Good morning. Trump and Xi are set to talk TikTok. China is ahead in the next battery technology. And AI is being used to automate, not collaborate. Listen to the day’s top stories.

— Sara Marley

China said it reached a “consensus” with the US on TikTok, setting up a phone call between Donald Trump and Xi Jinping on Friday. Speaking after talks in Spain, Treasury Secretary Scott Bessent said the threat of the app going dark in the US ultimately sealed the framework agreement. Terms of the blueprint remain unclear and Beijing cautioned it won’t sacrifice principles for a pact.

India and the US may also be inching closer to a trade deal, with a team of American officials traveling to New Delhi for in-person negotiations. The countries have been “engaged virtually,” the South Asian nation’s chief negotiator Rajesh Agarwal told reporters Monday. US Trade Representative Jamieson Greer indicated that another extension in the tariff pause with China is possible when the November deadline arrives.

Elon Musk bought about $1 billion of Tesla shares on Friday, a vote of confidence following the board’s recent pay proposal. The stock jumped, turning positive for the year. Still, the co-founder’s virtual—and combative—appearance at a far-right rally in London speaks far more than a purchase of 0.08% of the company’s stock, Bloomberg Opinion’s Liam Denning writes.

If Trump gets his way, quarterly earnings could be a thing of the past. The president suggested companies report on a six-month basis instead, which he said would save money and allow managers to focus on running their companies. His comments tap into a long-running fault line in American capitalism over how much information should be disclosed by public companies.

Billionaire Mukesh Ambani’s Reliance Group companies raised about 210 billion rupees ($2.4 billion) through asset-backed securities, people familiar said, making it one of the largest such deals in India this year. About three-fourths of the issuance was bought by the country’s leading asset managers.

Deep Dive: Battery Boost

Solid-state technology, in which some liquid ingredients are replaced by solids, is fueling CATL’s latest surge. The technology is behind the next generation of batteries that are set to transform the global EV industry with mass production expected this decade.

• Hong Kong-listed shares of Contemporary Amperex Technology Co. Ltd. rose 7% on Monday to close at the highest since they debuted there in May. Wuxi Lead Intelligent Equipment and EVE Energy also climbed.
• The world’s biggest EV battery producer has been part of a “thematic trade” on solid-state optimism after bullish outlooks from equipment makers, as well as growing energy-storage outlay in China, JPMorgan Chase analysts wrote in a note upgrading CATL stock.

• Outside of China, South Korea’s SK On could bring out semi-solids before its targeted mass production of solid-state batteries from 2029. US firm QuantumScape shares rose more than 20% after it demonstrated a solid-state cell at a major auto show in Munich last week.
• There are limitations. Solid-state batteries promise a step up in energy density and reduced flammability, but development has been slow due to higher-than-expected costs and technical hurdles.

The Big Take

Opinion

Sanctions directed at India could be a huge strategic misstep by Trump, Andy Mukherjee writes. A threat of further punishment may backfire—especially if it’s used as a tactic to open an agricultural economy that barely manages to balance the interests of farmers and the urban poor.

Before You Go

Photographer: Bloomberg

Claude takes the lead. Businesses are overwhelmingly relying on Anthropic’s AI software to automate tasks rather than collaborate on them, according to a report from the OpenAI rival, adding to worries about worker displacement.