EU Competitiveness Push: Von der Leyen says Europe must rebuild around industrial strength, investment and strategic independence, with lower regulatory costs and a “derisking without breaking ties” approach to China. EU Budget Fight: Germany’s Merz leads a six-country push to cut the EU’s long-term budget, calling a proposed rise “unaffordable.” Ukraine Financing: Four EU states (Sweden, Netherlands, Spain, Poland) are preparing to press Brussels to reopen options to use over €200bn in frozen Russian assets for Ukraine. Packaging Rules: The EU’s PPWR is now in force, and the Commission has issued updated FAQs; firms warn compliance will hinge on getting packaging data together. Trade & Tariffs: The EU’s new 3-euro duty on low-value Chinese parcels has cut imports by 30–40%, hitting Temu and AliExpress volumes. Energy Security (UK): Centrica warns the UK has “almost no gas in storage” ahead of winter unless government support backs Rough redevelopment. Markets: Europe closed mostly lower as investors weigh Fed-rate expectations and geopolitics, with tech gains offsetting bank and energy weakness. Geopolitics (Iran): Iran warns it will retaliate economically after the US “economic D-Day” sanctions push, while the IRGC says Washington is shifting toward economic pressure and internal unrest.