International Morning Express | US Reportedly Willing to Ceasefire for One Month, Negotiate 15-Point Agreement with Iran

Iran Negotiations | U.S. Reports Intent to Cease Fire for One Month, 15-Point Agreement with Iran

According to Israeli television, the U.S. intends to propose a one-month ceasefire to discuss a 15-point agreement aimed at ending the war. The agreement includes granting the International Atomic Energy Agency full access to all information and transferring enriched uranium to the agency. Additionally, Israeli media Ynet reports that the U.S. has set April 9 as the end date for hostilities with Iran, with negotiations expected to take place in Pakistan this week. Trump stated that Washington is communicating with “the right people,” and Iran hopes to reach an agreement. The U.S.-Iran talks may be close to an agreement, with Iran agreeing never to possess nuclear weapons, including not engaging in uranium enrichment activities. Pakistani Prime Minister Shehbaz Sharif said he is ready to host U.S.-Iran talks to help resolve Middle East conflicts. (Read more: Iran Negotiations | Trump: U.S. is communicating with the right people)

Apple Voice Assistant Reportedly Planning “Ask Siri” Question Mode

Apple is reportedly planning to launch a standalone app and a question mode called “Ask Siri” in iOS 27 and macOS 27, transforming Siri into a chatbot similar to Gemini or ChatGPT.

Chinese Open-Source AI Gains Popularity; US-China Committee Warns of Threat to U.S. Lead

The U.S.-China Economic and Security Review Commission (USCC) released a report stating that although China faces restrictions on advanced AI chips, it is forming a “self-reinforcing competitive advantage” in open-source AI dominance, still challenging U.S. competitors.

Japan’s Diplomatic Blue Book to Be Released Next Month; Japan-China Relations Rebranded as “Important Neighbor”

A Japanese man claiming to be an active Self-Defense Forces officer broke into the Chinese Embassy in Japan on Tuesday morning, admitting his actions were illegal and threatening to kill Chinese diplomats in the name of a deity. Embassy staff subdued him, and Tokyo Metropolitan Police arrested him on suspicion of trespassing. Additionally, Japan’s Ministry of Foreign Affairs plans to release the 2026 edition of its Diplomatic Blue Book in April. The report will change the description of Japan-China relations from “one of the two most important relationships” to “important neighbors.”

US Stock Market Trends | Dow Falls 84 Points, Dropped 438 During Trading

International oil prices rebounded; the Dow initially fell 438 points to 45,769 on Tuesday but recovered to close down 84 points or 0.18%. The S&P 500 declined 0.37%, Nasdaq dropped 0.84%, and the China Golden Dragon Index fell 0.43%. Alphabet dropped 3.8%, Microsoft fell 2.7%, Meta declined 1.8%. Alternative asset manager Ares announced restrictions on redemptions of a $10.7 billion private credit fund, dragging its stock down 1%.

Market Highlights

• Reuters and Ipsos survey show Trump’s approval rating dropped to 36%, the lowest since his return to the White House.
• The Washington Post reports that court records show prosecutors admit insufficient evidence in the criminal investigation into Fed Chair Powell’s involvement in the Fed headquarters renovation.
• Trump earlier claimed negotiations are ongoing between the U.S. and Iran, but Tehran officials denied this. Former CIA Director Brennan said on TV he is more inclined to believe Iran’s statements than Trump’s.
• German President Steinmeier said that since Trump’s second term began, transatlantic relations have been deeply fractured, and trust in U.S. global leadership has been lost among allies and worldwide.
• NASA announced plans to develop a new nuclear-powered Mars crewed spacecraft, investing $20 billion over the next seven years to develop lunar surface bases and aiming to build a nuclear reactor on the Moon by 2030 as part of its goal to establish a permanent human presence.
• The Financial Times reports that Japan’s Sumitomo Mitsui is planning to acquire the remaining shares of investment bank Fure.
• US March manufacturing PMI rose to 52.4, beating expectations, while services PMI fell to 51.1, below estimates; composite PMI dropped to 51.4.
• US 10-year Treasury yield briefly rose 9.7 basis points to 4.43%, then sharply retreated; 2-year yields rose 13 basis points to 3.961%.
• The dollar index rose 0.68% to 99.62; Eurozone March composite PMI fell to a 10-month low of 50.5; euro declined 0.49%, yen fell 0.47%.
• Bitcoin temporarily retraced 3.4% to $68,920.
• At 3 a.m. Hong Kong time, onshore RMB/USD closed at 6.8916, down 121 pips from Monday’s close.
• Spot gold fell 2.29%, touching $4,306.36 per ounce, then rebounded 1.75% to $4,484.02, ending at $4,474.38, up 1.53%, ending a nine-day losing streak.
• NY crude oil rose 5.9% to $93.36 per barrel, closing at $92.35, up 4.79%; Brent crude gained 4.55%, closing at $104.49. Prices declined over 4% in electronic trading amid reports of a potential one-month ceasefire with Iran and a 15-point negotiation agreement.
• Iran reportedly begins charging tolls to some ships passing through the Strait of Hormuz.
• Iran’s Revolutionary Guard Navy commander said the container ship “Selen” was ordered to return after trespassing in the Strait of Hormuz. Additionally, Thailand’s foreign minister confirmed a Thai oil tanker that had been anchored in the Persian Gulf for days has passed through the Strait and is expected to arrive in Thailand in early April.
• Foreign Minister Wang Yi spoke with Iranian Foreign Minister Al Araghchi, who said the Strait of Hormuz is open to all ships, but warring countries are not considered.
• Pan-European Stoxx 600 closed up 0.43%, after falling 0.69% intraday. Estée Lauder announced negotiations to acquire Puig, whose stock rose 13%, while Estée Lauder fell 9.9%. UK and France stocks rose 0.72% and 0.23%; German stocks declined 0.07%.
• SoftBank’s Arm plans to sell its own chips for the first time, expecting annual sales of $15 billion over the next five years.

Local Market Highlights

• ADR Hong Kong Stock Connect Index closed at 24,944, down 120 points; Xiaomi (01810) down 3.1%, Meituan (03690) down 1.1%, CLP (00002) up 1.1%, HSBC (00005) up 0.4%.
• Hang Seng Index night session futures closed at 24,972, down 92 points.
• Hong Kong Fook Yuen fire hearing: residents testified that the fire alarm did not sound during the fire, and witnesses saw workers smoking on scaffolding.
• Companies Registry removed three companies related to Apple Daily from the register; these companies are now dissolved and classified as “prohibited organizations.”
• Four individuals suspected of violating the National Security Law, Article 24, for knowingly selling inciting publications, were arrested by the National Security Department. They include the male head of “One Punch Bookstore” and three female staff, involved in selling publications like “Jimmy Lai Biography.”
• Cathay Pacific announced the cancellation of all flights to Dubai and Riyadh until May 31 due to Middle East tensions.
• The 4th “Yuzhe Hong Kong” Summit was held; Financial Secretary Paul Chan said Hong Kong is an ideal gateway for global families to tap into Mainland China’s vast opportunities.
• Singapore Prime Minister and Finance Minister Lawrence Wong will visit China for four days starting Wednesday, attending the Boao Asia Forum and then conducting a three-day official visit in Hong Kong.
• The “MPF Easy” platform’s fees will be reduced from 0.37% to 0.29% starting next month, a 21.6% decrease.
• ManpowerGroup survey shows Hong Kong employers expect a positive and steady hiring outlook in Q2.
• ICAC charged four staff from a former designated vehicle inspection center for falsifying vehicle emissions test results to help private cars pass annual inspections.
• The government will consult the public for about two months on proposed legislation for the Northern Metropolis. Development Secretary Christopher Hui said a report will be submitted to LegCo in June, with draft legislation and initial subsidiary laws to be introduced in the middle of the year for approval within the year.
• Citi research indicates Hong Kong property stocks will benefit from interest cost savings in FY2025, and industry outlook for FY2026 remains optimistic, with fundamentals strengthening.
• Social media claims Hong Kong residents can directly apply for permanent Guangdong-Hong Kong vehicle quotas; Transport Department warns against believing false information.
• The government appointed four new members to the Chief Executive’s Advisory Group, including Baidu Chairman Robin Li, Hengrui Medicine Chairman Sun Piao Yang, Sifang Technology founder and CEO Xu Tao, and Biran Technology Chairman Zhang Wen.
• HKEX’s former CEO and Chief China Economist, Guo Shuqing, reportedly went missing and was taken for investigation.
• HSBC (00005) announced the appointment of David Rice as the first Chief AI Officer, effective April 1.
• Xiaomi (01810) reported a 76.02% increase in profit last year. Adjusted net profit in Q4 fell 23.65%. President Lu Weibing said that aggressive memory price increases may lead to product price hikes.
• China Telecom (00728) posted a 0.52% profit growth last year.
• Caleres Technologies (02729) debuted at HK$30.7, up 84.27% from the IPO price.
• Zejing Holdings (02632) opened at HK$27.88, down 36.92% from IPO.
• Haidilao (06862) profit fell 13.98% last year; paid a final dividend of HK$0.384.
• Nongfu Spring (09633) profit increased 30.89%; paid a final dividend of RMB 0.99.
• Modern Dairy (01117) narrowed losses to RMB 1.129 billion, no interim dividend.
• Conch Cement (00914) net profit rose 5.42%; paid a final dividend of RMB 0.61.
• China Power International (00902) profit grew 42.73%; paid a final dividend of RMB 0.4.
• Lihua (01125) mid-year loss widened to HK$384 million; no interim dividend.
• FundeLi (00571) turned profitable with RMB 9.33 million in H1; no interim dividend.
• Kaisa Group (01638) expected to turn profitable last year with at least RMB 50 billion, mainly due to gains from offshore debt restructuring; excluding these, likely to record a loss.