Chinese equity markets opened strongly on February 9, with the ChiNext index rising nearly 3% and more than 4,600 stocks higher across Shanghai, Shenzhen and Beijing trading venues. Strength concentrated in generative-video related names, optical-fibre and semiconductor segments, while oil-and-gas services lagged; overall turnover jumped, signalling risk-on positioning among domestic investors.
Precious metals also staged a notable move: spot and COMEX gold climbed over 1% while silver rose more than 2–3%, pushing domestic jewellery retailers to lift retail gold prices by roughly ¥20–30 per gram. The metal rally coincided with softer crude and heightened macro uncertainty, reinforcing the view that investors are balancing equity gains with hedging demand.
Crude oil slipped about 1% as markets parsed the progress of US–Iran talks, a development that could ease Middle Eastern supply risk if it leads to de‑escalation. Brokerage notes pointed to a shift in speculative positioning — traders have been unwinding some shorts and rebuilding long exposure — leaving prices sensitive to even modest geopolitical news.
Technology grabbed headlines after ByteDance released Seedance 2.0, a generative AI video model that produces multi‑shot, narrative sequences with native audio from text or images in roughly a minute. The model’s technical features — multi‑shot consistency, simultaneous video and audio synthesis, and rapid end‑to‑end generation — promise to accelerate content production, but also intensify regulatory and commercial debates over deepfakes, copyright and platform moderation.
Beyond markets and tech, Italy’s Milan–Cortina Winter Olympics has become a reminder of the rising price of hosting major events. Italian official figures put total spending at about €5.2 billion (¥426 billion), while S&P Global estimated €5.7–5.9 billion. Operating costs are said to total roughly €1.7 billion, of which nearly €1 billion is covered by the IOC through broadcasting and top‑tier sponsorship revenues; the larger share went to infrastructure — rail, roads and venue upgrades — accounting for around two‑thirds of the bill.
The Italian numbers matter far beyond Rome and Milan. They illustrate how modern Olympics budgets increasingly blur public infrastructure policy with sporting legacy promises, and how IOC financing still underwrites a large chunk of operational risk. For countries considering hosting, the Milan–Cortina case underscores the political tradeoffs between immediate visible investment and long‑term fiscal exposure.
Domestically, Beijing’s seed industry plan — launched in 2021 to bolster food security — reported that its five‑year targets have been met on schedule. China says it now holds the world’s largest collection of crop, livestock and aquaculture germplasm and that corporate R&D leadership has strengthened, with enterprise‑led science tasks accounting for more than half of major projects. Officials promise faster deployment of high‑yield, stress‑resistant varieties to cement reliance on domestic seed supply.
That push for agricultural self‑reliance dovetails with broader strategic priorities: technical control over seed genetics reduces vulnerability to foreign export curbs, while increased corporate R&D spending signals a more innovation‑driven approach to agricultural policy. For global commodity markets and seed technology firms, China’s progress will be closely watched for its implications on trade and intellectual‑property dynamics.
On the corporate front, notable consumer‑sector developments illustrated uneven post‑pandemic adjustments. Netizens’ favourite self‑heated hotpot brand entered formal bankruptcy review after rapid expansion and fading online demand left it with heavy liabilities. Meanwhile, mainstream restaurant chains reported divergent signals: Haidilao logged over 50,000 bookings for Chinese New Year’s Eve across more than 1,000 stores, indicating resilient demand for dining out even as some once‑hot brands struggle to retain relevance.
Other items of domestic interest included a public prosecutor’s warning that community group‑buy platforms — now used by more than 600 million people — are not above the law and may face civil public‑interest lawsuits for systemic legal breaches. A minor 2.9‑magnitude earthquake off Dalian was also recorded with no major reported damage.
Taken together, the day’s flow of data and corporate moves paints a market that is buoyant but prudently positioned, a technology sector accelerating into high‑impact capabilities, and a policy environment that continues to prioritise strategic autonomy in food and digital domains. Investors and policymakers will be watching whether these dynamics generate sustained growth or expose new fault lines in regulation, corporate governance and international relations.