Chinese market gains, US trade vote and Irish referendum

The daily briefing “FirstFT” from the Financial Times.

Asian markets are higher today, with China’s Shenzhen Composite on track for its best weekly performance since Beijing launched stimulus measures during the financial crisis of 2008.

Questions are mounting over how Hong Kong’s stock exchange is regulated after massive sell-offs saw three listed companies lose half their value since Wednesday. Investors in Hanergy Thin Film and two units of Goldin are looking at $36bn in combined paper losses.

So what if Chinese markets are a speculative heaven , says James Mackintosh: all stock markets are. That being said, Lex argues there’s no need for regulators to intervene to save speculators from themselves. (FT)

In the news

Baltimore police charged The city’s residents may be a step closer to closure after six police officers were charged over the death of Freddie Gray, the young black man whose killing sparked riots in Baltimore last month. (FT)

Fed subpoenaed The US central bank has been ordered to produce documents relating to a leak of sensitive information in 2012. The Fed has faced repeated questions by members of Congress about contacts between staff and Medley Global Advisers, which provides research for large investors, but has failed to comply with requests for information from the financial services committee. (FT)

One to beat Only one opponent now stands between Sepp Blatter and a fifth term as president of Fifa , after two candidates pulled out of the running for football’s top job. One of them, Luís Figo, criticised the process as being “anything but an election” and a “plebiscite for the delivery of absolute power to one man”. (FT)

TPP (almost) on fast track The US Senate took President Barack Obama a step closer to gaining the authority he needs to conclude the Trans Pacific Partnership with Japan and 10 other economies, which members of his own party have opposed. A vote on so-called “fast-track” authority should come before the end of the week and sets the stage for another round of heated debate when the House of Representatives takes up the issue in June. (FT)

Saudi Arabia sees oil-free future The kingdom that fossil fuels built could phase them out by the middle of this century, the country’s oil minister said in a stunning admission on Thursday. For that reason, the country plans to become a “global power in solar and wind energy” and could start exporting electricity instead of oil. (FT)

BP settles Deepwater Horizon disputes The oil company has settled with Transocean and Halliburton over the 2010 disaster, closing another chapter in the long and complex litigation process. The deals provide further clarity for the companies on the costs they face, and help curb their legal bills but BP still faces great uncertainty over how much it will ultimately have to pay, with large remaining liabilities not yet quantified. (FT)

It’s a big day for

Same-sex couples in Ireland Citizens of the majority Roman Catholic republic head to the polls for a vote on marriage equality in a referendum supported by Prime Minister Enda Kenny. But have opinion polls overestimated support? (Independent)

Food for thought

Russians: should I stay or should I go? As relations between Russia and the west continue to fray, data and anecdotal evidence suggest more people are leaving the country than before. But amid the departures, a new wave of patriotism is steeling the resolve of Russians ready to ride out the economic crisis, and the IMF says growth may rebound next year. (FT)

Obama on Iran and Isis The president sits down to discuss Middle East policy. “Look, 20 years from now, I’m still going to be around, God willing. If Iran has a nuclear weapon, it’s my name on this. I think it’s fair to say that in addition to our profound national-security interests, I have a personal interest in locking this down.” (The Atlantic)

Reel change “The fact that now most films are not shown in 35mm means the war is lost,” says Quentin Tarantino, film director and celluloid purist. The job of the cinema projectionist is rapidly disappearing but a select few are keeping the reels rolling. (FT)

Showtime in Havana The Cuban economy may be on the verge of opening up amid a thawing of relations with the US but urgent reforms are needed if the Caribbean nation is totruly emerge. (FT)

Politics will seal Greece’s fate Nato member Greece sits in the strategically vital southeast corner of Europe. Can the EU really allow its government to fall into the arms of Moscow? What would be the signal to the rest of the Balkans? Such are the thoughts swirling in the heads of policy makers as Athens approaches each new payment date, says Philip Stephens. (FT)

Patagonia’s anti-growth strategy How the outdoor-apparel company’s anti-consumerismethos helps it sell products, boost its brand and achieve double-digit annual growth. (New Yorker)

Video of the day

Getting the most out of the Apple Watch Personal tech columnist Tim Bradshaw offers tips and tricks for the tech group’s latest gadget after a month with the timepiece. (FT)

This article is published in collaboration with The Financial Times. Publication does not imply endorsement of views by the World Economic Forum.

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Author: FirstFT is the Financial Times’ editors curated free daily email of the top global stories from the FT and the best of the rest of the web.

Image: Pedestrians walk under red lanterns. REUTERS/Aly Song.