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- Russian President Vladimir Putin reportedly proposed meeting Trump and Xi next month to negotiate an end to the Ukraine war, apparently without Zelenskyy participating.
- France suffered its worst unrest in years as protests over living costs and public services turned violent.
- China’s economy grew 4.5% annually in the third quarter, beating estimates.
- CXMT shares fell 6.5% despite the Chinese chipmaker forecasting a dramatic return to profitability.
- Indonesian stocks dropped to a six-year low as MSCI considered moving the country from emerging-market to standalone status.
Ukrainian President Volodymyr Zelenskyy speaks to journalists after a meeting with German Federal Chancellor Friedrich Merz, who visited the capital, Kyiv, Ukraine, on October 4, 2026. (Volodymyr Tarasov/ Ukrinform/Future Publishing via Getty Images)Future Publishing | Future Publishing | Getty Images
Hello, this is Hui Jie writing to you from Singapore, filling in for Leonie Kidd. Welcome to another edition of CNBC’s Daily Open.
Former U.S. Secretary of State Antony Blinken remarked in 2024, “If you are not at the table in the international system, you’re going to be on the menu.”
Russian President Vladimir Putin now reportedly wants to bring together the leaders of Russia, the U.S. and China to discuss ending the war in Ukraine. But conspicuously absent from the proposed guest list: Ukraine.
To use Blinken’s words, if President Volodymyr Zelenskyy is denied a seat at the table, Kyiv now has every reason to wonder whether it’s on the menu.
What you need to know today
Putin has reportedly proposed that he, Trump and Xi meet next month to discuss ending the four-year war in Ukraine, according to The Wall Street Journal.
According to the report, the aim would be to reach a settlement favorable to Moscow. Most notably, Ukrainian President Volodymyr Zelenskyy would not participate, meaning the leaders of the three major powers would be discussing the future of a country without its president.
Such a summit would be unprecedented and deeply alarming to Ukraine’s European allies, particularly as relations between Washington and Kyiv deteriorate.
Trump has defended delaying additional sanctions on Russia, saying he does not want to drive Moscow away from the negotiating table. He has also accused Zelenskyy of not wanting to end the war.
Zelenskyy, for his part, has insisted that Russia is responsible for the war not coming to an end. “America should see that Russia is not taking any reciprocal steps in response to sanctions relief or agreements,” he said in a post on X on Sunday. “On the contrary, they take every signal of an opportunity to make money as proof that their bet on war is paying off and they can keep fighting.”
Elsewhere in Europe, France endured its worst unrest in years over the weekend as nationwide demonstrations over living costs and declining public services descended into rioting ahead of a key budget vote.
Almost 2,400 people were arrested, while nearly 1,000 police officers and gendarmes were injured, according to the Interior Ministry. Shops were looted or damaged, and the 143-year-old town hall in Limoges was largely destroyed by fire.
President Emmanuel Macron ordered a review of whether there had been failings in intelligence gathering or police preparedness, and asked the government to bring together students, teachers, lawmakers, unions and business leaders this week to produce “concrete proposals” to address the crisis.
China’s trade data
Over in Asia, China’s economy produced a better-than-expected headline figure — but the details were less uniformly encouraging.
Gross domestic product grew 4.5% in the third quarter from a year earlier, accelerating from 4.3% in the previous quarter as foreign demand for Chinese technology goods supported exports.
Domestic demand remained weak, however. Urban fixed-asset investment fell 7.2% during the first nine months of the year, while retail sales grew just 1.1% in September. Industrial output rose 5.5%.
In Beijing’s markets, however, investors were hard to please as shares of Chinese memory-chip maker ChangXin Memory Technologies fell 6.5%, despite the company forecasting a dramatic return to profitability.
The company has benefited from strong AI-related demand and rising memory prices, doubling its share of global DRAM revenue to 10% in the third quarter from 5% a year earlier.
Indonesia’s MSCI overhang
Indonesia, Southeast Asia’s largest economy, saw its benchmark stock index plunge more than 5% Monday, reaching its lowest level in six years after falling 11.6% Friday.
This comes after index provider MSCI said it is considering moving Indonesia directly from emerging-market to standalone status amid concerns over market governance and transparency.
Goldman Sachs estimates that complete removal from MSCI’s emerging-market indexes could trigger about $5.6 billion in passive outflows. The bank also warned that Indonesian equities may not yet have reached their bottom.
— Lim Hui Jie
And finally…
India’s Finance Minister says easy exits and excess liquidity fuel equity market’s underperformance
Excess liquidity in India’s equity market has contributed to underperformance and may continue to do so, according to Finance Minister Nirmala Sitharaman.
“Because of the ease of liquidity, ease of availability, people are even exiting easily” from equities, Sitharaman told CNBC in an exclusive interview on the sidelines of the IMF-World Bank meetings in Bangkok on Friday. However, the fundamentals of the Indian economy are “fine,” she said.
Since January, India’s key benchmark indexes have slipped nearly 12%, according to LSEG data, even though the country’s economic growth has been resilient amid trade uncertainty and geopolitical shocks.
— Priyanka Salve
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