Xi Jinping declines invitation to visit Brussels for anniversary summit

Good morning. On at present’s agenda:

China’s President Xi Jinping has declined an preliminary invitation to go to Brussels for a summit to mark the fiftieth anniversary of ties.

Beijing informed EU officers that Premier Li Qiang, China’s second-ranked chief, would meet the presidents of the European Council and Fee in Brussels for the summit reasonably than Xi, folks aware of the matter have mentioned. 

The internet hosting of EU-China summits historically alternates between Brussels and Beijing. The EU believes the significance of this assembly — to commemorate half a century of diplomatic relations — implies that China’s president ought to attend, the folks have mentioned. 

Each side have mentioned talks will proceed, however the preliminary snub has confirmed the view amongst many in Brussels that China won’t add concrete motion to its heat phrases about the necessity to co-operate within the face of Donald Trump’s assault on the worldwide world order.

Here’s how this move could affect relations between China and the EU.

• International CEOs assembly: Xi is looking for to carry a gathering with scores of chief executives together with Citadel’s Ken Griffin and HSBC’s new CEO Georges Elhedery. The record of invitees continues to be being negotiated, folks aware of the matter have mentioned, however about 72 global chief executives are on an initial list.

Right here’s what else we’re maintaining tabs on at present:

• Financial information: S&P International Manufacturing PMI is due for nations throughout the area together with China, India and Japan.

• International financial system: The OECD publishes its Interim Financial Outlook Report.

5 extra prime tales

1. The US launched a wave of air strikes in opposition to Houthi rebels in Yemen. The strikes on Saturday — when no less than 9 had been killed, the Houthi-run well being ministry has mentioned — had been the most significant military actions taken by Trump since he returned to the White Home. The US president additionally warned Iran to halt its assist for the militant group “instantly,” prompting an offended response from Tehran.

2. China’s greatest maker of the laser sensors for self-driving automobiles is planning its first abroad plant. Talking to the Monetary Instances, Hesai’s chief monetary officer mentioned the Shanghai-based firm is seeking to build production lines abroad to “keep away from dangers associated to geopolitics and tariffs”. Hesai drew world consideration final yr after the US defence division included it on an inventory of “Chinese language navy corporations”.

3. Greater than 200 of America’s largest company teams have eliminated mentions of DEI. Of the highest 400 corporations within the S&P 500 index, 90 per cent that filed a report since Trump’s election have cut at least some references, based on information analysed by the FT.

• US customers: Whereas many retailers reported stable gross sales on the finish of final yr, they warned of slower development sooner or later. Up to now, information suggests shoppers are cutting their spending.

4. A surge in separatist assaults within the Pakistani province of Balochistan — together with a hostage disaster final week that concerned lots of of practice passengers — has underscored the limits of big investments and economic development within the resource-rich province, analysts warned.

5. Almost half of South Korean preschoolers now attend “cram” faculties. Non-public schooling spending is being pushed to record levels as the price of having kids in one of many world’s fastest-ageing nations will increase.

The Huge Learn

Donald Trump’s policymaking — from his unpredictable commerce insurance policies to federal authorities cuts — is raising uncertainty and sapping confidence from investors. It’s a far cry from the prevailing temper amongst companies earlier this yr. With rising US recession warnings, has the US financial system misplaced its aura of invincibility?

We’re additionally studying . . . 

• Area rescue: A pair of US astronauts are set to leave space after a brand new crew arrived on the Worldwide Area Station on Sunday. It’s anticipated to finish their nine-month mission that was alleged to final eight days.

• US ties: Trump’s transformation of the US has prompted a radical reconsideration of defence coverage that’s particularly challenging for Japan and South Korea, writes our editorial board.

• From Covid to at present: With the five-year anniversary of the primary lockdown approaching, inflation and market volatility are now facts of financial life.

Chart of the day

“Vanilla” buybacks in Japan have hit successive information lately in an effort to maintain traders pleased. However this yr, Japanese companies are pitching reforms. A string of conglomerates like Toyota and Seven & i Holdings sacked chief executives and offered property in an effort to hunt extra tangible adjustments.

Take a break from the information . . . 

Is it time to boost your regular espresso order? Put down your americano and check out a few of the latest espresso fixes with in depth elements and revolutionary flavour combos. Would you strive a honeybun latte or a spiced chilly brew with cinnamon and chilli? HTSI has more on the kooky caffeine hits.