Trade tensions between China and the US rising again this morning as the two countries begin charging port fees on each other's ships. This follows President Trump's threat to implement an additional 100% tariff against China in response to the country's announcement it would expand rare earth export controls. A spokesperson for China's Ministry of Commerce discussing US trade tensions this morning, saying, quote, "If forced to fight, China will fight to the end and for talks the door is open." Joining us n ...

Market Overview - After an initial sharp decline, major stock indices have recovered some losses but remain in negative territory, with the Nasdaq down 201.76 points (0.9%) at 22,492.84, the S&P 500 down 31.32 points (0.5%) at 6,623.40, and the Dow down 65.95 points (0.1%) at 46,001.63 [1] Trade Tensions - Renewed concerns about trade tensions between the U.S. and China have contributed to the market pullback, following President Trump's conciliatory remarks that had previously boosted the market [2] - A spokesperson from China's Ministry of Commerce indicated that China's export controls on rare earths are a response to U.S. restrictions on Chinese firms, emphasizing that the U.S. has overstated national security and adopted discriminatory practices [3] Company Earnings - Wells Fargo shares surged by 6.1% after reporting better-than-expected third-quarter results and raising its profitability target [5] - Citigroup also saw an increase in its stock price following third-quarter results that exceeded estimates, while Johnson & Johnson and JPMorgan Chase experienced declines despite reporting better-than-expected results [5] Sector Performance - The NYSE Arca Computer Hardware Index is down by 1.5%, and the Philadelphia Semiconductor Index has lost 1.3%, indicating notable weakness in the computer hardware and semiconductor sectors [6] - Software and oil service stocks are also experiencing weakness, while airline stocks have shown strong gains [6] International Markets - In the Asia-Pacific region, stocks mostly declined, with Japan's Nikkei 225 Index down 2.6% and Hong Kong's Hang Seng Index down 1.7% [7] - Most European stocks also moved lower, with the German DAX Index down 0.7% and the French CAC 40 Index down 0.2%, although the U.K.'s FTSE 100 Index remained slightly above the unchanged line [7] Bond Market - Treasuries have pulled back near the unchanged line after initial strength, with the yield on the benchmark ten-year note down to 4.044% after hitting a low of 4.015% [8]

Cryptocurrencies continued to lose ground after a historic round of liquidations that triggered a sharp selloff over the weekend, as trade tensions weighed on risk assets. Bitcoin, the largest digital asset, slumped as much as 4% to about $111,200 on Tuesday morning in London, while Ether fell 7.8% to below $4,000. Smaller, more volatile tokens sank further still, dragging the combined market value of all cryptocurrencies down by more than $150 billion over a 24-hour period, according to CoinGecko data. ...

Group 1 - Oil prices rose after the White House indicated a willingness to negotiate with China to alleviate trade tensions, with Brent crude advancing above $63 a barrel after a significant drop of 3.8% on Friday [1] - President Trump stated that the tariffs scheduled for November 1 would remain in place, but expressed optimism about relations with China, which could impact oil supply dynamics [2] - The imposition of fees by China on US-owned vessels has led to increased shipping rates and cancellations, reflecting the ongoing trade conflict and its implications for oil logistics [3] Group 2 - The outlook for oil remains uncertain as OPEC+ increases production, potentially leading to a supply glut later this year [4] - A fragile ceasefire between Israel and Hamas has eased concerns about Middle Eastern oil supply disruptions, as Hamas began releasing Israeli hostages [5]

Group 1: Dollar Index and Trade Relations - The dollar index (DXY00) rose by +0.27% on Monday due to the Trump administration's openness to a trade deal with China, which eased trade tensions [1][4] - The market is pricing in a 98% chance of a -25 basis point rate cut at the next FOMC meeting on October 28-29 [4] Group 2: Federal Reserve and Interest Rates - Philadelphia Fed President Anna Paulson supports two more quarter-point interest rate cuts this year, citing a lack of conditions for sustained inflation from tariff-induced price increases [3][4] Group 3: Euro and Political Uncertainty - The EUR/USD fell by -0.40% on Monday, pressured by a stronger dollar and political uncertainty in France, despite President Macron's announcement of a new cabinet [5] - The German September wholesale price index rose by +1.2% year-on-year, marking the fastest pace in six months [5] Group 4: Yen and Market Activity - The USD/JPY rose by +0.71% on Monday, with the yen under pressure from a stronger dollar and reduced demand as US equity markets rebounded [6] - Trading activity in the yen was below normal due to Japanese markets being closed for the Health-Sports Day holiday [6]

So on Friday had President Trump upping the rhetoric as far as trade tensions go. You had a statement coming out of China on Sunday, Ministry of Commerce. And then a few hours back, President Trump, as we were just alluding to there, uh pulling back ever so slightly from the edge.Let's bring in Minman Low, of course, a China correspondent. She's with us out of Shanghai uh this morning to help us understand where we are. Minman, can I just bring you in here.Then we'll talk about some of what we've heard so f ...

the uh post that we saw from the president on True Social, does that change this dynamic at all, the fact that he's saying don't worry about it even though the plan technically is still is to increase terrorists by 100% on November 1st. >> Well, certainly uh Frank, I think it provides a nearterm off rampant, but he is right. Uh November the 1st is an eternity away, so we'll have to see what happens between now and then.That's the near-term. But let me just try and level set here, Frank, about the long term ...

The U.K. market is up marginally in late morning trades on Monday, having eased a bit after a fairly decent upmove at the start. Mining stocks are faring well.Metal prices climbed higher amid easing U.S.-China trade tensions after U.S. President Donald Trump struck a more conciliatory tone on trade with China, saying that everything would be "fine" and that Washington was not looking to "hurt" China.The benchmark FTSE 100 was up 6.06 points or 0.06% at 9,433.53 about half an hour before noon. The index had ...

周一（10月13日）亚洲时段，贵金属大行情突袭，金银纷纷创新高。现货黄金暴涨触及4065.69美元/盎 司，现货白银涨幅扩大至3%，现报51.56美元/盎司。市场担忧白宫可能对黄金的其他贵金属同类征收关 税，推动铂金和钯金价格大幅上涨。 【要闻速递】 黄金的上涨得益于央行的买盘、交易所交易基金(ETF)持仓的增加以及美联储的降息。贸易紧张局势、 美联储独立性受到威胁以及美国政府关门也助长对避险资产的需求。 今年以来，贵金属价格一路飙升，其中四大主要贵金属价格飙升50%至80%，这波涨势主导了大宗商品 市场。 Capital.com分析师Kyle Rodda表示："贸易波动可能会逐渐平息，但永远不会消失。这对黄金来说是一 件好事。" 【技术分析】 技术分析师指出，现货黄金有望突破每盎司4058美元的阻力位，升至4113美元。金价正在第三次尝试突 破这一障碍。经验表明，成功的可能性很高。 根据该阻力位引发的修正深度，已确定4167美元的看涨目标，当市场突破4113美元时将得到确认。 如果跌破4025美元可能导致黄金价格跌至3937美元至3991美元区间。 黄金价格目前再次处于看涨趋势，4050的整数关口被频繁触及 ...

October 12, 2025 10:48 PM GMT Investor Presentation | Asia Pacific M Foundation Trade Tensions and Policy Outlook Related reports: 4th Plenum and Beyond: What to Expect (9 October 2025) Morgan Stanley Asia Limited+ Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 Zhipeng Cai Economist Zhipeng.Cai@morganstanley.com +852 2239-7820 For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. Downloaded by Neil.Wang@tr ...