At the morning session close, China's main index futures contracts: CSI 300 (IF) +0.46%, SSE 50 (IH) +0.12%, CSI 500 (IC) +1.94%, CSI 1000 (IM) +1.89%.

European equities extended a run of outperformance, with the pan‑European STOXX 600 up 0.5% to clear its August high and record a fresh closing high. Miners and consumer goods led gains as investors rotated out of AI trades into defensive sectors amid a strong earnings season; healthcare and consumer staples also attracted flows. Greater clarity from the US midterms lifted risk appetite earlier in the week and the index jumped on Wednesday, while international oil prices fell below $100/bbl, providing additional support. Since early October the STOXX has outperformed the MSCI All‑Country World Index and looks set for its best quarterly relative showing since Q1 2025. Market attention now turns to how US midterm outcomes could affect the Iran conflict and tariff policy, and whether US policy shifts might boost renewables and weigh on AI‑related trades.

Five ministries issued an implementation plan to cut energy use and carbon across key sectors. Targets: achieve at least 150 mln tonnes of standard‑coal equivalent energy savings from retrofits in steel, nonferrous, petrochemical, chemical and building‑materials industries by 2030, and reduce energy intensity (industrial value‑added per unit energy) for firms above designated size by more than 10% versus 2025. Measures include tailored industry retrofit programs, large‑scale existing‑building energy upgrades and promotion of ultra‑low‑energy buildings; tighter vehicle energy‑consumption limits and accelerated deployment of new‑energy heavy trucks and green‑fuel ships; expanded energy‑savings retrofits in public institutions using third‑party contract energy management; energy‑efficiency upgrades for compute capacity, telecom base stations and server halls; higher energy‑production efficiency and low‑carbon retrofits of coal‑fired units; and steps to steadily cut grid line losses.