Figure underscores resilience despite surging energy prices and rising borrowing costs.

Also in today’s newsletter: Jamie Raskin interview and race for ECB president

Pablo Hernández de Cos’s bid gains momentum as Paris and Berlin eye package deal on central bank leadership

Chief of major auto supplier Voestalpine says BYD and others will boost sector even as factories close

In an era of unreliable superpowers, mid-sized countries are banding together

The fifth annual FT-Nikkei Investing in America report: How the US has received only a fraction of investment from Asian partners in deals to lower tariffs; AI jitters in the wake of the midterms and how overseas companies are pouring money into US manufacturing