thanks to lower energy dependence and its edge in renewables, said You Lanqiang, a fund manager at Pingtan Strategic Asset Management Co. “In the short term, losses are driven by momentum traders, who hold a huge sway,” he said, adding that the pullback could offer an attractive entry point after the “irrational selloff.” Below are charts showing how stocks are nearing extreme levels that have previously triggered rebounds. Market breadth has deteriorated sharply this month, and is on track for its weakest reading since January 2024 — a period remembered for a derivatives ‑driven meltdown that began in small‑cap names. In Shanghai and Shenzhen, more than 1,100 stocks on average are declining versus rising, out of nearly 6,000 names. That’s less severe than the 1,400 gap seen in early 2024, a level that marked capitulation as volatility eased with state-backed funds stepping in. Breadth has weakened despite only modest changes in earnings expectations, suggesting that sentiment rather than fundamentals is driving flows. A further decline would mean there’s limited room for things to worsen from here. The Shanghai Composite’s 14-day relative strength index has slipped to 23, entering oversold territory. Similar lows were seen in April after President Donald Trump’s sweeping tariffs announcement, and again in the third quarter of 2024, shortly before Beijing’s policy pivot trigger...