In as we speak’s e-newsletter:

Good morning. China’s blistering inventory market rally cooled yesterday after Chinese language authorities held off on unveiling extra stimulus for the economic system.

The blue-chip CSI 300 index of Shanghai- and Shenzhen-listed shares surged 10.8 per cent upon opening after a week-long vacation, earlier than falling again to shut 5.9 per cent larger. Hong Kong’s Hold Seng index plunged 9.4 per cent, its worst day since October 2008, after having risen 11 per cent over the earlier 5 days.

Investor expectations had been constructing that Beijing would element plans for better fiscal spending to enhance a financial stimulus that had propelled Chinese language equities to their greatest week since 2008.

However markets have been upset when state planners didn’t announce main stimulus measures yesterday, analysts stated.

“That is what occurs whenever you feed the monster,” stated Alicia García-Herrero, chief Asia-Pacific economist at Natixis. “On daily basis you’ll want to enhance the quantity of meals or it turns towards you.” Learn the total story.

Right here’s what else I’m conserving tabs on as we speak:

• Financial coverage: India and New Zealand’s central banks announce rate of interest selections.

• Japan: New Prime Minister Shigeru Ishiba will dissolve parliament forward of elections on October 27.

• Outcomes: Taiwan Semiconductor Manufacturing Firm, the world’s largest chipmaker, stories September gross sales.

5 extra prime tales

1. Unique: Chevron is in talks to promote its east Texas pure gasoline property to Tokyo Gasoline, stated three folks aware of the discussions, because the Japanese utility appears to broaden its entry to the ample US shale patch. If accomplished, the deal would bolster Tokyo Gasoline’s drive to safe provides for its residence nation, which depends on fossil gas imports to satisfy its power wants.

2. Samsung Electronics has issued a public apology and acknowledged that the corporate is taken into account to be in “disaster”, following the discharge of worse than anticipated revenue steering. The corporate’s share worth has fallen virtually 30 per cent over the previous six months amid rising concern over its lack of competitiveness in cutting-edge chips utilized in synthetic intelligence techniques.

3. Donald Trump had as many as seven conversations with Vladimir Putin after he left the White Home, based on explosive stories that elevate contemporary questions in regards to the former US president’s relationship with the Russian chief. The claims stem from a forthcoming e book by veteran journalist Bob Woodward, which additionally reveals Trump secretly despatched Putin Covid-19 assessments for his private use on the top of the pandemic.

4. India will radically reform rules and invite international oil majors to discover each onshore and offshore because it races to extract as a lot oil as potential whereas there stays a marketplace for crude, the nation’s oil and gasoline minister has stated. Hardeep Singh Puri spoke about his efforts to set off extra oil exploration on the FT’s Power Transition Summit India in Delhi.

5. The Israeli army deployed 1000’s extra troops in Lebanon and signalled an expanded floor offensive towards Hizbollah. The Israel Protection Forces could now have greater than 20,000 troops within the nation, a big rise on the preliminary drive that invaded final week.

The Huge Learn

Most US allies would favor Kamala Harris’s election victory over the presumed unpredictability of a second Donald Trump time period. “If she wins, we can have a nationwide vacation!” an official from certainly one of Washington’s long-standing Asian companions joked. However the vice-president would enter the Oval Workplace with one of many least articulated visions of the world and America’s place in it. Critics of Harris say she has but to obviously outline her international coverage imaginative and prescient, however the contours of a philosophy are beginning to emerge.

We’re additionally studying . . . 

• Exploding pagers: The danger of {hardware} tampering is rising as firms commit few sources to verifying the origin of parts, writes Chip Struggle writer Chris Miller.

• ‘Superfast charging’ EVs: Asian battery makers are racing to develop new generations of cells for electrical autos that can make charging as quick as filling up on the pump.

• E book evaluation: In The Nice Transformation, Odd Arne Westad and Chen Jian present an outstanding historical past of China’s transition into and out of the Cultural Revolution.

Chart of the day

Donald Trump’s proposed tariffs wouldn’t ship the economic regeneration protectionists want, writes Martin Wolf. In truth, they’d have the other impact, and inflict nice hurt on the worldwide economic system.

Take a break from the information

UK-based Afghan singer Elaha Soroor makes use of music to reply to the Taliban’s brutal suppression of feminine voices. “I don’t wish to preach to anyone, however I can discuss my very own expertise,” she instructed the FT. However can a tune change something? Right here’s what Soroor stated.

Extra contributions from Gordon Smith and Irwin Cruz