US: MNI POLITICAL RISK - Trump Xi Meeting Confirmed For Thursday
Oct-29 13:34
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- President Donald Trump is in South Korea for the final leg of his Asia trip. Trump said a trade with Seoul was "pretty much finalised.”
- Trump confirmed he will meet Chinese President Xi Jinping on the margins of APEC on Thursday. The meeting is likely to take place at 22:00 ET (Wednesday) 02:00 GMT 11:00 local. Trump predicted the meeting could go for three or four hours.
- The prevailing view among analysts is that the tariff and export control truce will be extended, but a more comprehensive trade deal is likely to remain elusive. Trump was bullish that a deal would be struck on Fentanyl, opening the door for a reduction in tariffs on Chinese exports. Trump also hinted at providing China access to Nvidia’s powerful Blackwell AI chip.
- Five Republican senators voted with Democrats to pass a messaging resolution blocking Trump’s Brazil tariffs, showing there is a workable anti-Trump coalition in the Senate.
- Senate Democrats blocked the House-passed Republican government funding bill for the 13th time. Bipartisan talks have “picked up” but there doesn’t appear to be an immediate offramp out of the shutdown.
- The Gaza ceasefire is facing a major test after Israeli strikes.
- A bipartisan coalition of governors urged Congress to pass legislation easing energy permitting rules.
- The US struck four more alleged drug vessels in the Eastern Pacific.
- Chart of the Day: 'Lopsided' US trade deals could push Southeast Asian nations closer to China.
Full Article: US DAILY BRIEF
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EQUITIES: US Opening Calls
Sep-29 13:28
SPX: 6,682.7 (+0.6%); DJIA: 46,471 (+0.5%/+223pts); NDX: 24,676.3 (+0.7%).
GLOBAL MACRO: Switzerland - US Reconfirm Not Manipulating FX Rates
Sep-29 13:27
Switzerland and the US "reconfirmed [...] to avoid manipulating exchange rates or the international monetary system to prevent effective balance of payments adjustment or to gain an unfair competitive advantage".
- SNB Chairman Schlegel unsurprisingly has reaffirmed last Thursday at the quarterly meeting press Q&A that the SNB remains willing to be active in the FX market to ensure monetary policy conditions remain appropriate.
- The announcement suggests that there is an ongoing dialogue between some Swiss and US authorities following the 39% tariff announcement by the US on Swiss imports on August 1. While the SNB judges the aggregate effects of the tariffs on the Swiss economy as "limited" according to last week's Q&A, there appears to have been limited progress at best by Swiss authorities to negotiate lower US rates going forward.
- Full release here: https://home.treasury.gov/news/press-releases/sb0266
US TSY FUTURES: BLOCK: Even Larger Dec'25 5Y Sale
Sep-29 13:27
- -13,000 FVZ5 109-02, sell through 109-02.25 post time bid at 0909:18ET, DV01 $570,050.
- The 5Y contract trades 109-02.25 last (+.75)
