China

China GDP growth picked up to 4.5% in the third quarter. Exports rose 16.4% this year, but investment fell 7.2% and retail sales grew just 1.1%.

China will hold hybrid car exports to the EU to 350,000 a year from December, against about 800,000 this year. The EU's deficit with China was €372bn in 2025.

Chinese refiners have halted exports of diesel, petrol and jet fuel to rebuild stocks at home. Europe is discussing a 50m-barrel diesel release. Diesel already sells for about $90 a barrel more than crude.

This year's chip rally rests on a few leaders. China is building its own chips, memory and software to replace them. Nvidia barely moved, but a DeepSeek scare cost it $593bn in a day last year.

OpenAI accused Moonshot of copying its models, and Anthropic warned that a free Chinese model can build working exploits. Both say they oppose a ban. Their rivals sell for far less.

Novo Nordisk will pay up to $2.6bn for an early-stage weekly pill from Hengrui. Its shares are down more than 70% from the peak, as Lilly wins in America and generics undercut Novo abroad.