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      China Stocks Surge After Government Measures to Boost Economy

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      The government has fired up investors by encouraging banks to lend more to buyers of stock and real estate, but economists say more stimulus is needed.Share prices surged as trading resumed on Tuesday in mainland China following a weeklong national holiday, as investors rushed in to make bullish bets that Beijing’s leaders are committed to providing stimulus for the faltering Chinese economy.Before the break, the Chinese government jolted stock markets sharply higher with a package of measures aimed at halting the cycle of falling real estate prices and weakening consumer confidence.The central bank and other top financial agencies announced on Sept. 24 that they were cutting interest rates, reducing the minimum down payments for mortgages, and encouraging banks to lend more money for investors to buy shares.Two days later, the ruling Politburo issued an uncommonly blunt call for more to be done to help the economy. Several municipal governments soon followed by trimming or dismantling their restrictions on real estate purchases as a way to stabilize the housing market in their cities.

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      China’s CSI 300 Index
      As of Oct. 8, 2024 9:43 a.m. local time.Source: FactSetBy The New York TimesThe CSI 300, an index of large companies traded in Shanghai and Shenzhen, soared 25 percent in heavy trading over the five sessions before the holiday. Market operators tested their systems on Monday in anticipation of another influx of activity.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Fears of a Global Oil Shock if the Mideast Crisis Intensifies

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      The threat of an escalating conflict between Israel and Iran has created an “extraordinarily precarious” global situation, sowing alarm about the potential economic fallout.As the world absorbs the prospect of an escalating conflict in the Middle East, the potential economic fallout is sowing increasing alarm. The worst fears center on a broadly debilitating development: a shock to the global oil supply.Such a result, actively contemplated in world capitals, could yield surging prices for gasoline, fuel and other products made with petroleum like plastics, chemicals and fertilizer. It could discourage investment, hiring, and business expansion, threatening many economies — particularly in Europe — with the risk of recession. The effects would be potent in nations that depend on imported oil, especially poor countries in Africa.The possibility of this calamitous outcome has come into focus in recent days as Israel plots its response to the barrage of missiles that Iran unleashed last week. Some scenarios are seen as highly unlikely, yet still conceivable: An Israeli strike on Iranian oil installations might prompt Iran to target refineries in Saudi Arabia or the United Arab Emirates, both major oil producers. Iranian-supported Houthi rebels claimed credit for an attack on Saudi oil installations in 2019. The Trump administration subsequently pinned the blame on Iranian forces.As it has done before, Iran might also threaten the passage of tankers through the Strait of Hormuz, the critical waterway that is the conduit for oil produced in the Persian Gulf, the source of nearly one-third of the world’s oil production. Such a move could entail conflict with American naval ships stationed in the region.That, too, is currently considered to be improbable. But the upheaval in the region in recent months has pushed out the parameters of possibility, rendering imaginable scenarios that were once dismissed as extreme.As Israel plots its next move, it has other targets besides Iranian oil installations. Iran would have reason for caution in crafting its own retaliation. Broadening the war to its Persian Gulf neighbors would invite a punishing response that could push Iran’s own economy — already bleak — to the brink of collapse.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Gilead Agrees to Allow Generic Version of Groundbreaking H.I.V. Shot in Poor Countries

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      Many middle-income countries are left out of the deal, widening a gulf in access to critical medicines.The drugmaker Gilead Sciences on Wednesday announced a plan to allow six generic pharmaceutical companies in Asia and North Africa to make and sell at a lower price its groundbreaking drug lenacapavir, a twice-yearly injection that provides near-total protection from infection with H.I.V.Those companies will be permitted to sell the drug in 120 countries, including all the countries with the highest rates of H.I.V., which are in sub-Saharan Africa. Gilead will not charge the generic drugmakers for the licenses.Gilead says the deal, made just weeks after clinical trial results showed how well the drug works, will provide rapid and broad access to a medication that has the potential to end the decades-long H.I.V. pandemic.But the deal leaves out most middle- and high-income countries — including Brazil, Colombia, Mexico, China and Russia — that together account for about 20 percent of new H.I.V. infections. Gilead will sell its version of the drug in those countries at higher prices. The omission reflects a widening gulf in health care access that is increasingly isolating the people in the middle.Gilead charges $42,250 per patient per year for lenacapavir in the United States, where it is approved as a treatment for H.I.V. The company has said nothing about what lenacapavir will cost when used to prevent H.I.V. infections, a process called pre-exposure prophylaxis, or PrEP.The generics makers — four companies in India, one in Pakistan and one in Egypt — are expected to sell it for much less. Researchers at Liverpool University found the drug could profitably be produced for as little as $40 per patient per year, if it were being purchased in large volumes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Germany Accuses Woman of Spying for China on Arms Exports

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      The woman, who worked at an airport that is one of Europe’s largest cargo hubs, is accused of passing along “flights, freight and passengers” related to arms exports.A 38-year-old Chinese woman living in Germany has been arrested on accusations of supplying China’s intelligence services with sensitive information on Germany’s weapons exports. It is the latest spying-related arrest amid increasing worry in Germany about intelligence gathering by China and Russia.Germany’s federal prosecutor said in a statement on Tuesday that the woman, identified only as Yaqi X. in keeping with strict privacy rules, worked at Leipzig/Halle Airport in eastern Germany. She is accused of passing along information about “flights, freight and passengers” related to arms exports, as well as information on employees of a German weapons manufacturer, the statement said.The airport, roughly 90 miles southwest of Berlin, is one of Europe’s largest cargo hubs, handling over 1.5 million tons of freight each year. The authorities said that Ms. X. worked for a logistics company that operates out of the airport.The authorities said she also had close links to a Chinese man, identified as Jian G., who was arrested in Germany in April and accused of being a spy in Germany and Brussels.The police arrested Ms. X. on Monday and searched her apartment in Leipzig and her workplace at the airport.Berlin has become concerned with the number of active spies in Germany since Russia’s 2022 invasion of Ukraine as well as intelligence gathering by China, Germany’s largest trade partner.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Why the World’s Biggest Powers Can’t Stop a Middle East War

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      The United States’ ability to influence events in the Mideast has waned, and other major nations have essentially been onlookers.Over almost a year of war in the Middle East, major powers have proved incapable of stopping or even significantly influencing the fighting, a failure that reflects a turbulent world of decentralized authority that seems likely to endure.Stop-and-start negotiations between Israel and Hamas to end the fighting in Gaza, pushed by the United States, have repeatedly been described by the Biden administration as on the verge of a breakthrough, only to fail. The current Western-led attempt to avert a full-scale Israeli-Hezbollah war in Lebanon amounts to a scramble to avert disaster. Its chances of success seem deeply uncertain after the Israeli killing of Hassan Nasrallah, the longtime leader of Hezbollah on Friday.“There’s more capability in more hands in a world where centrifugal forces are far stronger than centralizing ones,” said Richard Haass, the president emeritus of the Council on Foreign Relations. “The Middle East is the primary case study of this dangerous fragmentation.”The killing of Mr. Nasrallah, the leader of Hezbollah over more than three decades and the man who built the Shiite organization into one of the most powerful nonstate armed forces in the world, leaves a vacuum that Hezbollah will most likely take a long time to fill. It is a major blow to Iran, the chief backer of Hezbollah, that may even destabilize the Islamic Republic. Whether full-scale war will come to Lebanon remains unclear.“Nasrallah represented everything for Hezbollah, and Hezbollah was the advance arm of Iran,” said Gilles Kepel, a leading French expert on the Middle East and the author of a book on the world’s upheaval since Oct. 7. “Now the Islamic Republic is weakened, perhaps mortally, and one wonders who can even give an order for Hezbollah today.”For many years, the United States was the only country that could bring constructive pressure to bear on both Israel and Arab states. It engineered the 1978 Camp David Accords that brought peace between Israel and Egypt, and the Israel-Jordan peace of 1994. Just over three decades ago, Prime Minister Yitzhak Rabin of Israel and Yasir Arafat, the chairman of the Palestine Liberation Organization, shook hands on the White House lawn in the name of peace, only for the fragile hope of that embrace to erode steadily.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Map: Tracking Tropical Storm Pulasan

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      Pulasan was a tropical storm in the Philippine Sea Tuesday morning Japan time, the Joint Typhoon Warning Center said in its latest advisory. The tropical storm had sustained wind speeds of 40 miles per hour.  All times on the map are Japan time. By The New York Times Where will it rain? Flash flooding can […] More

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      What Undecided Voters Might Be Thinking

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      Since the populist surge that gave us Brexit and the rise of Donald Trump, politics in the Western world has polarized into a distinctive stalemate — an inconclusive struggle between a credentialed elite that keeps failing at basic tasks of governing and a populist rebellion that’s too chaotic and paranoid to be trusted with authority instead.The 2024 campaign in its waning days is a grim illustration of this deadlock. We just watched Kamala Harris, the avatar of the liberal establishment, smoothly out-debate Trump by goading him into expressing populism at its worst — grievance-obsessed, demagogic, nakedly unfit.But her smoothness was itself an evasion of the actual record of the administration in which she serves. Harris offered herself as the turn-the-page candidate while sidestepping almost every question about what the supposed adults in the room have wrought across the last four years.A historic surge in migration that happened without any kind of legislation or debate. A historic surge in inflation that was caused by the pandemic, but almost certainly goosed by Biden administration deficits. A mismanaged withdrawal from Afghanistan. A stalemated proxy war in Eastern Europe with a looming threat of escalation. An elite lurch into woke radicalism that had real-world as well as ivory-tower consequences, in the form of bad progressive policymaking on crime and drugs and schools.All of this and more the Harris campaign hopes that voters forgive or just forget, while it claims the mantle of change and insists that “we’re not going back.”Undecided voters in a polarized America generate a lot of exasperated criticism from both sides of the partisan divide. And no doubt it will exasperate many readers when I suggest that the choices presented in this election make indecision entirely understandable.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Why House Republicans Are Targeting China Weeks Before the Election

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      The G.O.P. pushed through an array of legislation to get tough on China, seeking to persuade voters that they are the party that will protect Americans from economic and military threats from Beijing.The House this week tackled a long-promised package of bills to get tough on China, but few if any have a chance of becoming law after Republicans opted to prioritize a handful of politically divisive measures that Democrats oppose.For months, House leaders had promised a bipartisan show of force against the United States’ biggest economic and military adversary, including curtailing investments in sensitive Chinese industries, clamping down on data theft and espionage, and ensuring more Chinese imports were subject to taxes and forced labor standards.But only some of those proposals made it to the floor this week. Instead, Republican leaders added a handful of partisan measures that appear to be aimed at portraying their party as stronger on countering China and Democrats, including the Biden administration, as weak.It comes weeks before the elections in which the White House and control of Congress are up for grabs.“Because the White House has chosen not to confront China and protect America’s interests, House Republicans will,” Speaker Mike Johnson, Republican of Louisiana, told reporters on Tuesday.Here’s a look at what the House did, and why.Subjecting international pandemic agreements to Senate treaty approval.Republicans, who have castigated the World Health Organization for its response to the coronavirus pandemic, pushed through a bill that would require Senate ratification of any W.H.O. agreement on pandemic preparedness. The organization is exploring ways to streamline the international response to the next pandemic.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More