Group 1: Technology Sector - SoftBank Group's shares fell over 10% in Asian markets amid a broader tech and AI sell-off, driven by fears of an AI bubble despite strong earnings from Nvidia Corporation [2][7] - The market's reaction indicates that even strong performance from industry leaders may not alleviate investor concerns regarding the sustainability of current AI valuations [2][7] Group 2: Fixed Income Market - Japanese Government Bonds (JGBs) are experiencing increased foreign investor interest as yields rise, signaling a shift in global capital flows [3][7] - The 40-year JGB yield has reached 3.697%, the highest since 2007, with 20-year and 30-year yields also at multi-year highs, attributed to the Bank of Japan's policy normalization and new economic stimulus plans [3][7] Group 3: Telecommunications Sector - French telecom companies are exploring a wider bid for assets owned by billionaire Patrick Drahi, indicating potential consolidation in the competitive French telecom market [4][7] - Previous valuations for Drahi's Altice France, including its SFR unit, reached up to €30 billion, suggesting significant strategic maneuvers among rivals [4][7] Group 4: Steel Industry - Western allies are forming a united front against the influx of cheap Chinese steel, highlighting concerns over China's industrial overcapacity and its impact on global markets [5][7] - The European Commission has announced measures to protect its steel sector, including doubling tariffs on steel imports above a certain quota to 50% [5][7] Group 5: Regulatory Environment - Brussels is preparing to issue a formal warning to Italy regarding its 'golden power' rules, which allow the government to block or impose conditions on corporate takeovers in strategic sectors [8] - Concerns have been raised that Italy's application of these rules may breach EU law and infringe upon capital mobility principles [8]

Group 1 - China's top court ruling invalidates workarounds for evading social insurance contributions, aiming to fund pension plans but potentially threatening jobs and businesses [1] - Small business owners are responding by offering new contracts that avoid required social insurance contributions, indicating economic trade-offs in boosting consumer demand [2] - A survey revealed that only 3 out of 18 employees reported their employers paying social insurance contributions, suggesting the ruling may not generate necessary funding for welfare [3] Group 2 - A 2019 report warned that the national pension fund could deplete by 2035 due to declining worker-to-retiree ratios, with a 2024 update suggesting delaying retirement could extend this by 8-9 years [4] - China is addressing industrial overcapacity amid deflationary pressures and trade frictions, balancing immediate employment needs with long-term reforms [5] - A survey indicated that only 34.1% of firms were fully compliant with social insurance rules, with 29.3% reporting disputes with employees over social insurance in the past year [6] Group 3 - Social insurance contributions in China typically amount to about 10% of gross income for employees and approximately 25% for employers, covering various benefits [8]

路透：美国众议院中国事务特设委员会的民主党成员上周五向美国财长贝森特等高级贸易官员致函，他们表示，任何双边贸易协议都应包括对中国减少工业过剩产能的“约束性要求”。信函还表示，政府应利用中国产能过剩对盟友和合作伙伴带来的焦虑，与他们合作制定应对产能过剩的国际措施。 https://t.co/BLvoR7mBF3 ...