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This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersGood morning. While the financial world has been laser-focused on one geopolitical crisis — the trade war — two others are heating up in Asia. China is provoking the Philippines in the South China Sea, and tensions between India and Pakistan are high after killings in Kashmir. Unhedged tends to play down the market impact of geopolitics. But this is, at the very least, seriously bad…
China’s top general He Weidong missed another top political gathering on Friday amid speculation about his whereabouts over the past few weeks.Beijing has not offered an official explanation for his absence, although his absence is not expected to affect China’s political stability, according to an analyst.He, the second-ranked vice-chairman of the powerful Central Military Commission (CMC) and one of the 24-member of the Communist Party Politburo, last appeared in public on March 11.He was absent from a Politburo study session presided over by Chinese President Xi Jinping on Friday, according to footage made public by state broadcaster CCTV on Saturday.…
Hong Kong’s lived-in home prices fell for a fourth straight month in March, dragging a key market indicator to the lowest level in more than eight years, as the threat of a global tariff war stoked economic uncertainty and sapped investment appetite.Prices in the secondary market declined 0.49 per cent last month, according to an index published by the Rating and Valuation Department on Monday, following a 0.56 per cent setback in February. The index has retreated a cumulative 1.7 per cent for the quarter to the level last seen in July 2016.Since the city’s housing market peaked in September…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Much the most important economic problem the UK confronts is long-term stagnation of productivity. That was the theme of my column two weeks ago. Yes, the turmoil of the moment cannot be ignored. But the urgent is not necessarily the important. Barring a catastrophe (a world war or global depression, for example, about either of which the UK can do little), the main determinant of our prosperity and stability will be decisions made by — and within — this country. The economy…
Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldIn 2019, I wrote a column about the coming “dollar doomsday scenario” in which a fundamental shift in globalisation and towards a post-Bretton Woods system would lead to a fall in both the value of the US dollar and dollar assets. This would raise bond yields, as well as the price of gold and various foreign currencies.And here we are. The S&P may rise and fall on President Donald Trump’s daily mood swings, but the die for a new era…
Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldChinese oil traders are setting aside concerns over the long-term economic damage of a US trade war as they seek to profit from one of the short-term consequences: lower crude prices.Imports of crude oil into China surged in March and have continued to accelerate in April, according to analysts, as the country replenishes stocks despite expectations a weaker global economy will reduce demand.Kpler, a data company that tracks tankers sailing into China, said the country is importing nearly 11mn barrels…
In the quest to hasten a “new era” for Vietnam, Communist Party Chief To Lam is reducing a bloated bureaucracy, including cutting the number of provinces in half, in the boldest administrative reforms in decades that experts say will also extend his influence.The plan to reduce the country’s municipalities and provinces from 63 to 34 was approved by Vietnam’s Central Committee on April 12.That means, the country’s largest metropolis, Ho Chi Minh City, which currently has around 10 million residents, will soon absorb the neighbouring manufacturing powerhouse Binh Duong and the coastal province of Ba Ria – Vung Tau.“I’m OK…
Almost a month since ‘liberation day’, the potential impacts of President Donald Trump’s tariff regime are starting to sink in. US hard data isn’t yet showing much negative impact from changes to US trade policy – but economists are gloomy on US growth prospects. The IMF last week warned of an increased risk of US recession, and lopped nearly a full percentage point off its forecast for US growth this year. Michael Strain, director of economic policy studies at the conservative American Enterprise Institute, joins FT economics editor Sam Fleming to discuss how Trump’s tariff agenda may play out, which…
Canadians will head to the polls Monday to pick a prime minister, and a new US proposal to end the War in Ukraine would allow Russia to keep some of the territory it’s conquered. Plus, Hungary’s government may be funneling money to friendly news outlets, and major American companies are starting to speak up about Donald Trump’s trade war. Mentioned in this podcast:Canadians head to the polls to elect new prime ministerPutin and Trump envoy hold ‘constructive’ meeting, Russian official saysTrump and Zelenskyy hold ‘productive’ discussion at Pope’s funeralHungary accused of illegal subsidies for pro-government mediaConsumer giants ring warning bells…
Japanese Prime Minister Shigeru Ishiba will visit the Philippines this week to boost security cooperation, including an intelligence-sharing agreement expected to sharpen regional surveillance of Beijing’s activities in the South China Sea and Taiwan Strait.Analysts said China would be wary of the strategic implications of such a deal and the risks of a stronger US-Japan-Philippines security alignment creating a confrontational bloc near its borders.The General Security of Military Information Agreement (GSOMIA) will be a key item on Ishiba’s agenda when he arrives in Manila for a two-day visit on Tuesday. The agreement is designed to allow protected and expanded exchanges…