WASHINGTON, Oct 25 (Reuters) – The United States is considering sending older HAWK air defense equipment from storage to Ukraine to help it defend against Russian drone and cruise missile attacks, two U.S. officials told Reuters.

The HAWK interceptor missiles would be an upgrade to the Stinger missile systems – a smaller, shorter range air defense system – that the United States has already sent to blunt Russia’s invasion.

The Biden administration would use the Presidential Drawdown Authority (PDA) to transfer the HAWK equipment which is based on Vietnam-era technology, but has been upgraded several times. The PDA allows the United States to transfer defense articles and services from stocks quickly without congressional approval in response to an emergency.

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World Is In Its ‘First Truly Global Energy Crisis’ – IEA’s Birol

SINGAPORE, Oct 25 (Reuters) – Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis”, the head of the International Energy Agency (IEA) said on Tuesday.

Rising imports of LNG to Europe amid the Ukraine crisis and a potential rebound in Chinese appetite for the fuel will tighten the market as only 20 billion cubic meters of new LNG capacity will come to market next year, IEA Executive Director Fatih Birol said during the Singapore International Energy Week.

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Exclusive: China FX Regulator Surveys Banks About Positioning As Yuan Plunges

SHANGHAI/BEIJING, Oct 25 (Reuters) – China’s foreign exchange regulator sent a survey to some banks late on Monday asking them about their positioning in the currency market, three sources with direct knowledge of the matter told Reuters.

The survey comes at a time when China’s yuan is hitting its weakest levels since the global financial crisis of 2008, and its offshore unit is hitting record lows, succumbing to the broad strength of the U.S. dollar.

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Microsoft Powers Up Search For Chinese Gaming Hits In Race Against Sony

HONG KONG, Oct 25 (Reuters) – Microsoft Corp (MSFT.O) is stocking up on Chinese video game content to emulate Sony Group Corp’s (6758.T) success with “Genshin Impact”, sources said, solidifying China’s transition from a land only of players to a hub of blockbuster developers.

The U.S. software giant and Japan’s vanguard of technology have for some years been offering big money to small developers to nurture programmes and licence titles, but the impact of “Genshin Impact” has added a sense of urgency, sources said.

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Asia Stocks Struggle as Xi’s Leadership Team Spooks Markets

SINGAPORE, Oct 25 (Reuters) – Asian equities wallowed around lows hit early in the pandemic on Tuesday, while China’s yuan slumped to a nearly 15-year trough as investors were rattled by President Xi Jinping’s growing power.

U.S. and European futures were flat as investors awaited corporate earnings from heavyweights including Alphabet (GOOGL.O) and Microsoft (MSFT.O).

MSCI’s broadest index of Asia-Pacific shares (.MIAP00000PUS) fell to the lowest since April 2020 before an attempted rebound in beaten-down Hong Kong tech shares dragged it back to flat.

Full coverage: REUTERS