💾 Memory chip prices exploded this quarter: DRAM up 44%, NAND flash up 53%, driven entirely by AI data center demand. SK Hynix's operating margin hit 72%, the highest ever recorded in the semiconductor industry. Source: Euronews (Citi Research data)

2026, day 239 Good morning from Asia. ‘New US aircraft carrier reportedly set to deploy to the Middle East’ (AFP); ‘Trump seeks to sanction Tehran into submission rather than renew MOU, sources say’ (ToI); ‘Iran's Hormuz leverage risks becoming a 'strategic liability' — will ultimately backfire, says Saudi Prince’ (Gulf News); ‘Hormuz Oil Flows Rising as Gulf Giants' Ramp Up Accelerates’ (BBG); ‘Iran to draft conditions to open Hormuz following mediator requests’ (AJ); ‘OpenAI, Anthropic issue dire cyber threat warning’ (Axios); ‘Meta disrupts Iran-linked AI operation targeting politicians, journalists’ (Axios); ‘Saudi FM calls for OIC reform, stronger Islamic cooperation and solidarity’ (Al Arabiya); ‘CIA boss Moscow trip was about Iran, not the Baltics, ex-Estonian president tells Euronews’ (Euronews); ‘Top White House Aides Were in the Dark on Ratcliffe Russia Trip’ (WSJ); ‘Putin sees U.S. as weakened by Iran war, intelligence reports say’ (WaPo); ‘Trump to Axios: I'm not worried Russia will attack NATO’ (Axios); ‘Russia says UK ‘playing with fire’’ (Guardian); ‘Putin’s ‘little green men’ could attack Nato from within’ (Telegraph) - “Intelligence experts fear Russia could reprise Crimea playbook with Estonia incursion to test alliance”; ‘The Russia-Ukraine Air War Has Entered a New, Deadlier Phase’ (WSJ); ‘US Patriot missile stocks in Europe are 'beyond critical' due to Iran war, officials’ (AP); ‘Pentagon awards contract in race to field cheaper interceptors, missiles’ (Defense News) - “less than 1/5 cost of Patriot missile”; ‘US rebukes Europeans over ‘sea of red’ military gaps’ (FT); ‘Pentagon policy chief tells NATO allies US wants European-led defense of continent’ (Reuters); ‘Pentagon's NATO review preparing troop options for Hegseth by November 6’ (Reuters); ‘Poland rules out hosting nuclear weapons despite Russian threat’ (Politico); ‘EU budget must bankroll Europe’s independence, von der Leyen says’ (Politico); ‘Trump Signs Executive Order to Rename Lake Ontario ‘Lake America’’ (WSJ); ‘Lutnick claims Canada pulled out of trade talks due to the Quebec election, Alberta referendum’ (National Post); ‘Venezuela Weighs OPEC Exit as US Discusses Stake in Oil Fields’ (BBG); ‘Uefa prepares criminal complaint against Fifa’s Infantino’ (FT); ‘On Taiwan, China Is Pursuing ‘Unification Without Formal Unification'’ (National Review); ‘Australia's Pacific rivalry with China heats up after Beijing's ICBM test’ (Nikkei Asia); ‘Why China Can’t Fully Capitalize on Trump’s Global Disruption’ (BBG); In geoeconomics, ‘U.S. close to striking “massive" deal for Venezuelan oil fields’ (Axios); ‘Trump to meet refiners, fuel retailers as Iran war boosts gas prices ahead of midterms, sources say’ (Reuters); ‘Greer Suggests US Needs to Consider Bans on Canadian Goods’ (BBG); ‘Backing Off French Issue Could Restart U.S. Trade Talks, Canadian Official Says’ (NYT); ‘Ottawa reverses fish tariff plan over concerns it could hit Canada’s seafood processing industry’ (Globe & Mail); ‘China must deliver on trade or EU will act, warns von der Leyen’ (Euractiv); ‘Chinese executives may join Xi’s US trip, as trade truce extension ‘almost certain’’ (SCMP); ‘Trump hints at sanctions on Chinese banks over Iran ties before Xi’s expected US visit’ (SCMP); ‘Brazil’s rare earths will not loosen China’s magnet grip this decade, researchers say’ (SCMP); In markets, ‘Bessent’s Moves Test Boundaries Between Treasury and Fed’ (WSJ); ‘Kevin Warsh Has to Pick a Side in the Bond-Market Battle’ (WSJ); ‘Fed's Warsh faces challenge whether inflation is a problem or not’ (Reuters); ‘Don’t draw the wrong conclusion from Treasury yields’ (FT); ‘Thailand Central Bank Chief Takes On Problems Rates Can’t Fix’ (BBG); ‘France replaces Italy as European bond investors’ biggest worry’ (FT); ‘The $19trn reason this housing slump will run longer than you think’ (AFR); ‘Bitcoin and Gold Funds Draw $7 Billion Amid Scarcity Trade’ (BBG)

2026, day 239 Good morning from Asia. ‘CIA chief used Moscow visit to warn Russia against attacks on NATO allies, helping Iran’ (Politico); ‘Putin Moves to Escalate War in Ukraine as Talks at Dead End’ (BBG); ‘Poland Deploys 28 K2 Black Panther Tanks Near Russia as It Hardens Eastern Defenses’ (United24); ‘Ukraine needs changes to avoid losing war, ousted defence minister says’ (Reuters); ‘Italy to supply next-generation SAMP/T air defense systems, Aster 30 missiles to Ukraine in secret aid package, media reports’ (Kyiv Independent); ‘Russia's 2nd-largest gasoline producer suspends oil processing yet again after Ukrainian strike’ (Reuters); ‘Putin signs decree allowing state seizure of businesses hit by drone strikes’ (Euronews); ‘Russia to extend diesel export ban through September, sources say’ (Reuters); ‘US senator hopes 'sledgehammer' Russian sanctions will pass next month’ (Reuters); ‘America’s economic war on Iran has a China problem’ (FT) - “The US cannot fully isolate Tehran unless other trade partners co-operate”; ‘Labor Protests and Panic Buying Signal Growing Pressure in Iran’ (WSJ) - “Fearing supply shortages, Iranians rush to buy fuel and food as living standards deteriorate”; ‘Iran emphasises self-sufficiency in battle against US economic war’ (AJ); ‘Iran war approaching Ukraine-style stalemate, says shipping boss’ (FT); ‘Iran, Oman still negotiating Hormuz deal as Qatar joins mediation’ (Reuters); ‘Source to 'Post': Iran, Oman still have significant gaps regarding Strait of Hormuz’ (JPost) - “Omanis will not agree to imposing fees on ships, Iranians continue to insist this is a condition for passage.” ‘Iran says it views Persian-language media outlets abroad as military targets’ (ToI); ‘‘Point of no return’ if Israel-Hamas truce fails: US envoy to Gaza Board’ (AFP); ‘UN special rapporteurs are 'totally out of control,' Secretary-General Guterres admits in interview’ (JPost); ‘U.S. weapons shortage from Iran war alarms allies confronting China’ (WaPo); ‘US says Chinese hackers broke into Justice Department, NASA, Federal Reserve, Senate’ (Reuters); ‘Canada’s Carney to attend EU’s State of the Union’ (Politico); ‘Germany in talks to help fund Trident’ (Telegraph) - “Berlin could bolster Britain’s nuclear programme under plans to end Europe’s reliance on America for defence”; In geoeconomics, ‘U.S. and Canada Are Bracing for Prolonged Trade Dispute’ (WSJ); ‘Saskatchewan sets 50% tariff on US alcohol after new Trump tariffs on Canadian goods’ (Reuters); ‘Saskatchewan Premier rejects idea of export levies on oil, potash in U.S. trade war’ (Globe & Mail); ‘Alberta premier slams 'disastrous' proposals to leverage Canadian oil in U.S. trade war’ (National Post); ‘The trade war came too soon for Mark Carney’s middle powers alliance’ (Politico); ‘President Trump Declares a National Emergency to Secure America’s Bulk-Power System’ (White House); ‘US critical minerals proposals to Brazil go unanswered as China looms’ (SCMP); ‘Australian trade chief warns EU deal is not guaranteed’ (Euractiv); ‘EU says don't trust Trump's pharma numbers’ (Euractiv); ‘EU should stop moralizing on Arctic oil and let us get drilling, says Norway’ (Politico); ‘Liquidators can pursue PwC globally over Chinese property giant’s collapse, court rules’ (FT); ‘Mark Zuckerberg had a bold plan to replace Meta staff with AI. Here’s how it imploded’ (Reuters); ‘Nvidia forecasts 70% sales growth next year, signals AI spending boom has years left to run’ (Reuters); ‘Tech faces its ‘Big Tobacco’ moment as Meta settles addiction case’ (Telegraph); In politics, ‘Alexandria Ocasio-Cortez rejoins DSA after membership lapse of seven years’ (Guardian); ‘Federal judge lifts nationwide block on mail-in voting restrictions’ (The Hill); In markets, ‘Fed’s Cook Says She Never Committed Fraud’ (WSJ); ‘Scott Bessent’s bond intervention puts US Treasury on collision course with Fed’ (FT)

2026, day 237 Good morning from Asia. ‘Bessent Launches ‘Operation Economic Outcast’ to Isolate and Squeeze Iran’ (WSJ); ‘US widens sanctions on Iran but withholds more punishing options’ (Reuters) - “other ‌countries would need to sever business ties with Iran or risk being forced out of the dollar-based financial system.”; ‘What are Iran's options to escalate further in face of US economic threats?’ (Reuters); ‘Iran threatens 46 ships in Strait of Hormuz transit crackdown’ (FT); ‘Houthis claim strike on Saudi tanker in latest Red Sea escalation’ (Euronews); ‘U.S. Says Oil Is Pouring Through Hormuz. Trackers Can't Find It.’ (WSJ); ‘Saudi Arabia holds talks over state-backed war insurance as costs jump’ (FT); ‘Netanyahu says Iran ‘tried to murder one of my sons,’ doesn’t give further details’ (ToI); ‘‘Where to kill Barron Trump?’: Iran said to put $10 million bounty on US president’s son’ (ToI); ‘MBS, Macron urge negotiated solution on Iran, discuss Gaza during state visit’ (Al Arabiya); ‘PLA Air Force elite fleet lands in Egypt for joint drill’ (China Daily); ‘US removes Syria from state sponsor of terrorism list’ (AFP); ‘Greece warns Turkey against violating sovereign rights, vows response from 'position of strength’' (JPost); ‘European leaders rally around Ukraine amid Russian onslaught’ (Euractiv); ‘Ukraine faces €23B defense funding hole as Western cash lags’ (Politico); ‘Ukraine hands UK intelligence ‘goldmine’ to foil Putin’s saboteurs’ (Telegraph); ‘How a country with no army is preparing for war’ (Telegraph); ‘Armenia to start EU bid in 'near future'’ (Euractiv) - “Yerevan will hold a referendum on EU membership”; ‘Burnham: Britain must be bolder about moving closer to EU’ (Telegraph); ‘Trade war could affect defence relationship between Canada and U.S., experts warn’ (Globe & Mail); ‘Australia's woeful ADF spending gaps exposed as Donald Trump targets underspending nations’ (News24); In geoeconomics, ‘Canada's Carney Puts His 'No Deal Is Better Than a Bad Deal' Doctrine to the test’ (WSJ); ‘Trump threatens 50% tariffs on all cars and trucks from Canada amid trade fight’ (Reuters); ‘Why Canada will suffer from Carney trying to ‘out-tough’ Trump’ (Telegraph); ‘Canadian businesses fear ‘vortex of downward pressures’ from Donald Trump’s tariffs’ (FT); ‘'Not viable' to cut off Alberta energy exports to U.S., Danielle Smith says’ (National Post); ‘The Danube is drying up. Europe still has no plan.’ (Politico); ‘Black Sea, drought and Hormuz crises squeeze global food security’ (Euractiv); ‘US Eyes China Overcapacity Tariffs of 7.5% Before Xi Visits’ (BBG); ‘Taiwan Indicts Nvidia Manager Following Chip Smuggling Probe’ (BBG); ‘US plans nuclear-powered merchant fleet to challenge China's shipbuilding dominance’ (FT); ‘S. Korea Denies Report US Proposed It Buy Stake in Westinghouse’ (BBG); ‘US widens Al-driven investment gap with Europe’ (FT); ‘China's Economic Pull Defies Trump's Push for Hemisphere Control’ (BBG); ‘US targets China’s telecoms grip in Venezuela with new sanctions carve-out’ (SCMP); ‘China boosts coal's economic value 700% after turning it to liquids: report’ (SCMP); ‘China Puts Brave Face on Weak Growth in Rare Defense of Economy’ (BBG); In politics, ‘Court Allows Trump to Pursue Mail Voting Limits, for Now’ (NYT); ‘Trump Quietly Asserts Control Over Postal Service Amid Plans to Overhaul Voting’ (NYT); ‘Trump administration proposes $103,000 fee for H-1B visas after legal setback’ (WaPo); ‘Trump administration preparing to revoke visas of up to 200K foreigners in largest mass visa revocation ever’ (The Hill); ‘Germany’s establishment has a plan to contain the far right. Sort of.’ (Politico); In markets, ‘Scott Bessent takes on bond vigilantes in $32tn Treasury market’ (FT); ‘Treasury market interventions are only a band-aid’ (FT) - “Bessent’s moves on the yen and long-dated bonds do little to assuage markets long-term”

Huge crowds of illegal migrants are running amok in Ceuta, looting stores and breaking into the homes of local people. Just so you know, you can't find all the information about this from the BBC, The Washington Post, Australia's ABC News, CNN, Euronews, Associated Press/NPR, The New York Times, and The Hill.

John Bolton on Trump: Trump is trolling people. In the first term, I was in his office once. He was dictating a tweet, and he told the person typing the tweet, "Capitalize all the letters in that last sentence." Then he turned to me and said, "Do you know why I just said that?" I said, "No, why?" And he said, "Because it drives them crazy." So why does he talk about taking Greenland? Because it drives them crazy. Source: Euronews

2026, day 263 Good morning from Asia - another 2026 day with rumours of yet more war and of rising far-left and -right populism. GEOPOLITICS: 🌍🔥 ‘Trump on Iran: ‘My question is, if and when do I blow the entire nation up?’’ (The Hill); ‘Iran claims US preparing to resume attacks, threatens bases, supporting regional countries’ (JPost); ‘CIA chief meets Egypt’s al-Sisi in Cairo’ (Al Arabiya); ‘What’s behind Iranian authorities’ push for a mass mobilisation campaign?’ (AJ); ‘Qatari Premier Says Gulf States Have to Act Together on Iran’ (BBG); ‘Qatar Energy Chief Says Bessent ‘Wrong’ About Hormuz Future’ (BBG) - “Bessent is “wrong” when he said that the strategic Strait of Hormuz will be worthless in two years”; ‘QatarEnergy says Hormuz crisis may delay some expansion projects’ (Reuters); ‘Houthis Push to Expand Territory as Tensions With Saudi Arabia Rise’ (NYT); ‘Trump says Yemen’s Iran-backed Houthis have agreed not to fight U.S.’ (Al Arabiya); ‘Pew poll finds majority of Israelis and Palestinian say two-state coexistence impossible’ (ToI); ‘Ukraine fires new ballistic missile at Moscow’ (Telegraph) - “Kyiv deploys domestically-produced weapon in largest attack on Russian capital since war began”; ‘Russia’s secret plan to supercharge kamikaze drone production’ (Politico); ‘Trump to meet with Zelensky as Russia-Ukraine attacks intensify’ (Axios); ‘European spy chiefs warn Moscow is planning more decisive action against NATO’ (Guardian); ‘Canada, France to co-operate on space launches as part of Carney’s pivot to EU’ (Globe & Mail); ‘Trump Ramps Up Bid to Dismantle International Criminal Court’ (WSJ) - “Administration prepares sweeping sanctions that would cut the court off from much of the global financial system”; ‘PM’s UN bet: Middle powers must step up as superpowers break the rules’ (AFR); GEOECONOMICS: 🌍 ✈️ ⛴️ 🚛 ‘Grassley urges Trump to place embargo on diesel exports amid high prices’ (The Hill); ‘Former WTO head Pascal Lamy on the EU’s China choice: get a rebalance, or go protectionist’ (SCMP); ‘US, China Begin Trade Talks in New York Ahead of Trump-Xi Summit’ (BBG); ‘China's trade limits continue to bite into Japan's imports of rare earths, other minerals’ (SCMP); ‘Time to lower our elbows and make a deal’ (National Post) - “The delaying tactic of refusing to renegotiate CUSMA until the current American tariffs are addressed has clearly failed”; ‘Trump’s Greenland Deal Eases Way for U.S. Business on Arctic Island’ (WSJ); ‘China's Path to Tech Self-Sufficiency Accelerating’ (BBG); ‘China’s CXMT touts new chip manufacturing platform as close to ‘world’s most advanced’’ (SCMP); POLITICS: 🗳️ ‘Far left wins in Berlin, far right in Germany’s northeast vote: Exit polls’ (AJ); ‘German chancellor Merz vows to stay on despite ‘disaster’ in regional elections’ (FT); ‘Germany’s AfD partners with radical Italian ‘sister party’’ (Telegraph) - “Senior figures join forces as part of a ‘European Right that extends beyond state borders’”; ‘Meloni announces ban on burqa and niqab in Italian schools, cap on foreign students’ (Euronews); ‘Trump says 250ft arch will be ‘military complex’ with drones and snipers’ (FT) - “President claims national security justification for controversial Washington monument”; MARKETS: 📈 ‘Sovereign wealth funds stay away from China due to lingering property woes’ (Nikkei Asia) - “US cements dominance as AI companies attract investment especially from Middle East”; ‘France's debt climbs to highest since 1978’ (Euractiv); ‘Wall Street expects US to issue about $1tn of short-term debt as borrowing costs climb’ (FT); ‘Why It’s So Hard to Work Out What the Bond Market Is Telling Us’ (WSJ) - “Did bond yields rise because the economy is strong or because America’s credibility is on the line?”; ‘Big Tech uses guarantees to keep $300bn of AI exposure off balance sheets’ (FT); ‘China slow-walks yuan appreciation as US, Europe demand trade rebalancing’ (Nikkei Asia)

2026, day 262 Good morning from and goodbye to Australia on a sleepy Sunday - but 2026 never sleeps. Not when the FT is talking about “the end of human existence” and Bloomberg says watch 50’s monster movies to understand AI. GEOPOLITICS: 🌍🔥 ‘Iran says it has conveyed conditions to re-engage in talks, end war with US’ (JPost) - “The conditions include ending the war on all fronts, unfreezing Iranian funds, and ending the US naval blockade”; ‘US working to keep Strait of Hormuz open and secure: CENTCOM chief’ (Al Arabiya); ‘Yemen’s Houthis Claim Attack on Saudi Capital After Fuel Depot Burns at Airport’ (WSJ); ‘Houthis say they targeted ‘sensitive sites’ in Riyadh, oil sites in Saudi port city Yanbu’ (AFP); ‘Houthis eye Yemen’s oil-rich east after seizing Red Sea coast’ (ToI); ‘Syria’s military is rebuilding, but foreign influence may slow security progress’ (FDD); ‘Al Jazeera fires 24 Gaza staff amid US lawsuit alleging Hamas, Islamic Jihad ties’ (Ynet); ‘Somali piracy rise tests China’s long-running Gulf of Aden mission’ (SCMP); ‘India Is Again Squeezed Between the Threat of Trump Tariffs and Russian Oil’ (NYT); ‘Turkey: We proposed Russia and Ukraine halt attacks in Black Sea, awaiting response’ (Reuters); ‘Putin accuses Ukraine of interfering in Russian parliamentary election’ (Reuters); ‘EU Allocates €100bn for Ukraine in 2028-34 Budget Plan’ (Kyiv Post); ‘Greenland, Denmark say Trump deal won't compromise sovereignty’ (Reuters); ‘Danes mock Trump for ‘status quo’ Greenland deal’ (Telegraph); ‘Trump’s Greenland deal aims to boost leverage at Xi summit, midterms: analysts’ (SCMP); ‘Carney’s Euro trip inflames Trump tensions’ (The Hill); ‘The economics of Alberta separation would be disastrous for everyone’ (National Post); ‘US state department under pressure to disclose Venezuelan oil takings’ (FT); ‘Inside Machado’s Plan to Return to Venezuela and Revive Its Democracy’ (WSJ) - “The Nobel laureate is planning her comeback from exile in Panama, setting up a clash with the U.S.-backed interim government”; ‘Koizumi and U.S. defense chief Hegseth agree to boost security cooperation’ (Japan Times); ‘Is Africa becoming a 'testing ground' for Chinese power projection?’ (SCMP); ‘Defense firms ride export wave, but supply chain stabilization poses new challenges’ (Korea Times); ‘‘Inspired by Israel? North Korea showcases mass production of suicide drones resembling Harop’ (Ynet); ‘The Rise of A.I. Is Raising Threats From Drones, Police Group Warns’ (NYT); GEOECONOMICS: 🌍✈️⛴️ 🚛 ‘World Running Short of Supertankers Threatens Long-Haul Oil Flow’ (BBG); ‘EU fuel prices hit records as ECB experts see diesel margins peak in October’ (Euronews); ‘US, China Trade Teams Set to Huddle in New York on AI, Iran’ (BBG); ‘Trump Announces an ‘AI Force’ After Industry Sounded Alarm’ (WSJ) - “The president calls for federal oversight of the industry as opposition toward AI grows among voters”; ‘Trump wants a new AI czar and an "AI Force" modeled on Space Force’ (Axios); The White House has officially characterized systematic abuses of the H-1B visa program as a "national security threat”: POLITICS: 🗳️ ‘‘There are no decent parties left’: Sham elections underscore Putin’s grip on Russia’ (Politico); ‘How Germany’s far right learned to put on a smile to win elections’ (Politico) - “The AfD is wrapping its dark vision of national decline in a package of hope and optimism”; ‘In Dubbo, the migration reality is a far cry from the political debate’ (AFR) - “Big regional employers rely heavily on foreign workers and scoff at One Nation’s view that unemployed Australians can take their place”; ‘Pip benefits bill set to double by 2030’ (The Times) - “The budget for disability payments is on track to reach £45bn a year, bigger than all but three government departments”; MARKETS: 📈 ‘How should investors position for the robot apocalypse?’ (FT) - “The end of human existence might be bad for financial markets”;

2026, day 261 Good morning from Australia - and it’s yet another day of major geopolitical headlines from Greenland to Russia to AI to east Asia. GEOPOLITICS: 🌍🔥 ‘Trump claims deal with Denmark for ‘permanent’ US security control over Greenland’ (AFP) - “From now on, no US adversary can EVER have a base in Greenland, have a military presence in Greenland, or make sensitive investments in Greenland, without our express written approval…We will immediately begin the process of developing a large Military presence in the appropriate part of Greenland, of which there are many.”; ‘Putin preparing to escalate war’ (Telegraph) - “European leaders fear president will mobilise more troops and increase hybrid attacks on Nato after latest sham election ‘European leaders prepare public for ‘intensified threat’ from Putin’ (Politico) - “However, NATO sees no risk of “imminent attack””; ‘Macron orders protection of France’s infrastructure against ‘Russian hybrid attacks’’ (AFP); ‘Macron to call emergency G7 meeting as energy prices spike and Russian hybrid attacks mount’ (Politico); ‘Trump signs Russia sanctions bill that opens China, India to tariffs’ (Nikkei Asia) - “Law gives US leader authority to impose 100% levies on Moscow's top energy buyers”; ‘The world must force Russia to end mass starvation in occupied Oleshky’ (Kyiv Independent); ‘Drone hit Russian nuclear plant cooling tower, no fire: IAEA’ (AFP); ‘Trump touts plan for new U.S. base in Poland as NATO ally's leader warns of "real risk" from Russia’ (CBS); ‘Ukraine, Russia are done with Steve Witkoff. Trump sees no problem’ (Kyiv Independent); ‘More U.S. troops have died amid Iran war than Pentagon has disclosed publicly’ (WaPo); ‘US military had close call after using AI for false intelligence report, sources say’ (CNN) - “the intelligence report….A Chinese ship in the Middle East was transporting components of a nuclear weapons program…. was “entirely false.” But it also “almost started a war,””; ‘OpenAI's Sam Altman to brief UN Security Council next week’ (Reuters); ‘Australia must train AI at home to protect national security: ASD boss’ (AFR); ‘South Korea’s FM stresses to Rubio its intent to contribute to restoring free passage in Hormuz’ (Reuters); ‘Italy to escort its own ships through the Red Sea over Aspides delays’ (Euractiv); ‘Collision near Sabina Shoal sparks fresh escalation between China and the Philippines’ (SCMP); ‘CGA plans a historic 2027 visit to Philippines’ (Taipei Times) - “Coast Guard Administration (CGA) ships are scheduled to sail to the Philippines bearing the words “Taiwan Coast Guard” in a high-profile visit in October next year”; ‘Takaichi seeks Trump meeting early next week ahead of US-China summit’ (Nikkei Asia); GEOECONOMICS: 🌍 ✈️ ⛴️ 🚛 ‘Xi’s edge over Trump on AI’ (FT) - “The US president’s anti-regulatory stance fails to take into account that China is catching up”; ‘Irish Finance Minister says Hormuz closure, not Ukraine, causing energy crisis’ (Euronews); ‘Record US diesel prices squeeze farmers; food prices may rise’ (Reuters); ‘Shipping’s New Normal: Slower Trade, Higher Costs, Bigger Profits’ (gCaptain); ‘US, China Weigh Reducing or Eliminating China’s LNG Tariff’ (Reuters); ‘Trump Extends $100,000 H-1B Visa Fee as Legal Fight Plays Out’ (BBG); POLITICS: 🗳️ ‘Germany’s Merz girds for a post-election fight for political survival’ (Politico) - “One conservative official predicts “all hell breaks loose” if the ruling CDU fails to win any seats in the regional election in Mecklenburg-Western Pomerania”; ‘Trump Says He Is Banning CNN, MS NOW and Politico From the White House’ (WSJ); ‘From vodka to vanished names: Russia’s parliamentary election gets off to a strange start’ (Ynet); MARKETS: 📈 ‘OpenAI expects to burn $280bn by 2030’ (FT); ‘The BOJ’s Balancing Act With Bessent Is Only Going to Get Harder’ (BBG); ‘White House attacks Fed official after review of Silicon Valley Bank collapse’ (FT)