JP Morgan co-president Pinto said AI companies need to demonstrate that the scale of their investments is justified by current valuations.

UAE: TotalEnergies signed a five-year LNG supply agreement with ADNOC Gas, the gas arm of Abu Dhabi National Oil Company.

Guangdong’s consumption expansion plan urges measures to boost household income, refining factor-based distribution to reward skill and knowledge and to give higher pay to more hours, higher-skilled and innovative workers. The province will optimize minimum-wage assessment and regular adjustment mechanisms, implement provincial minimum-wage standards and aim to steadily raise incomes for low-wage workers; it will set up a provincial–city–district three-tier corporate wage survey and disclosure system and promote collective wage bargaining. Authorities will ease the operating environment for SMEs and self-employed firms via lower financing-guarantee fees and tax relief. The plan encourages listed companies to establish normalized dividend mechanisms, directs stronger market-cap management of state-controlled listed companies, and calls for expanded supply of personal pension products.