Overview

• Official customs data show China’s September exports rose 8.3% year over year and imports climbed 7.4%, producing a US$90.5 billion surplus.
• Shipments to the United States dropped about 27% from a year earlier, while sales to the European Union, Southeast Asia and Africa increased, underscoring Beijing’s market diversification.
• President Donald Trump adopted a more conciliatory stance after threatening 100% tariffs, and Treasury Secretary Scott Bessent said weekend contacts with China led to a "significant de‑escalation" with a Xi meeting in South Korea expected.
• Global risk assets bounced, with US equities opening higher and tech leading gains, while safe‑haven gold stayed near records, signaling persistent policy uncertainty.
• Brazil’s Focus survey cut 2025 inflation expectations to 4.72% with Selic seen at 15%, helping the real firm and the Ibovespa recover as investors also look to IMF–World Bank meetings focused on trade tensions and financial stability risks.