Rural Vietnam Booms With Jobs From Apple-Led Move in Supply Chains

Services businesses have grown considerably in China, spurred by policy initiatives, and last year accounted for 54% of gross domestic product. The focus on the sector‘s role in the economy is set to continue, with China’s persistently large deficits in services trade showing room for growth, according to Bloomberg Economics. As well as enhancing quality and policy frameworks for the sector, China may encourage external trade in services when the countrys top leadership meets Oct. 26-29 to review a proposal for their new five-year plan.

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Todays Must Reads

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• Nearing consensus | The European Union moved closer to endorsing Nigerias Ngozi Okonjo-Iweala to lead the World Trade Organization, a step that would give her a big boost as the U.S. backs the other contender in the final phase of the contest.

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• Grocery wars | Amazon and Reliance Industries‘s fight for dominance of India’s lucrative e-commerce space is turning into a face-off, with both sides battling over the assets of a supermarket chain that could be key to their wider ambitions.

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• Brexit mess | Trade talks between Britain and the EU will continue in London until the middle of this week, after EU chief negotiator Michel Barnier extended his stay. Meanwhile, France may be willing to compromise on how much access its fishermen get to British waters while Boris Johnson feuds with U.K. business over who will be responsible if it all goes wrong.

• Promises made | The Trump administration says China has met 71% of its farm-good purchases under the phase one trade deal. Whether thats the most accurate way to measure the progress is still up for debate.

• Filler up | Europe may still be mired in a deep economic slump, but the regions truck drivers are hauling large volumes of goods across the continent as online shopping surges, offering a rare boost to oil demand.

• Top of the world | If China‘s economy — which is already recovering swiftly from the coronavirus shock — can stick to the growth trajectory of recent years, it’ll surpass the U.S. within the next decade.

• Not agreed | U.S. senators including John Cornyn and Ted Cruz sent President Donald Trump a letter arguing that Mexicos energy policy undermines the spirit of the USMCA trade agreement.

On the Bloomberg Terminal

• Staying in | Food-retail sales are set to outperform as Europe's Covid-19 cases rise, Bloomberg Intelligence writes.

• Steel playbook | The U.S. steel sector continues to show mixed signals, with our traffic-light gauge reflecting a balance of risks for the market, Bloomberg Intelligence writes.

• Use the AHOY function to track global commodities trade flows.

• Click HERE for automated stories about supply chains.

• See BNEF for BloombergNEFs analysis of clean energy, advanced transport, digital industry, innovative materials, and commodities.

• Click VRUS on the terminal for news and data on the coronavirus and here for maps and charts.

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