Five Things You Need to Know to Start Your Day: Asia

Good morning. Xi urges Macron to help China avoid a ‘cold war.’ Israel rejects Gaza cease-fire plan. Fixed income lives up to its name, for once. Here’s what’s moving markets. — Isabelle Lee

Chinese President Xi Jinping called on France to help fend off a “new Cold War” as the European Union increasingly aligns with the US over security risks and trade matters. He told French President Emmanuel Macron the two nations should uphold mutual benefits, and jointly oppose decoupling and the disruption of supply chains. Xi is in Paris on a state visit before heading to Serbia and Hungary in his first trip to the bloc in five years. He is hoping to convince Europeans that Beijing offers an economic opportunity amid fraught trade relations. The EU and China have found themselves at odds on multiple fronts, including Russia’s war in Ukraine and international commerce. Macron reiterated that there cannot be security in Europe without security in Ukraine.