As Europe grapples with its own China shock, the U.S. has largely given up on trying to persuade Beijing to change the export-heavy economic model that's helping fuel it.
What they're saying: "We did that for 25 years with our best people, and everything got worse," U.S. Trade Representative Jamieson Greer told Axios in an interview this week, referring to efforts to persuade China to shift toward greater consumption.
The China-fueled economic upheavalthat helped transform American politics is now hitting Europe.
Why it matters: The new strain on European industry is building pressure for the continent to embrace the type of China crackdown it has long resisted.
It is the next big test of whether China's export boom will push other major economies toward the more protectionist approach that the U.S. embraced years ago.
Banca Monte dei Paschi di Siena has offered to buy rival Italian lenders Banco BPM and Banca Generali for a combined €34 billion in stock. The two offers aren't "conditionally linked," which means that either could happen without the other.
Why it matters: Banca Monte has been trying to repel a takeover by Italy's largest bank, Intesa Sanpaolo. This new effort could make Intesa's bid look more anticompetitive.
Big recent moves in U.S. government bond yields reflect in part a new financial reality: Foreign governments are far less willing to finance American budget deficits than they used to be.
Why it matters: The U.S. Treasury market's role as the place where foreign governments socked their cash for safekeeping conferred huge advantages on the U.S. government and economy and kept borrowing costs lower than they would otherwise be.
South Korean memory chipmaker SK Hynix plans to shower cash on shareholders in an effort to end a two-month-long share slump.
Why it matters: South Korea's stock market has become the epicenter for global AI-related volatility. SK Hynix and fellow chipmaker Samsung Electronics are the key drivers, accounting for roughly 50% of the country's benchmark KOSPI index.
