ChangXin Memory Technologies (CXMT) completed an A-share IPO, raising 66.6 billion yuan, the second-largest IPO in China’s history. By the close on July 27, the company’s valuation reached 3.28 trillion yuan, putting the book value of its state-owned shareholders’ holdings—mainly tied to Anhui province—at about 1.3 trillion yuan. That figure is well above the 2.9 trillion yuan of outstanding bonds issued by Anhui’s local government and its financing vehicles. In the quarter ended March, CXMT posted sharp gains in revenue and profit, reversing a loss in the same period last year.

The UK government announced on July 16 that it would fully nationalise British Steel, which was previously wholly owned by Chinese steelmaker Jingye. China’s commerce ministry said on July 17 that the move amounted to a “forcible takeover” that seriously harmed Jingye’s legitimate rights and interests. The ministry said it had raised the issue under the China-UK Investment Protection Agreement, according to a Reuters report.

SK Hynix completed a US ADR offering on July 10, raising about US$3.4 billion after the deal drew more than seven times subscription. The company held 57% of global HBM revenue share in the fourth quarter of 2025 and is a key supplier to Nvidia. The offering underscores persistent tight supply of high-bandwidth memory for AI servers and also benefits the three main HBM suppliers—Nvidia, Samsung and Micron. Apple’s price hikes tied to memory shortages add to signs of broader supply-chain strain.

Julius Baer’s Global Wealth and Lifestyle Report 2026 says gold prices have more than doubled since 2024, pushing up prices for luxury goods. The report says high-net-worth investors in Asia Pacific have increased allocations to precious metals to hedge geopolitical and macroeconomic risks, with platinum gaining traction in China and silver seeing renewed demand in India. It also says more than 70% of Asia Pacific investors increased diversification over the past year, with precious metals—especially gold—seen as the preferred hedge.

Russia said it intercepted a drone attack targeting an oil refinery in the Tyumen region of Siberia, about 2,500 km from the Ukrainian border. The refinery is described as one of the country’s most modern, processing about 6 million tons of crude a year and producing around 0.5 million tons of gasoline and 2.5 million tons of diesel. The incident did not result in a confirmed shutdown, but underscored growing security risks for Russia’s energy infrastructure.

Indonesia should gradually phase out blanket fuel subsidies and replace them with targeted cash transfers to poorer households to cut fiscal risks and improve fairness, the World Bank said. The lender said more than half of current subsidies go to the richest 20% of households, while energy subsidy spending is 1.6% of GDP and remains a “significant and volatile” item in public outlays. The government has largely kept pump prices, including subsidised Pertalite, flat despite higher global oil prices and a weaker rupiah, increasing budget pressure. The report recommended shifting from universal fuel subsidies to time-bound cash transfers targeted to the poorest 40% of households.

SpaceX shares are up about 35% in their first week of trading but have fallen for two straight sessions. Under revised Nasdaq rules, the stock will become eligible for inclusion in the Nasdaq 100 after 15 trading days, with passive funds expected to absorb about 30% of the free float. With a limited float and lockup restrictions in place, that setup could create near-term buying pressure. The anticipated index-driven demand is seen as a clear trading catalyst, though no actual rebalancing has occurred yet.

OPEC在2026年《世界石油展望》报告中维持2025–2030年油需稳健增长预测，并将2050年需求预期从122.9百万桶/日小幅上调至124百万桶/日，重申全球石油需求‘无峰值’。报告强调能源安全与可负担性政策转向、EV渗透放缓及新兴市场增长支撑油需。该立场强于IEA（预计2050年需求仅113百万桶/日），构成对原油长期价格中枢的上修信号。

Singapore’s total oil product inventories rose slightly week on week to 35.26 million barrels, but remained near a 13-year low. Gasoline stocks fell to a two-week low as net exports reached 572,000 tonnes, far exceeding imports of 233,000 tonnes, with shipments mainly heading to Indonesia and Australia. A broader draw in light distillates, alongside disrupted flows via the Strait of Hormuz linked to the US-Iran war, has tightened regional supply and highlighted a short-term imbalance in Asia’s fuel oil market, according to Reuters.