Five Things You Need to Know to Start Your Day

The Biden administration approves its first arms sale to Taiwan. Investors pore over old Xi Jinping speeches in the hunt for Beijing’s next target. China’s clampdown sparks a school pupil exodus in Hong Kong. Here’s what you need to know this Thursday.

Traders have began scouring Xi Jinping’s past speeches to find clues about which industries might be targeted next, after his administration smashed the country’s $100 billion for-profit education sector. Reading Beijing’s signals has always been a crucial component of doing business in China, but the abrupt education overhaul has prompted even seasoned investors to reassess how they interpret statements from Xi and top officials. This week Tencent shares plunged after an offshoot of the official Xinhua News Agency decried the “spiritual opium” of online gaming, sparking worries that the sector might be next on the chopping block.