Gold Prices Rebound Amid Fed Policy Disputes and Market Uncertainty

Commodity

Economic

Summary:

Gold prices rose nearly 0.9% to around $3,962 per ounce after a sharp multi-day decline, as conflicting signals from Federal Reserve officials on future rate cuts created investor uncertainty...

Recovery After Steep Decline

Gold prices showed signs of stabilization following a four-day slump that erased nearly 5% of value. On Thursday morning in Singapore, spot gold climbed 0.8% to $3,962.09 an ounce, partially reversing the sharp correction from last week’s record high above $4,380. The partial recovery came amid mounting market confusion over the Federal Reserve’s next move, as policymakers appear increasingly divided.

The rebound in gold was closely linked to the ambiguous direction of U.S. monetary policy. Although the Federal Reserve delivered its anticipated quarter-point rate cut on Wednesday, Chair Jerome Powell struck a more hawkish tone by downplaying expectations of further reductions in December. Despite this, the Fed’s decision was not unanimous, marking the third consecutive meeting featuring dissent among policymakers, a pattern not seen since 2019. This division has heightened investor uncertainty over whether the Fed is committed to a dovish stance or preparing to pause its easing cycle. The relationship here appears causally linked: internal disunity within the Fed is generating hesitation among investors, prompting reallocation into safer assets like gold.

Policy Ambiguity Amplified by Data Vacuum

The U.S. government shutdown that began in early October has significantly reduced the availability of official economic data, further muddying the waters for monetary policy interpretation. Without reliable macroeconomic signals, traders are left to interpret the Fed’s internal messaging and market behavior. This lack of clarity likely correlates with heightened volatility in precious metals trading, as seen in the recent swings in gold pricing.

Adding further complexity to gold’s trajectory is the apparent thawing in U.S.-China trade relations. Presidents Trump and Xi are expected to finalize a détente during their meeting in South Korea, with early reports suggesting a rollback of various tariffs and restrictions. This improving geopolitical environment is dampening gold’s traditional safe-haven appeal, introducing a headwind that could cap further rallies.

Year-to-Date Gains and Structural Demand Trends

Despite recent volatility, gold has soared approximately 50% since the start of the year. This long-term rise has been fueled by strong central-bank purchases and a growing trend known as the “debasement trade,” in which investors rotate away from sovereign bonds and fiat currencies to hedge against expanding budget deficits. These drivers suggest deeper structural demand rather than short-term speculation, indicating that gold’s upward trend may still have room to extend even after corrections.

However, near-term sentiment has weakened, as seen in five consecutive days of outflows from gold-backed ETFs, the longest streak since May. While institutional and retail interest helped fuel the initial rally, these outflows suggest some profit-taking or positioning for alternative assets as clarity on interest rates remains elusive.

Broader Precious Metals Landscape

Other precious metals mirrored gold’s modest strength. Silver gained 0.8% for the third straight day, while both platinum and palladium also advanced. The Bloomberg Dollar Spot Index eased by 0.1%, offering additional support to dollar-denominated commodities like gold.

Looking ahead, market participants are awaiting the World Gold Council’s quarterly demand report due later Thursday. The data is expected to shed more light on institutional and central bank appetite for bullion, potentially offering further direction for the metal’s short-term performance.

Gold’s recent recovery reflects a complex interaction between U.S. monetary uncertainty, geopolitical shifts, and evolving investor strategies. The current rally appears driven by both fundamental concerns over central bank credibility and structural reallocations amid global financial turbulence. Unless policy clarity emerges from the Fed or geopolitical risks recede significantly, gold is likely to remain volatile but broadly supported in the near term.

Source: Bloomberg

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Gerik

Political

Contextual Background and Trump’s Announcement

President Donald Trump has declared a decisive shift in U.S. nuclear policy by ordering the resumption of nuclear weapons testing. This move follows the recent developments from Russia, where military authorities have tested both a nuclear-powered underwater drone and a nuclear-capable cruise missile, both of which are reportedly engineered to evade traditional missile defense systems. Trump justified the decision by citing the need to maintain strategic parity, stating on social media that he instructed the Department of War to initiate tests “on an equal basis.” His statement underscores a policy pivot that mirrors Cold War-era deterrence dynamics.

The Russian Federation, under President Vladimir Putin, has recently escalated trials of advanced “superweapons,” a term often used to describe strategic systems capable of bypassing conventional deterrence measures. These tests are unfolding during a period of diplomatic uncertainty, as Trump’s previous attempts to facilitate ceasefire discussions between Russia and Ukraine have shown limited progress. The timing of Russia’s tests, occurring concurrently with these failed negotiations, presents a significant correlation that may reflect Moscow’s strategic signaling potentially undermining peace talks and reinforcing military leverage.

U.S. Policy Shift and Historical Significance

The United States has not conducted a live nuclear detonation since 1992. Although simulated trials and delivery system tests (e.g., submarine launches, bomber drills, ICBM evaluations) have continued, these have relied on mock warheads. Trump’s directive, therefore, marks a potential turning point with high symbolic and geopolitical impact. It not only signals readiness to test real nuclear payloads again but also raises legal and diplomatic questions about international test ban norms, particularly the Comprehensive Nuclear-Test-Ban Treaty (CTBT), which the U.S. has signed but not ratified.

The announcement came just hours before a scheduled meeting between President Trump and Chinese President Xi Jinping. Although Trump has previously proposed a trilateral nuclear arms reduction agreement including China, Beijing has remained reluctant to participate in such multilateral discussions. The juxtaposition of Trump’s testing announcement with the planned diplomatic engagement may serve a dual purpose: reinforcing negotiating leverage while signaling that the U.S. will not be left behind in an emerging multipolar arms competition. However, such a tactic risks backfiring if perceived by China as coercive or destabilizing, potentially deepening strategic mistrust.

Security Concerns and Strategic Deterrence Doctrine

On the issue of national security, Trump has attempted to downplay concerns related to Russia’s latest tests. Earlier in the week, he referenced a U.S. nuclear submarine stationed near Russian waters, implying continued American readiness and capability. His remark, “We test missiles all the time,” reveals a broader reliance on ongoing simulation-based readiness activities. However, the transition from simulations to actual warhead testing reintroduces risks of escalation and could catalyze a new arms race unless coupled with transparent international engagement or arms control dialogue.

The renewed commitment to nuclear weapons testing by the United States, prompted by Russia’s demonstrative weapons development, highlights a pivotal moment in international security affairs. While the stated rationale is to maintain parity, the action carries consequences beyond military doctrine, potentially reshaping diplomatic relations with global powers and challenging existing non-proliferation frameworks. Whether this signals a return to Cold War dynamics or a new model of competitive deterrence remains contingent on forthcoming geopolitical maneuvers.

Source: Bloomberg

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Justin

Political

Economic

Forex

The progressive Democrats 66 party was on track to win the Dutch parliamentary election after voters dealt a blow to Geert Wilders' far-right Freedom Party and threw support behind mainstream political groups.D66 was set to win 27 seats in the 150-seat House of Representatives, according to preliminary forecast published by ANP after 50% of votes were counted. The Freedom Party was poised to win 25, a loss of 12 seats.The result would put D66 leader Rob Jetten in a position to form a coalition government and potentially become the country's next prime minister. Centrist parties won enough seats to give D66 options to stitch together either a center-left or center-right alliance.

Wilders' surprise decision to pull out of the four-party governing coalition in June, triggering the snap election, has left his Freedom Party weakened and with no clear path to power. Jetten has cast his party as an alternative to the far-right firebrand.Jetten told his supporters Wednesday night that millions of Dutch voted "to turn the page on Wilders." He added that they "said goodbye to the politics of negativism and hate."He congratulated the centrist Christian Democrats, the center-right People's Party and the far-right JA21, which could be potential parters in a right-leaning coalition.

Most major parties have ruled out cooperating with Wilders, denying the Freedom Party a second shot at assembling a government — a fact that makes Jetten the clear winner."We had hoped for a different outcome, but we stood our ground," Wilders said in a post on social media after the exit poll.Once the results are final, an official will be appointed — historically by the party with the most seats — who will explore the different possibilities to form a coalition. In the interim, the outgoing government led by Dick Schoof will remain in a caretaker capacity. A final election result is expected Nov. 7.

The focus will now be on forming an alliance that has majority in parliament, a complex process in the Netherlands that can take several months. Due to the fragmented political parliament, at least three or four parties are typically needed to secure the 76 seats needed to reach a majority.The Netherlands is among the slowest countries in Europe to form a government. There is almost no barrier for parties to enter the lower house, meaning the vote can be split among very small political groups. After the last election, there were 15 parties in parliament and it took four parties more than seven months to form a coalition.

Jetten's D66 party had a rapid rise in the polls recently, projected at just 11 seats in September.

During the campaign, Jetten primarily focused on the housing shortage, which has consistently ranked as the top concern for Dutch voters. On migration, he's called for finding a balance between attracting international specialist staff needed in the country and ditching workforces that are less crucial to the economy.After Wilders won a landslide victory in the election in 2023, his Freedom Party entered into a four-way ruling coalition, intent on pushing through tough migration policies. But few of its goals came to fruition and Wilders finally pulled his organization out of government in June.

Dutch voters appeared disaffected with Wilders' failure to capitalize on any of his major policy priorities and more keen to restore some of the political stability the country lacked in recent years."The stakes for this election are really whether or not a stable government can be formed, one that is willing to compromise and that is also able to stay in power for four years," Sarah de Lange, Professor of Dutch Politics at Leiden University Institute of Political Science, said in an interview with Bloomberg Television ahead of the results.

Source: Bloomberg Europe

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Gerik

Economic

China–U.S. Trade War

In an effort to defuse one of the most disruptive economic standoffs of the decade, President Donald Trump and Chinese President Xi Jinping are meeting to solidify a tentative trade agreement. This follows months of escalating tariffs and policy uncertainties that have shaken global markets and business confidence. The talks, held in South Korea, aim to formalize a deal that appears to cover tariffs, rare-earth exports, agriculture, and tech transactions.

Softening Stances on Tariffs and Trade Barriers

One of the most significant signals from the meeting is the potential reduction of existing tariffs that have weighed heavily on both economies. Trump’s previously announced threat to impose a 100% tariff on Chinese goods by November 1 is now likely to be withdrawn. This reversal may be directly related to the renewed dialogue and willingness from both sides to avoid further economic self-harm. However, while the intention to reduce trade friction is clear, the lack of specific enforcement mechanisms and the absence of published timelines raise concerns about implementation.

Another key point of convergence involves technology and critical materials. China has reportedly agreed to ease restrictions related to rare-earth material exports, which are vital for global tech manufacturing. In parallel, the United States is said to have approved the sale of Nvidia’s flagship Blackwell chips to China, despite ongoing concerns about AI competitiveness and intellectual property. While these steps suggest progress, the cause-and-effect relationship between rare-earth licensing concessions and US tech exports is still unfolding, and largely dependent on ongoing strategic balancing.

Agricultural and Platform Diplomacy

The preliminary agreement also includes a commitment from China to boost purchases of US soybeans. This decision seems to be an attempt by Beijing to regain goodwill and alleviate pressure on its food security sector amid climate disruptions and shifting supply chains. Moreover, the expected formal approval of TikTok’s US operations being sold to an American entity illustrates how corporate assets have become negotiation tokens in geopolitical strategy. These trade-offs reflect more of a correlation between political leverage and economic concessions, rather than a direct linear relationship of cause and effect.

Beyond China, Trump has been active on multiple trade fronts. In South Korea, a new framework deal was finalized, and in Japan, Trump signed a rare-earth-related agreement with Prime Minister Sanae Takaichi. However, diplomatic tensions are flaring elsewhere. A controversial advertisement involving Ronald Reagan has led to a proposed 10% tariff hike on Canadian goods, halting negotiations with Ottawa entirely. In Brazil, the Senate has voted to reverse Trump’s 50% tariffs signaling internal political resistance to his aggressive tariff policies.

Legal and Political Uncertainty

Adding complexity to the fragile trade landscape is the pending US Supreme Court hearing in early November, which will assess the legality of Trump's sweeping reciprocal tariffs. A decision against these tariffs would validate lower court rulings and could fundamentally alter the president’s capacity to unilaterally reshape trade flows based on political strategy. This legal challenge represents a crucial variable that could undermine the longer-term durability of any current agreements.

While the recent developments offer a hopeful outlook for US-China relations, they remain precariously balanced on shifting political agendas, legal constraints, and geopolitical undercurrents. The initial signs of cooperation from tariff rollbacks to cross-border technology and commodity agreements suggest a mutual interest in restoring economic stability. Yet, the lack of structural safeguards and the persistence of retaliatory threats in other regions underscore the volatility that still defines the Trump administration’s trade doctrine. As investors and global supply chains cautiously welcome this truce, its endurance will depend on whether today’s diplomacy translates into lasting institutional commitments.

Source: Yahoo Finance

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Ukadike Micheal

China–U.S. Trade War

Political

Trump–Xi Meeting 2025 in South Korea: Rare Earths, Tariffs, and Global Market Impact

The 2025 trump xi meeting in Busan, South Korea, marks a critical moment for global trade and diplomacy. As the two leaders meet amid renewed tariff tensions and rare earth supply concerns, investors worldwide are watching closely to see whether this summit can reshape markets and ease U.S.–China economic friction.

When and Where the Trump–Xi Meeting Takes Place Today

The much-anticipated trump xi meeting is taking place today, October 30, 2025, in Busan, South Korea, during the APEC Summit. It marks the first face-to-face trump and xi meeting since Donald Trump’s return to the White House. Scheduled for 11:00 a.m. local time, the xi trump meeting is drawing global attention as markets and policymakers await signs of progress on trade and geopolitical issues.

The venue, located at Busan Exhibition and Convention Center, serves as a symbolic choice—bridging economic dialogue across the Asia-Pacific region. Both leaders are expected to hold a brief photo session before entering a closed-door discussion, followed by official statements from each side later in the afternoon.

Location: Busan, South Korea
Time: 11:00 a.m. local (KST)
Occasion: Asia-Pacific Economic Cooperation (APEC) Summit

This trump meeting with xi comes at a sensitive time, as global markets weigh the effects of trade tensions, supply chain realignment, and renewed discussions over technology restrictions. Analysts view the xi and trump meeting as an opportunity to reset economic relations while maintaining strategic competition.

Key Topics Discussed at the Trump Xi Meeting 2025

The trump and xi jinping meeting is expected to cover several high-stakes topics influencing global trade and market stability. While both leaders aim to signal cooperation, deep structural differences remain across economics, technology, and security. Below is a summary of the major discussion areas shaping the Busan talks:

Agenda	Key Focus	Market Relevance
Tariff and Trade Relief	Exploring a potential truce to reduce mutual tariffs and revive global trade confidence.	Positive sentiment for equities, especially manufacturing and export sectors.
Rare Earth and Critical Minerals	Ensuring stable supply chains for semiconductors and EV production.	Likely to impact energy, defense, and technology markets.
Technology and Data Security	Addressing U.S. restrictions on chip exports and Chinese regulation of tech firms.	High sensitivity for semiconductor and AI-related stocks.
Fentanyl and Cross-Border Cooperation	U.S. pressure for stronger enforcement on chemical exports tied to drug production.	Limited direct market impact but signals wider policy cooperation.
Geopolitical Stability	Discussions around Taiwan and Asia-Pacific security frameworks.	Can influence risk sentiment, safe-haven assets, and regional currencies.

Overall, the trump xi meet represents a pivotal test of whether the world’s two largest economies can manage rivalry while preventing another escalation in tariffs and technological decoupling. For investors, even small signs of compromise emerging from the Busan dialogue could signal renewed confidence in global markets.

What Each Side Aims to Achieve at the Busan Summit

While the trump xi meeting is presented as a diplomatic engagement, both sides approach the Busan Summit with carefully defined objectives. The trump and xi meeting is not just about photo opportunities — it is a high-stakes negotiation shaped by domestic pressure, global markets, and strategic competition.

United States: The Trump administration seeks tangible economic wins such as tariff relief, better market access for American companies, and cooperation on fentanyl enforcement. President Trump is also expected to emphasize “fair trade” and balance of payments, which could play well with his domestic base ahead of key policy votes.
China: President Xi aims to secure stability in export markets and access to critical U.S. technologies while protecting core interests in national security and regional sovereignty. For Beijing, maintaining a steady supply chain for rare earths and avoiding additional tariffs are top priorities.

In this context, the xi and trump meeting functions as both a tactical pause and a test of strategic patience. While neither side expects a sweeping deal, analysts believe even a limited understanding on tariffs or minerals could reset short-term market expectations.

How the Busan Summit Could Affect Global Markets

Global investors are watching the trump meeting with xi closely for policy signals that could shift sentiment across major asset classes. The Busan talks, framed as an attempt to stabilize trade relations, could trigger significant volatility depending on the outcomes announced.

Scenario	Market Reaction	Investor Implication
Positive Outcome (Partial Trade Truce)	Equities rally globally; Asian and emerging market currencies strengthen.	Boost for export-driven sectors, rare earth and semiconductor industries.
Neutral Outcome (No Clear Agreement)	Markets stay cautious; investors focus on central bank guidance and data.	Volatility persists, but downside remains limited if dialogue continues.
Negative Outcome (Renewed Tariff Threats)	Stocks decline, gold and Treasuries gain as safe-haven demand spikes.	Pressure on manufacturing, shipping, and commodity-linked equities.

For investors, this xi trump meeting serves as a critical barometer for global risk appetite. A cooperative tone could lift confidence in trade-sensitive markets, while hardline rhetoric may revive fears of decoupling. The trump and xi jinping meeting thus stands as a pivotal event shaping currency trends, commodity prices, and investor positioning into late 2025.

What Investors Should Watch After the Trump Xi Meeting

In the aftermath of the trump xi meeting, financial markets are expected to react sharply to the tone and substance of the final statements. Investors should focus on how both governments describe trade progress, technology restrictions, and commitments related to rare earth supply. The trump and xi jinping meeting may set short-term sentiment across global equities and commodities.

Official Statements: Pay attention to whether the U.S. or China uses terms like “framework agreement,” “tariff pause,” or “strategic cooperation.” These indicate the degree of optimism in ongoing dialogue.
Market Indicators: Watch the performance of Asian stock indices, the dollar index, and gold prices. A positive tone from the xi and trump meeting could weaken the dollar and lift risk assets.
Sector Reactions: Semiconductor, EV, and logistics stocks are the most sensitive to signals from the trump xi meet given their exposure to supply chain negotiations.
Follow-up Diplomacy: Future engagements such as finance minister dialogues or APEC-level follow-ups will help determine whether Busan represents a temporary détente or a lasting reset.

For long-term investors, the trump meeting with xi may serve as a guidepost for positioning through 2026, especially in export-driven sectors and technology equities.

FAQs about Trump Xi Meeting

1. What is Xi Jinping's approval rating?

According to recent polling referenced in international coverage of the xi trump meeting, Xi Jinping’s approval within China remains high, typically reported above 80% by domestic institutions. However, Western sources note limited transparency in such surveys, emphasizing that official approval metrics are more reflective of policy confidence than electoral support.

2. When did Donald Trump visit China?

Donald Trump’s last official visit to China occurred in November 2017, when he met with President Xi in Beijing. That visit set the stage for years of tariff negotiations leading up to the current trump and xi meeting in Busan. It was during that earlier trip that both leaders pledged cooperation on trade and North Korea before relations later deteriorated.

3. Who was the former president escorted out of China?

The reference often circulating online concerns former U.S. President George H. W. Bush, who fainted during a state dinner in Tokyo in 1992 and was assisted out of the room. While unrelated to the trump xi meeting, this event is occasionally cited in media discussions comparing presidential visits to Asia and their historical context.

Conclusion

The trump xi meeting in Busan represents a defining moment for global trade and investor sentiment. While deep divisions on tariffs and technology remain, even partial progress could ease market tension and restore confidence. For now, the world waits to see if this summit can turn rivalry into renewed economic cooperation.

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ING

Forex

Commodity

Economic

Energy – Bullish EIA inventory numbers

The oil market had a choppy session yesterday, still trying to digest the impact of Russian sanctions amid an increasingly comfortable balance as we head into 2026. However, a set of bullish numbers from the US Energy Information Administration's (EIA) weekly inventory report ensured crude oil prices closed higher, with Brent settling 0.81% higher on the day.

The EIA reported that US crude oil inventories fell by 6.86m barrels over the last week. It was driven by the Gulf Coast, where crude inventories declined by just shy of 10m barrels. Lower imports were behind the inventory draw, with total crude imports falling 867k b/d week-on-week to the lowest level since February 2021, while Gulf Coast imports hit a record low. Refined product numbers were also bullish. Gasoline and distillate stocks fell by 5.94m barrels and 3.36m barrels, respectively. The decline in gasoline inventories occurred despite exports falling 363k b/d. Stronger domestic demand provided support, with implied gasoline demand increasing 470k b/d WoW, while refiners also reduced their utilisation rates by 2 percentage points to 86.6%.

Looking ahead, plenty of attention will be on today's talks between President Trump and President Xi. The market will also be watching this weekend's OPEC+ meeting, where the group will likely announce another 137k b/d supply hike for December.

Away from oil, the latest positioning data shows that investment funds cut their net long in Title Transfer Facility (TTF) natural gas by 14.3TWh over the last reporting week to 46.2TWh – a move driven largely by fresh shorts entering the market. European natural gas prices continue to trade in a largely range-bound manner as we head further into the heating season, despite EU storage standing at just under 83% full. This is below the 5-year average of 92% and is slowly drawing. Meanwhile, investment funds marginally cut their net long in EU allowances by 821 contracts to 93,894, a marginal decline, but it's the first week of fund selling this month.

Metals – Copper hits record high

Copper hit a record on the LME yesterday, topping its previous high of $11,104.50/t set in May 2024. A supportive macro backdrop, falling US dollar, rate cuts and low inventories have lifted industrial metals prices recently.

Copper is the standout performer in the base metals complex, with prices up more than 25% year-to-date, and on track for its best year since 2017. Copper is rallying due to mounting supply disruptions, most recently Freeport's declaration of force majeure at its giant Grasberg mine in Indonesia, and the wider risk-on mood ahead of the Trump-Xi meeting. The outlook for copper is starting to look brighter with balances tightening for both 2025 and 2026 amid supply challenges and rising trade optimism.

However, the risk of demand destruction shouldn't be ignored, as Chinese buyers show signs of price sensitivity, which could put a ceiling on copper's upside. The Yangshan premium, paid by traders for imported metal and a key indicator of physical demand in China, remains in focus. For now, it hovers around $35/t after slumping more than 20% since late September, down from year-to-date highs above $100/t in May.

Agriculture– Sugar under pressure with Indian export talk

Sugar prices have continued to come under pressure, with No.11 trading down to its lowest level since December 2020 at one stage yesterday. The Indian Sugar and Bio-energy Manufacturers Association (ISMA) revised higher its estimates of gross sugar output (excluding sugar diverted for ethanol production) to around 31.5mt for the 2025/26 season compared to its previous forecast of 30mt. Favourable weather conditions in key growing regions boosted plant growth and were primarily responsible for the higher output estimates. Sugar allocation for ethanol production could fall to 3.4mt, compared with an earlier estimate of 5mt, as oil refiners scale back purchases of biofuel. The association requests that the government allow the export of 2mt of sugar for the 2025/26 season. In addition, the global market is expected to be in large surplus through the 2025/26 season. Clearly, prices need to remain under pressure to push mills in Brazil to allocate more cane to ethanol production to help resolve the large surplus expected for the 2026/27 CS Brazil crop.

Market reports indicate that China has purchased three US soybean cargoes this week, totaling approximately 180kt of soybeans to be delivered in December and January. China's return to the US soybean market ahead of the Trump-Xi meeting indicates positive market sentiment. Yet the scale of purchases remains relatively modest for now. This could keep traders cautious until the deal details are known. The market is also in the dark about official data. The usual weekly export sales data from the USDA has been delayed by the US government shutdown.

Source: ING

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Political

China–U.S. Trade War

Economic

Trump And Xi Land In Busan For Highly Anticipated Meeting Over Trade_1

BUSAN, SOUTH KOREA - OCTOBER 30: U.S. President Donald Trump disembarks Marine One as he prepares to attend a meeting with Chinese President Xi Jinping at Gimhae International Airport on October 30, 2025 in Busan, South Korea.

Chinese President Xi Jinping and U.S. President Donald Trump on Thursday arrived in Busan, South Korea, ahead of a much-anticipated meeting to address trade and tariff concerns.The meeting, expected to start at 11 a.m. local time (10 p.m. ET, Wednesday), would be the first time the two leaders see each other in person since Trump began his second term in January.The high-stakes meeting comes as tensions between the world's two largest economies have been on the boil this year. The latest escalation in tensions came this month, with Beijing export controls and Washington threatening to ban software-powered exports to China.

The U.S. in recent days has shared details about deals they hope to achieve with China – from restricting the flow of fentanyl to the U.S. to TikTok's divestiture from its Beijing-based parent ByteDance. Tariffs, tech curbs and rare earths are also on the table for discussion.Beijing had been more circumspect about the prospects of an agreement, but in a possible sign of thawing relationship, China bought its first cargoes of U.S. soybeans in several months, Reuters reported Wednesday.Xi is in South Korea – his first state visit in 11 years – from Thursday to Saturday to attend the APEC Economic Leaders' Meeting in Gyeongju.

Investors are cautiously watching for headlines from Busan as the trade war between the U.S. and China has kept investors on edge. Global markets soared at the start of the week on growing optimism that the U.S. and China could near an agreement on trade.