‘The Chinese will not pause’: Volvo and Polestar bosses urge EU to stick to 2035 petrol car ban

The Bank of England (BoE) has announced plans to ease capital requirements for high street banks for the first time in a decade, reducing the reserve lenders must hold to stimulate lending to households and businesses. This decision comes amid ongoing discussions about the independence of the Office for Budget Responsibility (OBR) and the implications of budget leaks.

The U.S. is expected to transition from a strategy of containment to a focus on technological rivalry with China by 2026, as reported by Jefferies. This shift indicates a significant change in the geopolitical landscape, emphasizing competition in technology and innovation between the two nations.

Global electric vehicle (EV) sales are experiencing significant growth, yet the United States risks falling behind as federal support diminishes. With Washington's retreat from proactive policies, states like California are urged to take the lead in promoting EV adoption to prevent ceding the market to competitors, particularly China.

German lawmakers are expected to approve €2.9 billion in military procurement contracts this week, which includes the development of an AI platform to monitor NATO's eastern flank. Contracts will be awarded to German defense startups Helsing and Arx Robotics, alongside an Airbus-led consortium, with the main contract to be determined later.

China has issued its first batch of streamlined export licenses for rare earth materials, a significant move aimed at regulating the export of these critical resources. This decision comes amid ongoing global competition for rare earth elements, which are essential for various high-tech industries.

The European Central Bank (ECB) has declined to act as a backstop for a €140 billion loan to Ukraine, rejecting a proposal from the European Commission that aimed to utilize frozen Russian assets as collateral. This decision comes amid ongoing financial challenges faced by Ukraine due to the conflict with Russia.

Chinese stocks have demonstrated resilience despite the financial troubles faced by Vanke, once the largest property developer in the country, indicating a shift in market dynamics where technology has emerged as the primary driver of stock performance.

China's third-quarter earnings have fallen short of expectations, raising concerns about President Xi Jinping's efforts to combat deflation and stabilize the economy. Despite initiatives aimed at curbing price wars, the results have not provided the necessary boost to investor confidence, leading to a continued decline in Chinese stock prices for a second consecutive month.