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Yum China (9987): Total revenue for the first quarter of 2026 reached $3.3 billion, a 10% year-over-year increase. Operating profit rose 12% to $447 million, a record high for the quarter, with the operating margin improving to 13.7%. Diluted earnings per share increased 13% to $0.87. However, despite a 4% increase in system sales, same-store sales were flat year-over-year, reflecting growth primarily driven by scale expansion. The company returned $316 million to shareholders this quarter, steadily advancing its annual $1.5 billion return program. Looking ahead to the full year, the company aims to add over 1,900 net new stores, bringing the total number to over 20,000.

The Federal Reserve held interest rates unchanged for the third consecutive time

The Federal Reserve held interest rates unchanged for the third consecutive time, maintaining the benchmark rate at 3.50%-3.75%. However, internal disagreement erupted, with four voting members voting against the rate cut, and the market has abandoned its bets on a rate cut this year. In other news, the Senate Banking Committee approved Warsh's nomination as Fed chairman, with formal confirmation expected in May; Powell will remain a governor.

Hong Kong Stock Connect saw a net outflow of HK$3.952 billion on Wednesday. China Construction Bank (00939) saw the largest inflow at HK$494 million, followed by China National Offshore Oil Corporation (00883). Hang Seng China Enterprises Index (02828) recorded the largest net outflow at HK$2.274 billion, followed by Tencent Holdings (00700).