China’s most durable official falls as exports mask weak demand
The WSJ reports that a political survivor long seen as untouchable has been removed, which tells officials below him that Xi Jinping’s personal control outranks any record of service. Officials who fear being next tend to avoid risky decisions, and that slows local spending and reform. The WSJ also says export-led growth has rebounded. That growth rests on foreign buyers, while a generation of young Chinese struggles to find work. Export gains do little for household income at home, so trading partners will keep facing Chinese goods priced to clear surplus capacity.
Rubio denies the US is squeezing Ukraine
Secretary of State Marco Rubio said Washington has not changed its policy on sharing early warnings of Russian missile attacks, and that the Pentagon is not deliberately withholding air defence missiles, according to Politico. Zelenskyy had complained about delayed deliveries, fewer ballistic missile warnings and slower Starlink service. The dispute shows Ukraine’s dependence on US intelligence and stockpiles, which Kyiv cannot replace quickly. Washington can slow support through routine scheduling without announcing any policy change. That ambiguity gives it leverage in the peace talks.
NAB cuts 2,500 jobs, 6% of its workforce
The FT reports that Australia’s NAB is cutting about 6% of its staff to suit an “evolving operating environment”. Banks cut jobs when they expect weaker lending growth and rising costs, so this signals a cautious outlook for the sector. Shareholders gain first through lower costs. Staff and borrowers carry the risk.
Britain’s first Burnham budget tests the gilt market
Tory leader Kemi Badenoch warned Prime Minister Andy Burnham not to repeat Liz Truss’s 2022 mistakes, according to Politico. She pointed to higher debt, rising gilt yields and extra spending ahead of next Wednesday’s budget. Gilt yields are the interest rate the government pays to borrow. Higher yields raise the cost of every mortgage and business loan tied to them.
NASA tests thinner Mars helicopter blades
NASA is testing a thinner rotor blade design, called roamx-0201, in simulations and wind tunnels. The aim is helicopters that fly higher and farther than Ingenuity, so one vehicle can scout more ground for science missions.
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