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Good morning. Joe Biden and Xi Jinping held a high-profile summit in San Francisco earlier right this moment in a renewed try and stabilise US-China relations.
The US administration performed down expectations forward of the assembly, the leaders’ first since 2021, saying it was centered on managing dangers of additional deterioration within the relationship fairly than producing splashy outcomes.
“We have now to make sure that competitors doesn’t result in battle,” Biden informed Xi because the assembly started, including that the international locations may work collectively on points starting from synthetic intelligence to the local weather. Shortly earlier than the assembly, the US and China agreed to speed up the rollout of renewable vitality to displace their heavy reliance on fossil fuels.
“Planet Earth is sufficiently big for the 2 international locations to succeed,” Xi mentioned. Observe the developments from the summit right here, and compensate for the most recent US-China information:
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Chinese language financial system: China’s shopper and industrial exercise expanded sooner than anticipated in October, including to hopes of enchancment because the financial system continues to grapple with a sluggish restoration from the pandemic.
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Interview: A Shanghai-based producer has accused the Biden administration of fostering a “xenophobic” setting for Chinese language traders.
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Funding restrictions: The principle US federal authorities pension fund is to exclude China- and Hong Kong-listed shares in response to rising tensions between the world’s two largest economies.
Right here’s what else I’m retaining tabs on right this moment:
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Apec: The Asia-Pacific Financial Cooperation discussion board continues in San Francisco, however Joe Biden’s plan to announce an Indo-Pacific commerce deal on the gathering has been derailed.
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Corporations: Alibaba, Lenovo and Walmart are amongst these reporting earnings.
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Spain: Performing prime minister Pedro Sánchez is anticipated to safe a second time period in a parliamentary vote as anger grows over an amnesty deal that has turn into the value for the Socialist chief to retain energy.
5 extra prime tales
1. Taiwan’s two primary opposition events have agreed to place their respective candidates on a joint ticket for January’s hotly contested presidential election. The deal sharply will increase the chances that the ruling Democratic Progressive get together will lose energy. Right here’s how that would have an effect on relations with Beijing.
2. Israeli troops have been looking out Gaza’s largest hospital in what they referred to as a “focused” operation to search out Hamas weapons and infrastructure, as concern grew for 1000’s of sufferers and civilians sheltering on the website. The IDF says al-Shifa hospital sits on prime of underground tunnels housing Hamas command centres, claims that docs on the medical facility have repeatedly dismissed. Learn the most recent on the battle.
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US stance on conflict: Joe Biden is below mounting stress to rein in Israel’s army marketing campaign inside a matter of weeks, as US allies and administration officers recoil on the mounting dying toll in Gaza.
3. EY has appointed Janet Truncale to be its subsequent world chief government. Truncale would be the first girl accountable for a Massive 4 accounting agency, and replaces Carmine Di Sibio, who’s retiring within the wake of a failed plan to spin off EY’s consulting arm.
4. Microsoft has unveiled its first bespoke chips for synthetic intelligence within the cloud. The brand new processors shall be deployed in its Azure information centres subsequent yr, supporting its providers together with OpenAI and Copilot. The launch comes as builders search various suppliers to Nvidia, which dominates the marketplace for AI processors.
5. SoftBank’s Imaginative and prescient Fund has been accused of “destroying” a Gen Z-focused social media firm it as soon as valued at greater than $1bn to safeguard its repute as an investor. The co-founders of IRL allege in a lawsuit that the Japanese group concocted a “flagrant, outrageous lie” that the app was virtually fully populated by bots as a pretext for closing the struggling start-up in June.
The Massive Learn
Is Indonesia lastly set to turn into an financial superpower? 4 years after President Joko Widodo ratified his $32bn dream to maneuver the capital from Jakarta to Nusantara, an equatorial outpost on Borneo, the hassle has been criticised as an costly self-importance undertaking. In an interview with the FT, Widodo argues it’s a likelihood to rework the nation’s financial geography.
We’re additionally studying . . .
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ICBC’s function in US Treasury market: The disruption attributable to the hack of China’s largest lender reveals how the financial institution has turn into an essential hyperlink within the $26tn market.
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Whistleblower protections: A sequence of company scandals has not too long ago laid naked the weak point of authorized protections for whistleblowers in Japan, writes Kana Inagaki.
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Industrial motion: Bangladesh garment exporters say western trend manufacturers are usually not paying “moral” costs, as protests over wages sparked manufacturing facility closures.
Chart of the day
Japan’s third-quarter gross home product declined 2.1 per cent on an annualised foundation, a sharper contraction than anticipated. The decline underscores the fragility of the nation’s post-pandemic restoration and complicates the Financial institution of Japan’s efforts to unwind its ultra-loose financial coverage.
Take a break from the information
Movie critic Danny Leigh has his say on Napoleon, Ridley Scott’s epic of army genius and rapid-fire intercourse starring Joaquin Phoenix.
Further contributions from Euan Healy and George Russell
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