Baking temperatures and wildfires around the world have once again raised concern about the how global warming is resetting our future expectations for the climate, and heat is the theme of this week’s briefing. First, though, even with bears being routed in most global markets, the mood in Chinese stocks remains obstinately tepid.

Fund managers have all but given up hope that China’s upcoming Politburo meeting will unleash a torrent of stimulus and electrify the gloomy stock market again. The trickle of state aid so far for businesses, consumers and the property sector is instead forcing stock pickers to seek undervalued gems. These are the sectors that could offer a bit of sparkle amid the gloom.

Drought, floods, temperatures near record highs — Goa has seen them all this year. So it’s fitting that the Indian island today welcomes G-20 energy ministers for talks on the rich nations’ climate goals prior to COP28 in Dubai later this year. Bring an umbrella — the India Meteorological Department issued an alert on Friday for flooding and more rain.

Ratcheting up the political heat, Australian and US forces begin two weeks of drills today for “Exercise Talisman Sabre,” with 30,000 personnel from some dozen countries participating in live firing and amphibious landings off Australia’s northeast coast. The US will even commission a new warship, the USS Canberra, in Sydney (Canberra is landlocked), which may not go down too well with Australia’s largest trading partner.

Trying to cool things down a bit, leaders of the largest US chipmakers urged the Biden administration this week to study the impact of existing restrictions on exports to China before implementing new ones, arguing that curbing semiconductor sales could hurt efforts to expand production in the US.

Soaring temperatures, rents and congestion have spurred a new trend in Singapore — the micro gym. Residents in search of private, air-conditioned spaces that don’t charge the high fees of traditional gyms are working out in small orange pods that sprouted up around the city.

Heatwave-hit residents in Europe and the US aren’t the only ones praying for rain. The British weather may be the Australian cricket team’s best chance of saving the fourth test against England this weekend. Also today, China, Japan and Vietnam all join the action in the Women’s World Cup, with matches against Denmark, Zambia and the US respectively.