International - Financial Times - Credit Squeeze

King Felipe VI’s upcoming state visit highlights Madrid’s warm relations with Beijing amid US-China tensions

Nothing to see here for the ECB

Figure comes after ECB kept rates on hold

Recent cuts mark end of job security for high-earning knowledge workers whose ranks grew since pandemic

And Trump’s non-deal with China

Also in today’s newsletter: why the Trump-Putin Budapest summit was axed and what the end of QT could mean for Treasuries

Most children in lower and middle income countries fail basic literacy tests, according to World Bank-backed report

A year on from his re-election, diplomacy is being driven by the personal whims of the president to an extent that is unprecedented in the modern era

Beijing fears weak domestic demand and aggressive competition among producers is driving deflation

Beijing shows it can force Washington to compromise on trade issues

Escalation is averted for now, but underlying source of friction remains

Their role powering the growth of key industries means we cannot ignore economic security risks

Central bank says labour market is ‘robust’ and private balance sheets are ‘solid’

Also in this week’s newsletter: why the economy is politically impossible to manage

Libertarian leader to wield fresh mandate to reform deeply uncompetitive economy

Staying the current monetary course implies more chaos, not less

Also in today’s newsletter, does Trump need to win back younger voters before the midterms?

Leaders agree to postpone export restrictions on rare earths and semiconductors after South Korea summit

Saddle up for how the digital economy shapes geopolitical power

Better than expected performance comes after French output grows at fastest pace since 2023