EM ASIA CREDIT: Tencent: Fitch Affirms

• In FX, the trend theme in EURUSD remains bullish. Tuesday’s gains resulted in a climb above 1.1829 the Jul 01 high and bull trigger. Clearance of this hurdle confirms a resumption of the primary uptrend and opens 1.1923 next, the 2.00 projection of the Feb 28 - Mar 18 - 247 price swing. Support to watch is the 50-day EMA, at 1.1652.
• A bullish theme in GBPUSD remains intact and price is trading higher this week. The pair has breached resistance at 1.3595, the Aug 14 high and a bull trigger. The break strengthens bullish conditions and opens 1.3681 next, the Jul 4 high. Initial firm support to watch is 1.3487, the 50-day EMA.
• Key short-term support to watch in USDJPY is 146.21, the Aug 14 low and a bear trigger. A break of this level would highlight a stronger bearish threat and a range breakout. This would expose 145.40, 50% of the Apr - Aug upleg. On the upside, clearance of 149.14, the Sep 3 high is required to reinstate a bullish theme. Note that moving average studies are in a bull-mode position and this continues to highlight a dominant uptrend.

(MNI) London - SCMP reported earlier this morning that the US and China are in "the “final stage” of negotiations for a state visit to Beijing by US President Donald Trump, with bulk purchases of American goods a critical part of the deliverables". The potential finalisation of a state visit comes after the latest round of talks led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng in Madrid, Spain, aimed at reaching a deal on trade and tariffs. Chinese President Xi Jinping and his US counterpart Donald Trump are due to hold a call on Friday, 19 September to discuss a wide range of issues. 

• SCMP: “The deliverables may include a new deal to purchase US goods,” the source said, adding that Boeing aircraft were “very likely” on the list. The source confirmed that China sent a formal state visit invitation to Trump in the first week of September, which usually indicates a state visit is “more or less confirmed” and that planning is in a “very advanced stage”.
• With Trump set to travel to east Asia for the Asia-Pacific Economic Cooperation (APEC) summit in South Korea, running 31 Oct-1 Nov, any state visit could come around that time.
• While the article paints a relatively rosy picture of the prospect of a state visit, the evident tensions between the US and China on geopolitical and economic/trade issues could derail the prospect of a high-profile visit over the coming months.