China and Peru have brought an upgraded free-trade agreement into force, extending their economic relationship into the rules governing digital commerce, logistics, investment and environmental cooperation. Effective from November 1, 2026, the protocol gives both countries a broader framework for managing trade while creating opportunities to connect Peruvian businesses more closely with Chinese markets and supply chains.

The agreement builds on a commercial partnership established well before the latest negotiations. The original treaty was signed in 2009 and entered into force in March 2010. Talks on its modernisation began in November 2018, followed by the signing of the upgrade in Lima in November 2024.

Investors continued adding money to global equity funds in late October, but their purchases became more selective as enthusiasm for artificial intelligence competed with concerns about the durability of the technology rally. Asian markets and technology funds remained prominent destinations, while withdrawals from US equity funds showed that confidence in AI was not translating into uniform support for American stocks.

Global equity funds attracted $10.19 billion during the week ended October 28, extending their run of net inflows to six weeks. However, purchases fell by approximately 59% from the previous week’s $25.06 billion. The figures suggest that investors retained an appetite for equities while committing fresh capital more cautiously ahead of major corporate earnings announcements.

Japan is expected to regain its position as the world’s largest LNG importer in 2026, reflecting a sharper decline in Chinese purchases rather than renewed Japanese demand. The anticipated change highlights a broader challenge for gas exporters: two of their most important customers are finding ways to reduce consumption, while high prices are discouraging purchases that might otherwise support market growth.

Forecasts show Japanese imports of 62 million metric tons this year, narrowly ahead of China’s 61 million. Other estimates put both slightly higher, at 63 million tons for Japan and 62 million for China. Each estimate therefore anticipates a gap of approximately one million tons. These remain forecasts, and changes in weather, industrial activity or year-end purchasing could affect the final ranking.

China’s return to manufacturing contraction in October highlights a growing imbalance in its economy: globally competitive technology industries are expanding, while domestic spending remains too weak to sustain a broader recovery. With overseas orders also losing momentum, Beijing faces renewed pressure to strengthen household demand and reduce its dependence on exports to maintain growth.

The official manufacturing purchasing managers’ index fell to 49.3 from September’s 50.1, undershooting the 50.0 reading anticipated by economists. October marked the third contraction in four months, suggesting that September’s improvement had yet to develop into a durable recovery. Production slipped below the expansion threshold, while new orders registered 49.4, pointing to weakness in both current activity and incoming business.

Germany’s unusually low gas reserves are reopening a fundamental debate over energy security: whether commercial suppliers can be relied upon to prepare adequately for winter when storing fuel offers little financial reward. The country has expanded its import options, but the shortfall in underground stocks exposes a gap between the purchasing decisions that make sense for individual companies and the protection that households, industry and the wider economy expect.

Storage facilities were reported to be 61.03% full on November 1, substantially below the national benchmark of roughly 70%. The Federal Network Agency’s November 2 assessment put the figure at approximately 61%, confirming that Germany has entered the heating season with a considerably smaller reserve than in comparable periods of previous years.

Asia’s recovery in crude oil imports is revealing a more persistent weakness further along the energy supply chain. Refineries are receiving almost as much crude as before the Iran war, yet imports of finished fuels remain depressed and diesel prices remain exceptionally high. Restoring access to oil has therefore delivered only a partial recovery in the fuels that businesses and households actually consume.

Asian crude arrivals reached 26.39 million barrels per day in October, up from 24.24 million in September. That places imports within approximately 2.3% of the 27 million-barrel daily average recorded during the three months preceding the conflict. Volumes were also 39% above April’s post-war low, demonstrating substantial progress in rebuilding supply routes.

Copper’s tightening physical market is exposing the limits of global inventory figures as a guide to supply security. Large quantities of metal are available worldwide, but an increasing share is concentrated in the United States, while Chinese buyers face dwindling stocks and lower domestic production. The resulting competition for accessible cargoes is pushing import premiums sharply higher even as the international futures benchmark retreats.

The Yangshan premium climbed above $200 a metric ton on Wednesday and remained close to that level, reaching its highest reading in Fastmarkets data extending back to 2017. The measure captures the additional amount Chinese importers pay over London Metal Exchange reference prices. Its rise indicates that securing metal for delivery into China has become substantially more expensive relative to the benchmark.

QatarEnergy is building an overseas LNG purchasing portfolio to protect part of its income against the geographic vulnerability of its own exports. By securing supplies from terminals outside the Persian Gulf, the company aims to retain cargoes it can trade when disruption to the Strait of Hormuz prevents Qatari shipments from reaching international markets.

The strategy would give one of the world’s largest gas producers a commercial interest in supplies that remain accessible during a crisis affecting its home operations. Chief Executive Saad Sherida Al-Kaabi said the approach was developed after the company examined alternatives to its dependence on Hormuz.