HOT TOPICS
Gold and silver prices tumble
COMEX gold futures fell 5.1% and silver futures dropped 6.3% Tuesday. Spot gold declined 5.2% and at one point recorded its steepest intraday drop since April 2013, while spot silver fell 7.2% and at one point posted its largest intraday fall since 2021.
Trump says he will visit China early next year
U.S. President Donald Trump has said he will visit China early next year. In response, a spokesperson for the Chinese foreign ministry said that head-of-state diplomacy plays an irreplaceable strategic role in China-U.S. relations and that the leaders of the two countries maintain close communication. However, the spokesperson said that they had no specific information to provide on the matter.
China’s youth jobless rate falls as graduation season pressure eases
China’s youth unemployment rate fell in September as the pressure from a wave of new graduates entering the job market eased, though the figure remained slightly above last year’s level. The jobless rate for 16- to 24-year-olds, excluding students, was 17.7% in September, down 1.2 percentage points from August but up 0.1 of a percentage point from the same month in 2024, data from the National Bureau of Statistics showed.
U.S., Australia sign critical minerals pact
The U.S. and Australia signed a critical minerals agreement, which has been interpreted as a move to counter China. A Chinese foreign ministry spokesperson said that the formation of global industrial and supply chains is the result of market forces and corporate choices, and that countries rich in critical minerals should play a positive role in ensuring the stability of these chains and normal economic and trade cooperation.
China urges Netherlands to resolve Nexperia dispute
China’s Commerce Minister Wang Wentao spoke by phone with his Dutch counterpart on Oct. 21, discussing semiconductor firm Nexperia, the ministry said. Wang said Dutch measures on Nexperia have hurt global supply chain stability and urged the Netherlands to honor contracts, market principles and the rule of law, protect Chinese investors’ rights, and ensure a fair and predictable business environment. The Dutch minister said the Netherlands values economic ties with China and seeks a constructive solution to the issue.
Chinese automakers adopt aggressive pricing
Facing intense market pressure, Chinese automakers are increasingly adopting aggressive pricing strategies for new models from the outset. Nio, for instance, launched its revamped ES8 SUV in September with a starting price more than 90,000 yuan less than its predecessor, a drop of about 18%. The same month, Geely’s Lynk & Co 08 model debuted with a limited-time launch price that was 26,000 yuan below the starting price of the previous version.
China’s EV charging points top 18 million
China’s total count of electric vehicle charging points reached 18.1 million by the end of September, up 54.5% from a year earlier, data from the National Energy Administration showed. The total consists of 4.5 million public charging points and 13.6 million private ones.
OpenAI launches browser with built-in ChatGPT
OpenAI announced the launch of its ChatGPT Atlas browser on Oct. 21 local time. The company described it as a new type of browser built around ChatGPT, allowing users to perform AI searches without leaving the webpage.
EU to phase out Russian gas imports
European Union member states have backed a proposal to phase out imports of Russian natural gas by January 2028, the Council of the EU said. Under the plan, new import contracts with Russia will be banned from Jan. 1, 2026, and existing long-term contracts must be terminated by Jan. 1, 2028.
NEWS SUMMARY
Domestic
Net absorption of Grade A office space in Hong Kong’s Central district has reached a 10-year high, signaling a recovery in the city’s office rental market.
The world’s first demonstration project of an offshore data center directly powered by wind has been completed in Shanghai’s Lingang area.
Companies
Hong Kong-listed Pop Mart International Group Ltd. said its overall revenue grew by 245% to 250% year-on-year in the third quarter, with overseas sales surging 365% to 370%.
Huawei Technologies Co. Ltd. is set to release HarmonyOS 6.
Shanghai-listed Cambricon Technologies Corp. Ltd. completed a 4 billion yuan private placement, though its revenue growth slowed in the third quarter.
