Ukrainian President Volodymyr Zelenskiy speaks to journalists after meeting with German Federal Chancellor Friedrich Merz during his visit to Kiev, the capital of Ukraine, on October 4, 2026. (Volodymyr Tarasov/Ukrinform/Future Publishing via Getty Images)
Future Publishing | Future Publishing | Getty Images
Hello, my name is Hui Jie from Singapore and I represent Leonie Kidd. Welcome to another edition of CNBC’s Daily Open.
Former US Secretary of State Antony Blinken said in 2024, “If you’re not at the table of 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 United States, and China to discuss ending the war in Ukraine. However, Ukraine is clearly not included in the proposed guest list.
In Blinken’s words, Kiev now has every reason to wonder whether it is on the menu if President Volodymyr Zelensky is denied a seat at the table.
What you need to know today
Putin has reportedly proposed that Trump and Xi meet next month to discuss ending the four-year war in Ukraine, according to the Wall Street Journal.
The aim, the report said, is to reach a settlement favorable to Moscow. Most notably, Ukrainian President Volodymyr Zelenskiy will not participate, meaning the leaders of the three major powers will discuss the country’s future without the president.
Such a summit would be unprecedented and highly worrying for Ukraine’s European allies, especially as relations between the United States and Kiev deteriorate.
President Trump has defended the postponement of additional sanctions against Russia, saying he has no intention of forcing Russia off the negotiating table. He also accused Zelensky of not wanting to end the war.
President Zelenskiy claimed that Russia was to blame for the war not ending. “The US should understand that Russia has not taken any reciprocal steps in response to sanctions relief or the agreement,” he said in a post on X on Sunday. “On the contrary, they take every signal of an opportunity to make money as evidence that their war bets have paid off and they can continue fighting.”
Elsewhere in Europe, France suffered its worst unrest in years over the weekend as nationwide demonstrations over the cost of living and declining public services turned violent ahead of a key budget vote.
According to the Interior Ministry, about 2,400 people were arrested and about 1,000 police officers and military police were injured. Stores were looted and damaged, and in Limoges, a fire destroyed much of the 143-year-old city hall.
President Emmanuel Macron has ordered a review into intelligence-gathering and police preparedness and called on the government this week to bring together students, teachers, parliamentarians, trade unions and business leaders to come up with “concrete proposals” to deal with the crisis.
china trade data
In Asia, China’s economy posted better-than-expected headline numbers, but the details were not all too bright.
Gross domestic product (GDP) grew 4.5% year-on-year in the third quarter, accelerating from 4.3% in the previous quarter as exports were supported by external demand for Chinese high-tech products.
However, domestic demand remained sluggish. Fixed asset investment in urban areas fell by 7.2% in the first nine months of this year, but retail sales rose only 1.1% in September. Industrial production increased by 5.5%.
However, in the Beijing market, shares of Chinese memory chip maker Changxin Memory Technology fell 6.5%, proving difficult to satisfy investors, even as the company expected a dramatic return to profitability.
The company 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.
MSCI overhang in Indonesia
In Indonesia, Southeast Asia’s largest economy, the benchmark stock index fell more than 5% on Monday, hitting its lowest level in six years, following an 11.6% drop on Friday.
This comes after index provider MSCI announced it was considering moving Indonesia directly to independent emerging market status amid concerns over market governance and transparency.
Goldman Sachs estimates that complete removal from MSCI’s emerging markets index could cause passive outflows of about $5.6 billion. The bank also warned that Indonesian stocks may not have reached their bottom yet.
— Lim Huijie
And finally…
India’s finance minister says easy exits and excess liquidity are contributing to poor stock market performance
According to Finance Minister Nirmala Sitharaman, excess liquidity in the Indian stock market has contributed to the underperformance and is likely to continue.
“People are even getting out of stocks easily because liquidity is easy and available,” Sitharaman told CNBC in an exclusive interview on the sidelines of the IMF-World Bank meeting in Bangkok on Friday. However, he said the fundamentals of the Indian economy were “good”.
India’s main benchmark index has fallen nearly 12% since January, according to LSEG data, even though the country’s economic growth has remained resilient amid trade uncertainties and geopolitical shocks.
— Priyanka Salve
