Investors have warned that Scott Bessent’s attempts to slash long‑term US borrowing costs are doomed to fail.

At the same time, European oil refinery capacity is set to shrink by a fifth over the next decade, continuing a trend of closures despite the recent energy shock.

In China, Shanghai’s answer to the Nasdaq is outpacing Hong Kong amid a frenzy for Chinese technology stocks, while a Chinese court has sentenced Hui Ka Yan, founder of the collapsed property giant Evergrande, to life in prison.