Good morning. Microsoft announced yesterday that it created a new state of matter (something that is neither solid, liquid nor gas) in its quest to create a quantum computer. It’s a big step for science, but one that the market did not seem to care about: Microsoft was up on the news, but only by 1 per cent. Investors are zeroed in on the AI race; quantum computing might be the next frontier, but it’s not where the market is focused. Email me if you think the market should be: aiden.reiter@ft.com.

Chinese equities

Chinese equities are back in the conversation. Though they dominated headlines in October, after the Chinese government sparked a rally with promises of fiscal stimulus, investors lost interest when that spending spree never materialised. But since mid-January, there has been a sustained bull run; the MSCI China index is now near its October peak: