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On March 16, the Ministry of Industry and Information Technology (MIIT) held a cadre meeting. The meeting emphasized the need to promote the optimization and upgrading of the industrial system. This includes implementing a revitalization action plan for traditional industries, deploying major technological transformation and upgrading projects, conducting pilot projects for new technological transformation in cities, and strengthening standards guidance, quality improvement, and brand building. The meeting also stressed the importance of cultivating and expanding emerging and future industries, building emerging pillar industries such as integrated circuits, aerospace, and biomedicine, and promoting the establishment of mechanisms for increasing investment and sharing risks in future industries. Furthermore, the meeting called for vigorous development of intelligent manufacturing, green manufacturing, and service-oriented manufacturing. It also emphasized promoting the deep integration of informatization and industrialization, appropriately advancing the construction of new information infrastructure such as 5G and intelligent computing, and creating an upgraded version of "5G + Industrial Internet." The meeting further called for carrying out a digital transformation action for manufacturing, deeply implementing the "Artificial Intelligence + Manufacturing" action, and cultivating a number of distinctive intelligent entities. Finally, the meeting stressed the need to accelerate the development of satellite internet.According to disclosures by the Hong Kong Stock Exchange, Goldman Sachs increased its long position in XPeng Motors (09868.HK) from 4.58% to 5.33% on March 10, 2026.Jefferies raised its price target for ExxonMobil (XOM.N) from $149 to $178.March 16th - We expect the Reserve Bank of Australia (RBA) to raise interest rates by 25 basis points at its meeting on Tuesday, followed by another 25 basis point hike in May. We then expect the RBA to pause rate hikes to assess whether the increase in the cash rate is sufficient to curb inflation risks. We believe the risks to the 4.35% terminal interest rate forecast are skewed to the upside. The Middle East conflict has now moved beyond a short-term geopolitical shock and entered a phase where oil supply shortages may be more prolonged. The most definite and immediate impact of the Middle East conflict on Australia is rising inflation. Demand will also be somewhat damaged by affecting disposable income, but the timing and extent of this impact are uncertain. Given that inflation is above target and the labor market is considered strained, inflation risks are likely more central to the Committee than risks to economic activity. Escalating inflation risks will exacerbate these concerns, thus increasing the urgency to curb inflation expectations.March 16th - According to the Financial Times, restaurants in India have stopped using frying as a cooking method due to the natural gas crisis. The war between the US and Israel against Iran has disrupted global energy supplies, and South Asia, heavily reliant on natural gas from Gulf states, is among the hardest-hit regions. Indian Prime Minister Modi told the Indian people "there is no need to panic," but reports of hoarding, theft, and price gouging are rampant in the worlds most populous country as people rush to buy increasingly scarce liquefied petroleum gas (LPG) cylinders (primarily used for cooking). Pakistani Prime Minister Sharif, in a national address, stated, "If this situation continues to worsen, these prices will certainly get out of control."