China and France lash out at Trump, Turkey’s shrinking economy and Syria’s comfort food

Sign up to receive FirstFT by email here

China and Europe have lashed out at Donald Trump after he spent the weekend upping the ante over his country’s foreign policy. Beijing warned that there would be “nothing to discuss” with the US if Mr Trump’s administration discards the “One China” policy. The comment came after the president-elect hinted that the four-decade old policy could become a bargaining chip in Sino-US relations. The FT’s Ed Luce reckons there is every indication that relations with China will continue to be rocky.

Europe added its voice to criticism of the future American leader, with the French industry minister saying on Monday that the bloc was ready to fight the economic protectionism hinted at by Mr Trump on the campaign trail. The future president is also on a collision course with the national security establishment after he forthrightly rejected the assessment of the US intelligence community that Russia intervened in his candidacy. Here is why the mixed response to Russian meddling in American democracy is alarming. (FT, WaPo, Economist)

In the news

Oil alliance Crude prices have risen as an alliance between oil producers Saudi Arabia and Russia has helped smooth the way for the first global crude supply pact in 15 years. The depth of the two-year oil slump has forced the countries into an unlikely partnership. (FT)

China’s new trade war China is gearing up for a new round of trade battles with the US, EU and other leading trading powers after failing to secure widespread recognition for a bid to be viewed as a “market economy” under World Trade Organisation rules. (FT)

Turkey’s economy shrinks Turkish GDP shrank 1.8 per cent in the third quarter, its first year-on-year decline since 2009. The Turkish lira fell as much as 1.8 per cent on the news. The figures confirm the deterioration in Turkey’s economy as the currency falls, inflation remains high and consumption is reined in. Turkey is in national mourning after a terror attack that killed 38 this weekend. An offshoot of the Kurdistan Workers’ party (PKK) has claimed responsibility. (FT, Reuters)

Venezuela plays Robin Hood The government has seized nearly 4m toys from a private company and says it will hand them out as Christmas gifts for poor children. There is disagreement over whether the toy raid is an abuse of power or a step to ease the country’s troubled economy. (NPR)

Security questions after Egypt bombing Survivors of Sunday’s terror attack in Egypt have accused the country’s security forces of not doing enough to protect Christian places of worship. Twenty-four people were killed in the bombing of Cairo’s main cathedral. President Abdel Fattah al-Sisi announced three days of mourning after the attack. (Reuters)

It’s a big day for

New Zealand The ruling National party has elected Bill English, a longtime party heavyweight, as prime minister following the unexpected resignation of John Key. (FT)

Christine Lagarde The IMF chief will go on trial on Monday for negligence over a fraudulent €405m payout that the French state made to a businessman when she was finance minister. (FT)

Keep up with the important business, economic and political stories in the coming days with the FT’s WeekAhead.

Food for thought

Dilemma of an asylum official An inside look at Italy’s overburdened asylum system highlights the hierarchy of human misery that governs who is allowed to stay in Europe — and how the burden of making life-changing decisions takes its toll on officials. (NYT)

Renminbi stalls on the road to global prominence New capital controls have led to doubt, especially over hopes of forcing economic reform in China, and placed another obstacle in the way of Beijing’s dream of making the renminbi a global currency. (FT)

Comfort food For Syrians in exile food is more than a means of sustenance. It is an important part of national identity that has evolved over thousands of years of conquest, trading and migrations. It is also a reminder of the rich and diverse culture being destroyed by civil war. (Guardian)

Too much tech Why millennials are turning their back on fast-changing technology and revering analogue. (FT)

Who killed Alexander Perepilichny Three years passed before a theory emerged that might explain what happened to the Russian businessman and enemy of the Kremlin who died in London in 2012 under suspicious circumstances. But highly interested parties — including a wealthy American-born investor and quite possibly officials in the highest reaches of the British and Russian governments — were watching the story the whole time. (Atlantic)

Back to black Such is the demand for black clothes in Thailand following the death of King Bhumibol Adulyadej that companies are opening free dyeing services so that people can make their existing wardrobe mourning-friendly. (NAR)

Video of the day

A look at the week ahead Vanessa Kortekaas highlights the stories to watch in the coming week, with the Fed expected to raise interest rates and president-elect Donald Trump set to clarify his separation from his business holdings when he takes office. (FT)