Shanghai municipal Party committee Financial and Economic Work Committee met this morning to review progress on a new real estate development model. The committee said it will fully implement central directives, prioritize livable and secure housing, and — given megacity conditions — deepen research and enact foundational systems and long-term mechanisms. It called for accelerating a real-estate model with high-quality supply, efficient delivery and robust operations; advancing high-quality urba

Norway's $2.3 tln sovereign wealth fund posted a 0.5% loss in Q3, driven by a 3.5% decline in fixed-income holdings that outweighed a 0.5% equity gain, Norges Bank Investment Management said on Thursday. Deputy CEO Grande said returns were near flat and ended slightly negative as rising interest rates hit bond performance. It is the fund's second quarterly loss in three quarters. Under current rules, 70% of the fund's bond allocations must be in sovereign debt; NBIM has recommended cutting government-bond holdings, including U.S. Treasuries, to 50% and increasing exposure to higher-yielding debt to lift returns. The proposal is expected to be submitted to parliament in H1 next year as part of the annual white paper.

EUROSTOXX 50 futures fell 0.95%, DAX futures fell 0.71% and FTSE futures fell 0.43%.