Fitch expects ongoing oil and geopolitical risks to weigh on credit demand, asset quality and revenue generation at large European banks.

The Ministry of Industry and Information Technology and eight other ministries issued implementation opinions to promote high-quality development of the industrial internet. The guidance says it will further encourage foreign-invested firms to participate and implement the catalogue of industries encouraged for foreign investment to attract more FDI into related fields. It calls for deeper cooperation under the Belt and Road Initiative and BRICS mechanisms on policy, infrastructure, technology, applications and standards, promotes the Digital Silk Road, and urges use of multilateral and bilateral channels for joint tech R&D and talent training. The document also promotes treating data as an economic factor to unlock its value and optimize resource allocation, and encourages capable firms to expand into international markets.

Cambricon shares on China’s A-share market rose over 7% intraday to a record high, pushing the company’s market capitalization above 1 trillion yuan.