Overview
- U.S. and Chinese economic officials agreed on a trade-framework for Presidents Trump and Xi to consider at this week’s APEC meeting in South Korea, with Treasury Secretary Scott Bessent saying proposed 100% tariffs are off the table.
- China is expected to increase soybean purchases and delay rare‑earth export restrictions under the reported framework, easing immediate escalation risks cited in recent weeks.
- Asian equities jumped, with Japan’s Nikkei topping 50,000 and South Korea’s Kospi crossing 4,000, while U.S. futures advanced; safe‑haven gold fell and oil edged higher on improved growth hopes.
- Indian markets opened higher, with Nifty 50 above 25,850 and Sensex up over 200 points at the open before extending gains toward 26,000 later in the session.
- Markets widely expect a 25 bps Federal Reserve rate cut this week as softer U.S. inflation bolsters easing bets, with a heavy earnings slate from U.S. megacaps and India’s Q2 results in focus alongside the Orkla India IPO opening Oct. 29–31.