☕️ Good morning, friends,

Today’s update comes from our colleagues at Tomato News (yes, that is their real name).

China is sitting on a mountain of tomato paste. Seven hundred thousand tons of tomatoes are finding no buyers.

Until now, Italy had been the main taker, happily importing it and then very creatively labeling it as 100% Made in Italia. Those days are over.

Which means more supply for Tomato Scrambled Egg, the unofficial national dish of all foreigners in China. 🍅🍳

Highlights: Doubts about another Fed rate cut in December and worries about an overstretched AI rally weighed on sentiment at the start of the week.

• In Japan, rising China–Japan tensions dampened the mood. Shiseido plunged as much as 11% in Tokyo — its steepest drop since April. Beijing’s travel warning for Japan added further pressure, particularly on tourism and travel stocks.

TOP BIT

💸 US sanctions make China’s AI chip star super rich

US export bans on high end chips were meant to slow China’s AI ambitions. Instead, they created a new billionaire.

The founder of Chinese chip designer Cambricon, Chen Tianshi, has pushed his fortune to about …