IMF warns on rates rises, the possibility of the ECB extending quantitative easing and self-healing spaceships

The daily briefing “FirstFT” from the Financial Times.

China today commemorated the end of the second world war with a parade of its military hardware through the streets of Beijing. Intercontinental ballistic missiles, drones, advanced bomber tanks and assault helicopters were on display, the fruits of 20 years of double-digit increases in China’s annual defence budget.

The parade comes as Pentagon officials track the first appearance of Chinese naval vesselsoff the coast of Alaska. (FT)

In the news

Fund warns on rates rise The IMF has urged the world’s leading central banks to refrain from raising interest rates in a bid to boost spending in the global economy. The fund said the performance of the world’s biggest economies was falling short of expectations and action would be needed to prevent growth rates from faltering. (FT)

Nuclear victory US President Barack Obama won a major foreign policy battle on Wednesday, securing enough votes from Congress to protect his landmark nuclear deal with Iran from Republican opponents. Barbara Mikulski became the 34th senator to support the deal, giving the White House the votes needed to back Mr Obama’s expected veto of a Republican effort to block the accord. (FT)

Crisis captured Photographs of a drowned child lying on a Turkish beach dominated social media on Wednesday, with the hashtag #KiyiyaVuranInsanlik, or “humanity washed ashore” in Turkish. The boy is presumed to be a Syrian refugee, with the country’s migrants arriving in Turkey in record numbers. (FT)

Eyes on the road for Sony The Japanese tech group says it is open to a tie-up with a traditional carmaker to capture the automotive market. “If we fundamentally believe at some point in time that we can make a difference in the automotive space, it’s something that we will look at,” said chief executive Kazuo Hirai. (FT)

Spielberg to leave Disney The most bankable director in Hollywood history is looking for anew studio home ahead of the expiry of his distribution deal with Walt Disney in August 2016. The director of Jaws and Jurassic Park is reportedly in talks to move his DreamWorks company to Universal Studios. (FT)

It’s a big day for

The European Central Bank, which meets amid expectations that president Mario Draghi will moot the possibility of extending the bank’s quantitative easing programme. (fastFT)

Food for thought

Walkie Talkie woes The City of London skyscraper has won the annual Carbuncle Cup – a dubious award for the “UK’s worst building” . The man behind the awards said the office tower “crashes into London’s skyline like an unwelcome party guest”. (BBC)

Powers of recovery Nasa and the University of Michigan have created a Terminator-style material that can heal itself. The material is intended to protect spaceships from flying rocks that puncture the vessels. (Quartz)

Ukraine: Costs of conflict A debt deal agreed with the IMF and creditors averted default but the war-torn country’s worries are far from over. (FT)

A Tesla for everyone Chief executive Elon Musk has announced plans to mass-produce an electric car that will cost buyers only about $35,000. Production is expected to start in about two years. (Quartz)

Feds at the festival Burning Man, an annual counterculture festival in the Nevada desert renowned for its scantily clad revellers and copious amounts of illegal narcotics, has attracted some unexpected guests. According to newly published documents, the FBI has been keeping tabs on the party. (Reuters)

Video of the day

Greenspan conundrum in reverse The emerging market savings glut may be over as countries raid their reserves to stabilise their currencies. The FT’s James Mackintoshexamines the threat to US bonds and whether the effect on bond yields of a Fed rate rise might be multiplied as a result. (FT)

This article is published in collaboration with FirstFT. 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: A man walks past buildings. REUTERS/Nicky Loh.