Good morning. Right this moment we’re overlaying:

• Hindenburg’s allegations in opposition to the chair of India’s market regulator

• The Australian wine sector’s worst-ever disaster

• Scandal on the world’s oldest financial institution

However first, multinational teams from Volkswagen to L’Oréal have sounded the alarm about demand in China, with the results of a slowing economic system exacerbated by shrinking urge for food for overseas manufacturers and intensifying home competitors.

Weak demand in China has been a characteristic of half-year earnings throughout a lot of the worldwide client items sector.

L’Oréal estimated that gross sales progress within the nation fell by about 2 to three per cent within the first half of the 12 months, whereas VW-owned Porsche stated Chinese language gross sales within the six months to June had dropped by a 3rd on the earlier 12 months.

China’s closely indebted actual property trade has been in a chronic slowdown since late 2021, which has sapped confidence, in addition to demand for client items. Within the wake of the pandemic, many companies uncovered to China — native and abroad — anticipated consumer-focused stimulus to spice up progress. However that has not occurred.

“The one a part of the world the place client confidence stays very low is China,” stated L’Oréal chief govt Nicolas Hieronimus. “The job market is just not wholesome and most of the Chinese language have put their financial savings into actual property, which has misplaced a number of its worth.”

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

• Financial knowledge: India stories CPI inflation figures for July.

• Studies: Opec publishes its August oil market report.

• Holidays: Monetary markets are closed in Japan (Mountain Day) and Thailand (Queen Mom’s Birthday).

5 extra prime tales

1. The chair of India’s capital markets regulator held stakes in an offshore fund construction utilized by Vinod Adani, holding the company again in investigating fraud prices in opposition to the highly effective eponymous conglomerate run by his billionaire brother, in keeping with contemporary allegations levelled by US brief vendor Hindenburg Analysis.

2. Extra People belief Kamala Harris to deal with the US economic system than Donald Trump, in keeping with a brand new FT Michigan Ross ballot. It’s the first month-to-month ballot to indicate the Democratic presidential candidate main Trump on the economic system because it started monitoring voter sentiment on the difficulty practically a 12 months in the past.

• Trump: The Republican candidate’s marketing campaign has stated various its inside emails have been hacked, blaming Iran for the breach.

3. Russia has did not push again Ukrainian troops within the Kursk area regardless of sending in reinforcements because the incursion enters its sixth day, Ukrainian troopers concerned in its military’s operation informed the FT yesterday. Verified movies and pictures present Ukrainian troops have superior 30km inside Russia because the operation started final Tuesday.

4. The Israeli army has ordered tens of hundreds of Palestinians to depart shelters in components of southern Gaza, in preparation for an additional raid on areas from which it says Hamas fighters are working. The compelled evacuation order comes because the demise toll from Saturday’s air strike on a college in Gaza Metropolis was confirmed to be no less than 80.

5. Indian motorbike model Royal Enfield is within the “superior” levels of creating its first electrical bike for a launch subsequent 12 months. Falling prices for electrical autos has helped the corporate push into two-wheel EV market, Royal Enfield’s chief govt informed the FT.

Information in-depth

The Australian wine trade is struggling its worst-ever disaster, winemakers say, as world shoppers flip away from the lower-priced “industrial” manufacturers that drove the nation’s emergence as a wine powerhouse. The sector endured punitive Chinese language tariffs on Australian high-quality wine in 2020 whereas a worldwide decline in wine consumption has additionally hit producers.

We’re additionally studying . . . 

Chart of the day

Does Europe want Chinese language wind expertise to satisfy local weather targets? Among the area’s wind turbine producers accuse Chinese language rivals of benefiting from unfair state subsidies. However others warning in opposition to too many boundaries to Chinese language corporations.

Take a break from the information

Restaurant critic Marina O’Loughlin, an “unabashed meals snob”, explains her love of airplane meals, and why her requirements plummet as soon as airborne.