This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia<\/a>, Europe\/Africa<\/a> or Americas<\/a> edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n Good morning and welcome back to FirstFT Asia. In today\u2019s newsletter:<\/p>\n US warns of \u2018decoupling\u2019 from China<\/p>\n<\/li>\n India\u2019s Diwali tax cuts<\/p>\n<\/li>\n A deep dive on First Brands\u2019 secretive founder<\/p>\n<\/li>\n How weight-loss drugs killed the business lunch<\/p>\n<\/li>\n<\/ul>\n We start with the latest on the US-China trade dispute, as Treasury secretary Scott Bessent warned Beijing that its new sweeping export controls on rare earths and critical minerals would force the world to decouple from China. <\/p>\n \u2018Signs of decoupling\u2019:<\/strong> Bessent delivered the warning at a news conference yesterday, where he spoke alongside US trade representative Jamieson Greer. \u201cIf China wants to be an unreliable partner to the world, then the world will have to decouple,\u201d Bessent said. \u201cThe world does not want to decouple. We want to de-risk. But signals like this are signs of decoupling, which we don\u2019t believe China wants.\u201d <\/p>\n Why it matters:<\/strong> Beijing last week unveiled the policy for rare earths and critical minerals that will require non-Chinese companies exporting products containing even small amounts of the minerals to obtain a government licence. The move \u2014 which could have a big impact on global supply chains given China\u2019s dominance in the rare earths industry \u2014 prompted President Donald Trump to threaten an additional 100 per cent tariff on imports from China by November 1.<\/p>\n Bessent and Greer also criticised Li Chenggang, the top negotiator on the Chinese trade team who they said made an uninvited visit to Washington in August, where he was \u201cvery disrespectful\u201d. Read the full story<\/a>.<\/p>\n Here\u2019s what else we\u2019re keeping tabs on today:<\/p>\n Economic data:<\/strong> Australia reports September employment figures<\/p>\n<\/li>\n Chinese diplomacy:<\/strong> The Swedish and Canadian foreign ministers visit Beijing. <\/p>\n<\/li>\n Earnings:<\/strong> Infosys and Taiwan Semiconductor Manufacturing Company report results.<\/p>\n<\/li>\n<\/ul>\n 1.<\/strong> Chinese fast-fashion retailer Urban Revivo has stepped up ambitious plans to challenge the likes of Zara and H&M<\/strong> by expanding in London in a revived push into international markets. The retailer is part of a wave of companies pushing to expand overseas<\/a> as China\u2019s hyper-competitive markets mature and its economic growth slows.<\/p>\n Persistent deflation:<\/strong> China\u2019s economy remained mired in deflation<\/a> last month, official data showed.<\/p>\n<\/li>\n Luxury sector rally:<\/strong> LVMH shares surged 13 per cent yesterday after the luxury group reported a return to growth<\/a> in the third quarter, including a 7 per cent sales increase in mainland China. <\/p>\n<\/li>\n<\/ul>\n 2.<\/strong> Top US financiers have warned of an erosion in lending standards<\/strong> after credit markets were shaken by the collapse of First Brands Group and Tricolor Holdings. \u201cIn some of these more levered credits, there\u2019s been a willingness to cut corners,\u201d Marc Rowan, chief executive of Apollo Global Management, told the FT Private Capital Summit in London<\/a>.<\/p>\n 3.<\/strong> Sir Keir Starmer has said he will publish key witness statements <\/strong>in the failed prosecution of two British men accused of spying for China. The UK prime minister made the pledge as he dismissed what he called \u201cbaseless accusations\u201d that his government had undermined the case to avoid tensions with Beijing. Read more about the controversy<\/a>.<\/p>\n 4.<\/strong> An anonymous victim of Jeffrey Epstein filed lawsuits against Bank of America and BNY<\/strong> over their ties to the late sex offender, in the latest class-action complaints against the financier\u2019s banks. The complaint accused BofA of \u201cparticipating in and financially benefiting\u201d from Epstein\u2019s sex-trafficking operation. Here are more details<\/a>.<\/p>\n 5.<\/strong> Syrian President Ahmed al-Sharaa met Vladimir Putin for the first time yesterday,<\/strong> signalling a possible rapprochement<\/a> after Sharaa\u2019s rebel forces toppled Putin\u2019s longtime ally Bashar al-Assad last year. Sharaa promised to \u2018\u2018reset\u2019\u2019 relations with Russia at talks in the Kremlin, while Putin alluded to Russia\u2019s eagerness for a new start.<\/p>\n Indian shoppers have long been lured by discounts during colourful celebrations in the run-up to the annual Diwali festival. But this year\u2019s festivities have been turbocharged by tax cuts \u2014 dubbed the \u201cGST Savings Festival\u201d \u2014 in hopes of boosting consumer sentiment in the world\u2019s most populous country. Indian companies are hoping Prime Minister Narendra Modi\u2019s \u201cDiwali gift\u201d<\/a> can counterbalance the drag from global trade tensions.<\/p>\n First Brands collapse:<\/strong> Founder Patrick James\u2019 borrowing binge is a reflection of the nearly $2tn private credit industry and the broader risks<\/a> created by its rise.<\/p>\n<\/li>\n The death of the business lunch: <\/strong>Weight-loss jabs such as Ozempic and Mounjaro are leading executives to order smaller portions<\/a> and creating a headache for restaurateurs.<\/p>\n<\/li>\n Israel-Hamas war:<\/strong> Israeli prisons have become an unwitting training ground<\/a> for the next generation of Palestinian leadership.<\/p>\n<\/li>\n<\/ul>\n Morgan Stanley overtook arch-rival Goldman Sachs in equities tradin<\/a>g in the third quarter for the first time since 2022, helping the investment bank\u2019s profits jump by almost half.<\/p>\n This year has seen a glut of action-adventure video games set in feudal Japan. What\u2019s the appeal<\/a>? Tom Faber explores the interest in games such as the new Ghost of Y\u014dtei<\/em>. <\/p>\n\n
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News in-depth<\/h3>\n
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Chart of the day<\/h3>\n
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<\/picture><\/figure>\nTake a break from the news\u2009.\u2009.\u2009.\u2009<\/h3>\n
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