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Good morning. China’s president Xi Jinping lauded document excessive commerce with Russia and careworn his “deep friendship” with Vladimir Putin as the 2 leaders met in Beijing.
Assembly on the sidelines of a discussion board to have a good time 10 years of his flagship Belt and Highway international coverage initiative, Xi instructed Putin annual bilateral commerce between their nations had reached a “historic excessive” of almost $200bn.
Putin was visiting Beijing for the primary time since he ordered the invasion of Ukraine in February final yr. Notably, Xi didn’t point out the time period “no-limits” partnership, which was used to explain the connection throughout Putin’s final go to to Beijing in February 2022, days earlier than Russia’s assault on its neighbour.
However Xi’s renewed reward for the connection will do nothing to enhance ties with the EU, certainly one of China’s greatest buying and selling companions. Western nations are additionally involved China’s growing commerce with Russia is propping up its financial system and serving to to finance the battle in Ukraine. Read the full story on Xi and Putin’s meeting.
We’ve extra China protection beneath — and scroll all the way down to immediately’s chart of the day for extra on the nation’s higher than anticipated financial progress figures.
Right here’s what else I’m protecting tabs on immediately:
Financial information: China publishes new residence costs for September, amid issues over the well being of its property sector.
Corporations: Blackstone, Taiwan Semiconductor Manufacturing Firm, Nokia, L’Oreal and Nestlé are amongst these reporting outcomes.
Israel-Hamas battle updates:
Biden’s Israel go to: US president Joe Biden urged Israel not to be “consumed” by rage in its response to Hamas’s lethal assault, to keep away from “errors” Washington made after the 9/11 terrorist assaults.
‘It was like doomsday’: Recriminations over Tuesday night time’s lethal explosion at Al-Ahli Arab hospital are reverberating around the region and past. Biden yesterday joined Israel in blaming the blast on a misfired rocket by Palestinian militants, citing Pentagon information.
The Palestinian Authority: Mahmoud Abbas’ West Financial institution-based organisation is seen as impotent by many Palestinians within the face of Israel’s decades-long occupation. Get the latest stories here.
5 extra high tales
1. Unique: The China committee of the US Home of Representatives has requested Sequoia Capital to offer particulars about investments in synthetic intelligence and different high-tech sectors within the nation made by the enterprise capital agency and its former Chinese language arm since 2010. The request for data — made in a letter to Sequoia obtained by the FT — comes 4 months after Sequoia moved to separate its China and US arms.
2. Trump ally Jim Jordan has misplaced his second try to turn into Speaker of the Home of Representatives, after 22 members of his personal occasion rejected the firebrand Republican’s efforts to grab the gavel. That was a worse end result for Jordan than only a day earlier, when 20 Republicans voted towards him in an preliminary poll. Read more on the stalemate in Washington.
3. India’s most important opposition occasion has referred to as for an investigation of the nation’s Adani Group over allegations reported by the FT that the conglomerate appeared to have inflated the price of imported coal, resulting in greater electrical energy costs for customers. India’s most important opposition chief Rahul Gandhi mentioned: “If you activate a fan, [or when] poor folks change on a tubelight, please bear in mind . . . the minute you press the button, the cash goes into Adani’s pocket.” Read the full story.
4. Bain Capital’s ambitions to create a US-Japan chip champion by way of the merger of Kioxia and Western Digital are in jeopardy owing to opposition from certainly one of its key traders. South Korea’s SK Hynix has refused to log out on the deal within the last part of merger negotiations, in response to 4 folks with direct data of the talks. Here’s why SK Hynix is pushing back.
5. Argentina has borrowed one other $6.5bn-worth of renminbi from Beijing in a last-ditch effort to stabilise the financial system forward of presidential elections on Sunday. Amid its worst financial disaster in 20 years, Argentina has been pressured to attract on a currency swap line between its central bank and the People’s Bank of China.
Diplomats are warning that western assist for Israel’s assault on Gaza has poisoned efforts to achieve assist from creating nations on condemning Russia’s battle towards Ukraine. “We’ve positively misplaced the battle within the World South,” said one senior G7 diplomat. “All of the work we have now performed with the World South [over Ukraine] has been misplaced . . . Neglect about guidelines, overlook about world order. They received’t ever take heed to us once more.”
We’re additionally studying . . .
Japan’s pandemic-era shift: Modifications to how folks dwell and work have depressed demand in areas corresponding to health golf equipment, pachinko parlours and after-office eating places.
Sport: Clara Wu Tsai and her husband, Alibaba chair Joseph Tsai, personal the New York Liberty and Brooklyn Nets US basketball groups. She spoke to the FT because the Liberty battle within the WNBA finals.
FTX trial: The New York fraud trial of Sam Bankman-Fried has not solely make clear the chaotic collapse of the crypto trade but additionally on his fateful rivalry with Changpeng Zhao.
Chart of the day
China’s financial system grew quicker than anticipated within the third quarter, increasing 4.9 per cent yr on yr as Beijing has tried to stabilise the property and banking sectors. Here’s more on the latest data — and why Chinese officials struck a cautious tone in response.
Take a break from the information
FT movie critic Danny Leigh sits down with filmmaker Errol Morris, whose new documentary adapts John le Carré’s memoir The Pigeon Tunnel. Morris discusses interviewing the late spy novelist and former US defence secretary Donald Rumsfeld — however why he received’t contact Donald Trump.
Extra contributions from Tee Zhuo and Gordon Smith