Core Points - The Trump administration announced sanctions against two major Russian oil companies, Lukoil and Rosneft, marking the first direct sanctions against Russia during Trump's second term [1] - Indian refiners are preparing to significantly reduce their imports of Russian oil to comply with the new U.S. sanctions, potentially paving the way for a trade agreement between India and the U.S. [1][6] - Reliance Industries, India's largest buyer of Russian crude, plans to cut or completely halt its imports of Russian oil, including terminating a large long-term procurement agreement with Rosneft [1][6] Group 1: Impact on Indian Refiners - Indian state-owned refiners, including Bharat Petroleum and Hindustan Petroleum, are reviewing their trade documents to ensure compliance with the sanctions [4] - Reliance Industries has been sourcing crude oil from the Middle East and Brazil to partially replace Russian supplies [1][6] - The supply of Russian oil to major Indian refiners is expected to drop to nearly zero, although some crude may still enter the market through intermediaries [6][5] Group 2: Market Reactions and Future Outlook - Analysts predict that if the Trump administration follows through with its sanctions, refiners seeking access to U.S. capital markets will abandon Russian oil [6] - The ongoing negotiations for a potential trade agreement between the U.S. and India aim to reduce tariffs on Indian imports in exchange for a gradual decrease in Russian oil imports [6][7] - The Russian Foreign Ministry has stated that the sanctions will not significantly impact Russia, claiming the country has developed strong immunity to such restrictions [7]

Core Viewpoint - The United States is reportedly considering reducing tariffs on Indian exports from 50% to 15%-16%, which may lead to a trade agreement between the two countries, but India would need to cut its oil imports from Russia as part of this deal [1][3]. Trade Agreement Developments - Recent reports indicate that the U.S. and India are nearing a trade agreement, with potential tariff reductions and increased import quotas for non-GMO corn from the U.S. [1] - The U.S. has imposed a 50% tariff on most Indian goods, resulting in a significant decline in Indian exports to the U.S., which fell to $5.5 billion in September 2025, a 20.3% decrease month-over-month [1][7]. Impact on Indian Exports - Indian exports to the U.S. have been on a downward trend for four consecutive months, with a notable drop from $8.8 billion in May to $5.5 billion in September 2025 [7][8]. - Key sectors affected by the tariff increases include textiles, gems and jewelry, engineering products, and chemicals, highlighting the adverse impact of the tariff regime [8]. Economic Outlook - The Oxford Economics report indicates that the negative risks faced by developing countries have somewhat diminished, primarily due to reduced tariff concerns, suggesting that a severe trade war has been avoided [1][8]. - Despite the tariff risks, most economists surveyed believe that domestic factors such as fiscal policy and domestic demand are more significant influences on GDP forecasts than trade barriers [8][9]. Energy Import Considerations - India's Ministry of External Affairs emphasized the importance of maintaining consumer interests in energy amidst volatile market conditions, indicating that any decision to halt Russian oil imports would require a stable energy market plan [4]. - The U.S. has previously raised tariffs on Indian goods due to India's oil imports from Russia, which have significantly increased since 2022, making India the second-largest buyer of Russian crude oil [3][4].

格隆汇10月22日｜美国总统特朗普强调，印度将逐步减少从俄罗斯购买石油，连续第二周声称他直接与 印度总理莫迪就此事进行了交谈。特朗普上周表示，他在电话中得到了莫迪的保证，即印度将停止从俄 罗斯购买石油，然而，印度外交部表示，他们不知悉所谓的两国领导人对话。周二，特朗普再次表示， 他刚刚与莫迪通了话，他们"谈论了很多事情，但主要是贸易世界——他对此非常感兴趣。"在白宫举办 的排灯节庆祝活动中，特朗普补充道："他不会从俄罗斯购买太多石油。他和我一样想看到战争结束。 他希望看到俄乌冲突结束。"印度总理莫迪后来在社交媒体发文，感谢特朗普的来电和热情的排灯节祝 福，但并未提及采购俄罗斯能源的问题。印度正与美国接近达成一项悬而未决的贸易协议，可能将印度 出口关税从惩罚性的50%大幅降至15-16%。 （责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Core Points - India is nearing a trade agreement with the United States that could significantly reduce punitive tariffs on Indian exports from 50% to 15-16% [1] - The agreement aims to increase bilateral trade to $500 billion by 2030, with initial results expected between October and November [1][5] - Key negotiation topics include energy and agriculture, with India potentially agreeing to reduce oil imports from Russia in exchange for tariff concessions [1][3] Trade Impact - The punitive tariffs have severely impacted Indian exports, with a report indicating a 20.3% month-over-month decline in September, bringing exports to $5.5 billion [2] - Since May, Indian exports to the U.S. have dropped by over $3.3 billion, highlighting the direct effects of the tariff increases [2] - Key sectors affected include textiles, gems and jewelry, engineering products, and chemicals, creating significant pressure on these industries [2] Political Pressure - President Trump has intensified political pressure on India, linking oil imports from Russia to potential further tariff increases [3] - Trump claimed that Indian Prime Minister Modi had assured him of stopping Russian oil purchases, a statement India has strongly denied [3] Negotiation Environment - Despite the tensions, trade negotiations are reportedly progressing in a "friendly atmosphere" [4] - Indian officials emphasize the need to protect the interests of farmers, fishermen, and small businesses during negotiations [5] - India has set "red lines" in areas such as agriculture, small and medium enterprises, digital trade, e-commerce, and intellectual property [6]

特朗普：我将与习近平主席在韩国会面，我们关系非常好。中国目前正在支付55%的（关税），除非我们在11月1日前达成协议，否则可能会增加到155%。如果他们（中国）不跟我们做生意，我认为中国会陷入大麻烦，我认为中国，我不知道他们是否能撑得住。我确实这样认为。我相信他们正处于大麻烦中。我不想让他们陷入大麻烦，我希望他们过得好，我希望他们繁荣。我们必须共同繁荣。这是双向的。我认为当我们完成我们的会晤，中国和我将达成一个真正公平、真正伟大的贸易协议。 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The precious metals market has been under pressure and in a callback trend due to the cooling of the tariff situation, with the market's risk aversion sentiment declining and risk appetite improving [2]. - The sharp correction in the precious metals market since last Friday may be driven by both fundamental and technical factors. The monthly RSI indicates that gold and silver prices are in an overbought range, and the market's expectation of Trump's tariff implementation has decreased, leading to a decline in the safe - haven premium [2]. - Fed officials maintain a dovish stance, and the probability of interest rate cuts in October and December is over 90%, which may provide some support for gold prices [2]. - Looking ahead, tariff developments will still affect gold price fluctuations. The U.S. government shutdown is expected to continue, and this Friday's CPI data will be crucial. Precious metals are expected to fluctuate this week, with short - term correction pressure remaining. The Shanghai Gold 2512 contract is expected to trade between 930 - 990 yuan/gram, and the Shanghai Silver 2512 contract between 11000 - 12000 yuan/kg [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract is 970.32 yuan/gram, down 29.48 yuan; the closing price of the Shanghai Silver main contract is 11742 yuan/kg, down 507 yuan [2]. - The main contract positions of Shanghai Gold are 207916 lots, down 14276 lots; those of Shanghai Silver are 432663 lots, down 38499 lots [2]. - The net positions of the top 20 in the Shanghai Gold main contract are 117407 lots, down 13605 lots; those of Shanghai Silver are 99705 lots, up 4292 lots [2]. - The warehouse receipt quantity of gold is 84606 kg, unchanged; that of silver is 855850 kg, down 64253 kg [2]. 3.2 Spot Market - The Shanghai Non - ferrous Metals Network's gold spot price is 975.5 yuan/gram, down 21.79 yuan; the silver spot price is 11834 yuan/kg, down 365 yuan [2]. - The basis of the Shanghai Gold main contract is 5.18 yuan/gram, up 7.69 yuan; that of the Shanghai Silver main contract is 92 yuan/kg, up 142 yuan [2]. 3.3 Supply - Demand Situation - Gold ETF holdings are 1047.21 tons, up 12.59 tons; silver ETF holdings are 15497.4 tons, up 74.79 tons [2]. - The non - commercial net positions of gold in CFTC are 266749 contracts, up 339 contracts; those of silver are 52276 contracts, up 738 contracts [2]. - The total supply of gold in the quarter is 1313.01 tons, up 54.84 tons; the total annual supply of silver is 987.8 million troy ounces, down 21.4 million troy ounces [2]. - The total demand for gold in the quarter is 1313.01 tons, up 54.83 tons; the global total annual demand for silver is 1195 million ounces, down 47.4 million ounces [2]. 3.4 Option Market - The 20 - day historical volatility of gold is 24.14%, up 1.47%; the implied volatility of at - the - money call options for gold is 32.85%. The 40 - day historical volatility of gold is 18.9%, up 1.37%; the implied volatility of at - the - money put options for gold is 32.85%, up 0.82% [2]. 3.5 Industry News - Trump continued to send conciliatory signals in an interview, and the Trump administration is quietly relaxing some tariff policies, exempting dozens of products from "reciprocal tariffs" [2]. - On the morning of October 18, Chinese and U.S. economic and trade leaders held a video call, agreeing to hold a new round of Sino - U.S. economic and trade consultations as soon as possible [2]. - Trump signed an executive order on October 17 to impose a 25% tariff on imported medium and heavy trucks and parts from November 1, and a 10% tariff on imported passenger cars [2].

韩国最高政策负责人表示，韩国在与美国的关税谈判中在大多数关键问题上取得了"实质性进展"。目前，双方在3500亿美元投资基金的结构上仍 存在分歧，而该基金是美国将韩国商品关税上限设在15%协议的核心所在。 10月20日，据媒体报道，韩国总统府政策室长Kim Yong-beom周日在电视简报会上表示，两国在许多问题上达成了广泛共识，但仍有几个问题需 要进一步谈判。他还表示，在即将举行的亚太经合组织峰会上达成协议的可能性有所增加。 此次事件发生在韩国大企业高管参加特朗普海湖庄园非正式活动之后。据韩联社等韩国媒体报道，包括进展汽车、SK集团和韩华集团在内的韩国 财团人员，与来自日本和台湾的商界领袖出席了出席活动。该次聚会据报道持续了超过七个小时，与会者很可能与特朗普讨论了贸易和投资问 题。 此前，据央视新闻报道，韩美7月达成贸易协议框架，美国将降低对韩国商品的关税，以换取韩国3500亿美元的投资。李在明对此表示，由于对如 何处理投资存在争议，他们尚未将协议付诸实施。李在明指出，如果韩国按照美国要求，提取3500亿美元现金并将其全部投资于美国，韩国将面 临类似1997年金融危机时的局面。 特朗普总统曾多次要求韩国"预先 ...

Core Points - South Korea is likely to reach a trade deal with the U.S. before the upcoming APEC summit [1] Group 1 - The chief policy advisor of South Korea indicated an increased probability of a trade agreement with the U.S. [1]

Core Viewpoint - The article discusses the renewed threats of tariffs from Trump in October, highlighting China's more composed response and increasing divisions within the U.S. regarding tariff strategies [1][6]. Group 1: Changes in China's Tariff Strategy - The uncertainty surrounding tariffs stems from non-tariff measures taken by the U.S. since September, including the expansion of sanctions by the BIS and new export controls on rare earths [2][7]. - Two new changes in China's tariff strategy are noted: first, China is using tactical agreements to gain strategic development space, such as the TikTok agreement and agricultural purchases, which do not harm its core interests but satisfy Trump's demands; second, compared to the previous tariff conflict, China has increased its proactivity by halting soybean purchases and creating negotiation topics before meetings [2][10]. Group 2: Deficiencies in Trump's Tariff Strategy - Trump's strategy of releasing strong statements before meetings is a common tactic aimed at increasing negotiation leverage, but this year, China's response differs from previous conflicts [3][11]. - Think tanks like Cato and AEI criticize the design of reciprocal tariffs, arguing they are economically unviable and not suitable as negotiation leverage due to issues like incorrect incentives, unsustainable high tariffs, and collateral damage to domestic supply chains [3][13][25]. - Recommendations for U.S. strategy include reducing reliance on broad high tariffs and focusing on non-tariff barriers and targeted measures, such as a narrow and deep export control list and expanding positive incentive systems [3][14][25]. Group 3: Desired Trade Agreements with China - The U.S. political focus is on strategic and security issues, contrasting with Trump's preference for visible negotiation outcomes, which often prioritize economic topics over diplomatic and security concerns [4][15]. - Criticism arises regarding Trump's short-term transactional approach, which is seen as neglecting long-term strategic interests, particularly in areas like export controls and agricultural agreements [4][16][17]. - The absence of a formal agreement is viewed as more detrimental to the U.S., with Trump facing pressure to reach a verifiable agreement due to economic costs primarily borne by the U.S. [4][18][19]. Group 4: Feasibility of Trade Agreements - Large-scale trade agreements are deemed unlikely to align with U.S. interests, with a preference for smaller, more manageable agreements that can provide temporary relief despite limited strategic significance [5][19][27].

李在镕、郑义宣、 SK 集团会长崔泰源以及 LG 集团会长具光谟应软银董事长孙正义邀请， 出席在海湖庄园举行的 " 星际之门 " （ Stargate ）项目投资推介活动。韩国几大财阀掌门 人还可能与特朗普及其他商界人士一起打高尔夫球。特朗普预计将于 10 月 17 日至 19 日期 间在海湖庄园停留。孙正义此次共邀请了约 70 家全球企业的首席执行官参加该活动。 中国基金报记者 李智 一起来关注下日韩股市及最新资讯。 韩国综合指数再创历史新高 韩国综合指数涨幅扩大至 1% ，再创历史新高。 | W | | 韩国综合指数(KS11) 10-16 09:11:40 延时行情 | | | | | --- | --- | --- | --- | --- | --- | | 3698.98 | | 昨收 | 3657.28 | 成交额 | 0 | | 41.70 | 1.14% | 今开 | 3675.82 | 成交量 | 5531.3万 | | 上 涨 | 487 | 中 留 | 97 | 下 跌 | 252 | | 最高价 | 3700.28 | 市盈率 | 16.4 | 近20日 | 10.61% | | 最低 ...