China seizes Taiwanese fishing boat, Taipei says

Good morning. In today’s newsletter we’re covering:

But first: Taiwan has said the Chinese coast guard confiscated a Taiwanese fishing vessel, in a sharp escalation of tensions between the two sides.

Taiwan’s coast guard said the captain of the Ta Chin Man 88 called for help last night after the Chinese coast guard stopped and boarded the vessel for inspection. The ship was fishing near the Taipei-controlled islands of Kinmen, which is located just off China’s coast.

Taiwanese coast guard ships sent to provide emergency assistance to the fishing boat were blocked by Chinese coast guard vessels and told not to interfere.

Here’s what else I’m keeping tabs on today:

• Economic data: S&P Global publishes June services PMI for China, Japan, India and Australia — and whole economy PMI for Singapore.

• US monetary policy: The Federal Open Market Committee releases its latest meeting minutes and economic forecast.

• Shanghai Cooperation Organisation: The nine-member regional security group meets in Kazakhstan, with Xi Jinping and Vladimir Putin both in attendance. (The Diplomat)

Five more top stories

1. At least 100 people have been killed after a stampede at a religious gathering in northern India yesterday. Local media reported that 116 people died during the event near a village in Hathras, a district in the state of Uttar Pradesh. Authorities said that as many as 15,000 devotees — far beyond the permitted amount — had arrived to attend the event by Bhole Baba, a popular local Hindu preacher.

2. Western financial institutions in China have cut their investment banking workforce by the most in years after a market slowdown hit profits and halted years of expansion in the country. Here are the banks scaling back in China.

3. Joe Biden is facing renewed pressure to end his re-election bid. A Democratic lawmaker yesterday called on him to drop out of the presidential race, while a new poll showed three-quarters of voters think another candidate would stand a better chance against Donald Trump.

4. India’s markets regulator has alleged Hindenburg Research’s report on Indian billionaire Gautam Adani “indulged in unfair trade practices” and said the short seller worked with a New York hedge fund to make its bet. Hindenburg called the allegations “an attempt to silence and intimidate those who expose corruption and fraud” in India.

5. France’s leftist and centrist parties have pulled hundreds of candidates from Sunday’s high-stakes election in an attempt to keep the far-right Rassemblement National out of power. The parties hope to avoid splitting the anti-RN vote and decrease the likelihood of Marine Le Pen’s party achieving an absolute majority.

News in-depth

A combination of attacks in the Red Sea and increased protectionist rhetoric from Joe Biden and Donald Trump is causing Chinese manufacturers to fear a Christmas freight crisis, leaving them to grapple with enlarged costs and extended delays on exports to western consumers.

We’re also reading . . . 

• FT Investigation: London fund Gemcorp’s past activities in Africa appear aligned with the Kremlin’s strategic priorities. Now it has senior Conservatives on the payroll.

• Liberal denialism: The fumbling of the Joe Biden succession is part of a pattern of behaviour on the left, writes Janan Ganesh. And recent history has turned on that failure.

• EY’s new chief: Janet Truncale’s alternative strategy for growth is already being criticised for lacking detail.

Chart of the day

Tesla’s vehicle deliveries declined for a second consecutive quarter but beat Wall Street estimates amid intense competition from cheaper Chinese rivals. Elon Musk’s electric vehicle company sold more cars than China’s BYD in the second quarter, retaining its position as the world’s largest EV company.

Take a break from the news

Bryan Johnson celebrates his birthday every 19 months, claiming he only ages 7.6 months in a calendar year. Johnson, who is the figurehead of a new Silicon Valley cult of wellness, has used techniques such as transfusing his son’s blood plasma to stave off the ageing process. Here Rhymer Rigby asks, can you buy good health?

Additional contributions from Harvey Nriapia and Irwin Cruz