Morning brief: Oil climbs; gold’s big selloff; Japan’s exports rise; Zelenskyy in Sweden

Oil Market - Oil prices have increased over 1% for two consecutive days, driven by supply risks and optimism regarding US-China trade negotiations [3][5] - Supply concerns are heightened due to the postponement of a summit between US President Donald Trump and Russian President Vladimir Putin, along with rising tensions with Venezuela [4][5] Precious Metals Market - Gold and silver prices are fluctuating after experiencing their most significant selloffs in years, with spot gold trading near $4,140 an ounce after a 6.3% drop [6][7] - The recent decline in precious metals halted a rally that had been ongoing since mid-August, which was fueled by expectations of Federal Reserve rate cuts and concerns over budget deficits [7] Japan's Export Performance - Japan's exports rose by 4.2% in September, surpassing analyst expectations, primarily due to a 9.2% increase in shipments to other Asian countries [8] - This growth offset a 13.3% decline in exports to the United States, which were adversely affected by tariffs imposed by the Trump administration, particularly a 24.2% drop in auto shipments [8] Ukraine's Diplomatic Efforts - Ukrainian President Volodymyr Zelenskyy is visiting Sweden for defense talks with Prime Minister Ulf Kristersson, focusing on defense exports and cooperation amid ongoing tensions with Russia [10][11] - This visit is part of Zelenskyy's broader efforts to secure Western support for Ukraine's military initiatives [11]