China's Oil Imports Drop to Lowest in Nearly a Decade | The China Show | 7/14/2026

Summary

Markets react sharply to the US reinstating the Strait of Hormuz blockade and threatening a 20% toll on passing ships, sending Brent crude toward $85 and reviving inflation fears that cast doubt on the Fed's next move. Equity indices fall as AI and chip stocks lose momentum, with SK Hynix and Korean leveraged ETFs under severe stress. Strong China trade data, TSMC's 36% sales jump, and a challenging Shein IPO backdrop add to the cross-currents.

• Oil prices spike on US Hormuz blockade and 20% toll threat, Brent at $85.
• Inflation fears return, lifting rate-hike expectations for the Fed's July meeting.
• Equity markets drop across Asia, led by chip stocks and Korean leveraged ETFs.
• TSMC sales jump 36% driven by AI demand, but shares flat on in-line numbers.
• China June trade beats estimates, with exports up 27% led by AI hardware and EVs.
• China crude oil imports plunge 41% YoY, hinting at strategic stockpile drawdown.
• Shein delays IPO to raise $2-3bn amid slowing sales, valuation cut to $30bn.
• China's EV overcapacity and export surge create ongoing trade tensions.