Daily Update — August 21, 2025
China Increases Trade with Global South; Corporate Sustainability in Malaysia; and Security Responses to AI
Today is Thursday, August 21, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Global Trade
China Inc. heads to Global South in the age of tariffs
Leading Chinese firms have increasingly headed to the Global South in response to the rise of US tariffs on Chinese goods since 2018. S&P Global expects this trend to continue as Chinese companies look to diversify sales and expand to markets with stronger growth prospects than at home.
Trade between China and the Global South, which includes most of the developing world, has grown rapidly. In 2024, China exported $1.6 trillion of goods to these regions, over 50% more than to the US and Western Europe combined. Booming trade has helped secure Chinese firms’ access to these markets. On average, China’s trade with its top 20 trading partners in the Global South amounts to nearly 20% of these countries’ GDP.
Energy Transition & Sustainability
Listen: Why one of Southeast Asia’s largest pension funds is ‘doubling down’ on sustainability | All Things Sustainable
In this episode of the “All Things Sustainable” podcast, S&P Global Sustainable1 brings you the latest in our special series featuring major pension funds around the world.
We sat down with Shahida Jaffar, head of corporate sustainability at Malaysia’s Employees Provident Fund, which was established in 1951. It had about 1.31 trillion Malaysian ringgit, or $310 billion, in total investment assets and more than 16 million members as of June 30.
Artificial Intelligence
Listen: Black Hat and DefCon | Next in Tech
The annual “security summer camp,” comprising the Black Hat and DefCon conferences, recently concluded. S&P Global Market Intelligence’s security analyst team, Scott Crawford, Dan Kennedy, Justin Lam and Mark Ehr, joined host Eric Hanselman to discuss their observations.
AI conversations are maturing. We’ve mostly moved beyond blaming user foibles for breaches, but AI is creating new vulnerabilities with more complex tactics for user manipulation. AI is lowering the barriers for attackers. The larger question is how security vendors are responding to AI risks.
In case you missed it
- Shell is planning to restart exploration efforts off Namibia in 2026, months after it surprised industry watchers by writing down $400 million on its key Orange Basin oil discoveries.
- Ecuadorian shrimp exporters are paying $20 million per month in US tariffs, according to estimates from the National Aquaculture Chamber.
- China's crude steel production fell for the fourth straight month in July as weakening domestic demand pressured the sector. However, improving profit margins from higher steel prices may encourage mills to increase output in August, potentially reversing the ongoing decline since April.
Upcoming events
- Unlocking Trusted Data in Gen AI: Building Agentic Workflows with Kensho | August 27 (Webinar)
- Turbulent Tides: Middle East Tensions and their Impacts on the U.S. Energy Sector and Credit Markets | August 27 (Webinar)
- Loyalty Industry Review Webinar September 2025 | September 4 (Webinar)