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Good morning. President Joe Biden has warned China to not have interaction in harmful and illegal exercise in direction of the Philippines and warned that any assault on the US ally would set off Washington’s mutual defence treaty with Manila.
Talking alongside Australian prime minister Anthony Albanese, Biden mentioned he needed to ship a “clear message” to Beijing after China’s coastguard tried to dam a Filipino provide mission within the South China Sea.
The Philippines this week accused China of harassing Filipino vessels close to the Second Thomas Shoal, a sandbank inside its unique financial zone. China says the shoal is a part of its territory, which isn’t an internationally recognised declare.
Whereas placing China on discover, Biden harassed that he was “not in search of battle” with the nation as he welcomed Albanese for a go to geared toward bolstering an alliance that’s important to countering Beijing within the Indo-Pacific. Here’s more on the Australian leader’s visit to Washington.
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China woos US ally: China and Colombia have upgraded their relationship to a “strategic partnership” in an indication that Washington’s principal ally in South America is orienting itself towards Beijing.
Right here’s what else I’m protecting tabs on right now:
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New Morgan Stanley CEO: The Wall Avenue financial institution has named Ted Choose as its new chief government, changing James Gorman who will bow out from the position after practically 14 years. Follow the developing story here.
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US-China relations: China’s overseas minister Wang Yi arrives in Washington. Right here’s Edward Luce on why the upside to dialogue between the US and China ought to by no means be ignored.
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ECB rate of interest determination: The European Central Financial institution is predicted to maintain charges unchanged for the first time in 15 months.
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Financial knowledge: The US publishes flash third-quarter GDP knowledge.
5 extra high tales
1. Benjamin Netanyahu mentioned Israel was “getting ready a floor invasion” of the Gaza Strip, in one of many clearest statements but that his authorities is planning to enter the Palestinian enclave in its conflict to topple Hamas. The Israeli chief didn’t specify when any floor operation would happen, however mentioned the timing could be made by a unanimous determination of the conflict cupboard and senior military commanders. Read the full story.
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Gaza gas scarcity: The primary UN company bringing humanitarian support to Gaza has mentioned it can soon run out of fuel, threatening its skill to assist roughly 1mn individuals displaced by the conflict.
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US strikes to discourage Iran: The US is speeding defensive programs into the Center East amid rising fears that Iran and its proxies will escalate attacks on US forces as soon as Israel’s invasion of Gaza begins.
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Visible story: With its leafy boulevards, magnificence salons and buying malls, the Rimal neighbourhood of Gaza Metropolis was identified for its buzz. Right here’s how Israeli air strikes reduced much of it to rubble.
2. Mike Johnson, a loyal ally of Donald Trump, has been elected Speaker of the Home of Representatives. The vote ends weeks of congressional paralysis and alerts a sharp tack to the right for Republicans in the lower chamber.
3. Sam Bankman-Fried intends to take the witness stand in his legal case over the multibillion-dollar collapse of crypto trade FTX, probably as early as Thursday. Bankman-Fried’s determination, which works in opposition to the recommendation often given to white-collar defendants, is a high-stakes bid to attraction to a jury that could soon condemn him to life in prison.
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Go deeper: When he takes the stand, can Bankman-Fried clarify away the documentary proof and the damning testimony of his former lieutenants?
4. Hong Kong will provide HK$20,000 (US$2,556) handouts to folks of newborns and ease stamp duties on some house gross sales as the town struggles to revive an economic system hit by a inhabitants exodus and slowing Chinese language development. The measures have been outlined yesterday in Hong Kong chief executive John Lee’s annual policy address.
5. Japan has surpassed China as a driver of funding banks’ revenues from fairness charges for the primary time in virtually 25 years, as world buyers shun Chinese language markets and a sustained rally in Tokyo stocks drives listings. A rush of fairness enterprise in Japan has pushed the nation’s contribution to banker charges to greater than $440mn to this point in 2023, about 30 per cent of the overall within the Asia-Pacific area, in keeping with knowledge from Dealogic.
Information in-depth
![](https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F14edd3b1-34b9-4af2-bdc5-12c3667efd94.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1)
Greater than 820,000 individuals fled Russia after final 12 months’s invasion of Ukraine, in one of many greatest waves of emigration from the nation for the reason that early Nineties after the autumn of the Soviet Union. Now, some have changed their minds — an indication of how the Kremlin has managed to keep up a vestige of normality in Moscow and include a few of the greatest financial shockwaves from the conflict.
We’re additionally studying and listening to . . .
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Books on China: Are we proper to worry China? These three new books urge larger understanding of an evermore highly effective participant.
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Opinion: Israel’s longer-term objective ought to be to stabilise Gaza and forestall the violence flaring into regional conflict, writes John Sawers, the previous chief of M16.
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🎧Unhedged podcast: The Chinese language inventory market is under the place it was in 2019. Is that this a warning or a cut price? Listen here for free.
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Chart of the day
Turkey’s inventory market tumbled on Wednesday after President Recep Tayyip Erdoğan stepped up his criticism of Israel and its allies. The Israel-Hamas battle has come at a time when Ankara is determined to safe western funding to gas its financial overhaul.
![Line chart of Bist 100 showing Turkish stocks slide after Erdoğan hits out at Israel](https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd6c748xw2pzm8.cloudfront.net%2Fprod%2F1a961520-7352-11ee-91c7-dbc56bfe50a3-standard.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1)
Take a break from the information
While you’re carrying your life round, you’ll want to make a sizeable funding. Check out the big men’s bag guide from HTSI.
![](https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F57cb415f-3443-452d-ba61-253914d98682.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1)
Extra contributions from Gary Jones and Miles Ellingham