"The Trans-Pacific Partnership trade deal was welcomed on Tuesday as a win for the United States in its contest with China for clout in Asia, as America's allies expressed optimism about the impact of the 12-nation accord on a region worried about its dependence on the slowing Chinese economy. The pact still must win approval in Congress, and analysts said the economic effects may be less sweeping than Washington predicts. But the mere fact that President Obama delivered on his pledge to close the deal came as a relief to allies in Asia," The New York Times reports.
"In recent weeks, London-based Algebris LLP, which runs $2.2 billion in equity and credit hedge funds, has been piling tens of millions of dollars into Chinese stocks for the first time since its launch in 2006, betting that August's sharp market selloff in Asia marked a turning point, according to the firm's founder. "We are long Chinese equities for the first time in our history," saidDavide Serra, chief executive of the firm, saying that the probability of a full blown economic collapse in China is lower than what the market estimates. Algebris declined to reveal the precise size of its bet on China," The Wall Street Journal writes.
Quartz writes, "The year's most prestigious prize in medicine has been bestowed upon Youyou Tu, the lead discoverer of powerful malaria drug artemisinin. In giving her the prize, the Nobel Prize committee has recognized the role ancient knowledge can play in the modern world. But her extraordinary tale, which began during the Vietnam war, also shows traditional medicine's limitations. In the war, the North Vietnamese were not just fighting American-supported forces but also failing to fight malaria. The parasite that caused the disease had developed resistance against chloroquine, which was commonly used as treatment. So, in desperation, they turned to China's leader, Mao Zedong, for help."