Good morning and welcome back. In today’s newsletter:

• EU seeks to bypass Hungary’s Orbán on Russian assets before summit

• Kevin Hassett to face trio of finalists in Federal Reserve chair race

• China is keeping renminbi heavily undervalued, European businesses say

• Healthcare-focused hedge funds set for bumper profits

We begin with the EU, whose members are to fast-track a decision to immobilise up to €210bn in Russian sovereign assets, in an attempt to bypass Hungary’s Prime Minister Viktor Orbán before Europe’s leaders meet for a summit next week.

What to know: The push to pass the legislation, which invokes emergency powers to override national vetoes on the extension of sanctions, aims to protect Brussels’ leverage in US-led peace talks over the war in Ukraine, according to officials familiar with the plans.

Diplomats handling the legislation see advantage in moving swiftly to detach the question of immobilising assets from the debate on raising loans for Kyiv backed by the frozen Russian funds. That funding question will be left to EU leaders next week.

Why it matters: The move to vote within the coming week, overriding the principle of unanimity on sanctions decisions, risks enraging Hungary and other capitals that oppose the measure. Past instances of EU countries outvoting member states on critical issues have caused bad blood between governments for years. Read the exclusive story.

Here’s what else we’re keeping tabs on today:

• Monetary policy: The US Federal Reserve, which has delivered two consecutive rate cuts since September, is expected to reduce interest rates again.

• Nobel ceremonies: The prizes, which include for peace, literature and physics, are handed out to the winners in ceremonies in Stockholm and Oslo.

• UK: Chancellor Rachel Reeves is scheduled to appear before the Treasury Committee in Westminster to answer questions about her recent Budget speech.

Martin Wolf, the Financial Times’ chief economics commentator, interviews European Central Bank president Christine Lagarde today in The Global Boardroom. Register for free.

Five more top stories

1. Exclusive: Trump will soon launch a final round of interviews for Federal Reserve chair, pitting White House economic adviser Kevin Hassett — currently the frontrunner in the race to replace Jay Powell — against a trio of other candidates.

2. Beijing is keeping the renminbi heavily undervalued against the euro, European companies have said, giving Chinese exporters an advantage and raising the risk of trade retaliation. The warning comes just days after data showed China’s annual goods trade surplus will exceed $1tn.

3. Hedge funds betting on drug stocks have made bumper profits this year, as a wave of deals by pharmaceutical companies looking for their next blockbuster drug drives the biggest rally in the biotechnology sector in a decade.

4. Exclusive: Financier Robert Tchenguiz intends to use a large chunk of the proceeds from his new Liz Truss-fronted club — whose founder members are supposed to put in £500,000 each — to pay off a mortgage owed to the Reuben brothers. Read the full story.

5. Almost 60 major low-carbon hydrogen projects, including from oil groups BP and ExxonMobil, have been cancelled or put on hold this year, as the industry is hit by spiralling costs, policy uncertainty and a lack of buyers. Clara Murray has more from London.

FT Series

Backed by other small EU states, Luxembourg has thwarted efforts to streamline oversight of the bloc’s capital markets. The grand duchy has argued that centralising supervision “would create a monster” and do little to solve funding problems.

We’re also reading . . . 

• Fending off Netflix: Paramount chief executive David Ellison met Warner Bros investors yesterday as he tried to convince them that his company was the better bet.

• When nature goes rogue: Research linking the Black Death to volcanic eruptions highlights how environmental change can destabilise societies, writes Anjana Ahuja.

• Ajax setbacks: British soldiers report numbness in their hands and feet, nausea and vomiting after riding inside the flagship armoured vehicle.

• Immigration data dragnet: The Trump administration is gathering vast amounts of personal information in its drive to deport 1mn people this year.

Chart of the day

Dollar-based stablecoins offer benefits for the US, which might promote their use, partly in order to enhance the dominant role of the dollar and so help finance its huge fiscal deficits. Britain and the EU, however, are better off resisting them. Martin Wolf explains why.

Take a break from the news . . . 

Glasgow-born Nnena Kalu has been awarded the 2025 Turner Prize for what the jury described as her “bold and compelling work” across sculpture and drawing. Read more on her art.