Europe Market Open: US-Japan sign agreement for minerals and rare earths; European futures lower following tailwind from APAC

US President Trump said the meeting with Chinese President Xi will be three hours long before returning back to the US; says things will work out very well with Xi on Thursday.European and US equity futures are mixed; NQ outperforms, boosted by NVIDIA as it nears USD 5tln market cap.USD is firmer in the run-up to FOMC, AUD leads as hot CPI dashes RBA rate cut hopes.Fixed income contained awaiting the FOMC, with a mild bearish bias potentially stemming from positive trade updates.XAU returns back above USD 4k/oz, LME Copper reaches new ATHs amid positive US-China trade optimismUS Pending Homes (Sep), FOMC & BoC Policy Announcements; US President Trump to meet South Korea's Leader, Speakers including Fed Chair Powell & BoC's Macklem, Supply from the US.Earnings from Meta, Microsoft, Alphabet, ServiceNow, Starbucks, eBay, Verizon, Boeing, CVS, Caterpillar, Etsy, Centene, Phillips 66.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were predominantly in the green following the tech strength on Wall St, most indices extended to record highs.US President Trump said he had a great trip so far and expects to lower fentanyl-linked tariffs on China. China said to have made soybean purchase.European equity futures indicate a marginally lower cash market open with Euro Stoxx 50 future down 0.1% after the cash index closed with losses of 0.1% on Tuesday.USD is broadly firmer vs. peers with GBP still under pressure. AUD leads as hot Aus CPI dashes hopes of an RBA rate cut next month.Israeli planes launched strikes on Gaza City. US VP Vance said he thinks peace in the Middle East will hold despite skirmishes.Looking ahead, highlights US Pending Homes (Sep), FOMC & BoC Policy Announcements, US President Trump to meet South Korea's Leader, Fed Chair Powell & BoC's Macklem, Supply from UK, Germany & US.Earnings from Meta, Microsoft, Alphabet, Google, Starbucks, eBay, Verizon, Boeing, CVS, Caterpillar, Phillips 66, UBS, BASF, Mercedes-Benz, Deutsche Bank, Equinor, Santander, GSK & Airbus.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump and Japanese PM Takaichi signed an agreement on the US-Japan alliance and framework for securing the supply of critical minerals and rare earths.European bourses are mostly lower; ES/NQ are flat, whilst the RTY is marginally lower ahead of a slew of earnings.USD flat/lower, JPY boosted on US-Japan trade developments and mild haven allure; GBP lags a touch.Bonds are firmer given the risk tone; USTs await supply.XAU briefly dipped under USD 3.9k/oz with base metals also broadly in the red; crude complex lower with some focus on reports that OPEC+ is looking at another oil production hike.Looking ahead, US Richmond Fed (Oct), US CaseShiller Home Prices (Aug), US Consumer Confidence (Oct), Supply from the US.Earnings from Visa, Electronic Arts, PPG Industries, SoFi, PayPal.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks failed to sustain the momentum from the record highs on Wall St and were mostly subdued.US President Trump and Japanese PM Takaichi signed an agreement on the US-Japan alliance and framework for securing the supply of critical minerals and rare earths.European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 0.2% after the cash market closed with gains of 0.6% on Monday.DXY is net negative amid gains in the JPY with USD/JPY slipping below the 152 mark post-Trump and Takaichi meeting.Global fixed income markets are broadly firmer. Crude has struggled for direction following the prior day's choppy performance.Looking ahead, highlights include German GfK (Nov), Richmond Fed (Oct), CaseShiller Home Prices (Aug), Consumer Confidence (Oct), ECB SCE (Sept), RBNZ's Richardson, Supply from Italy, UK, Germany & US.Earnings from Visa, Electronic Arts, PPG Industries, UnitedHealth, SoFi, PayPal, UPS, DR Horton, VF Corp, HSBC, BNP Paribas, Novartis, Logitech, Iberdrola & ASM International.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US and China reached a framework for Trump-Xi talks this week. US tariff increase on China averted, China was said to have agreed to delay a new rare earth exports licensing regime for a year.The US is to immediately raise tariffs on Canada by another 10%.US President Trump said he won’t meet with Russian President Putin until he thinks they have a peace plan.European bourses firmer but off best levels; US equity futures soar as traders digest the latest US-China trade commentary.High-beta FX propped up by US-Sino optimism, CAD overlooks US tariffs.USTs/Bunds knocked by the risk tone and reports of EU issuance, OATs outperform as Moody’s maintained France’s rating at Aa3, but revised the outlook to negative from stable.Positive US-China optimism weigh on XAU and lifts Copper near ATHs; Crude was initially boosted by the risk-tone but has since slipped into the red.Looking ahead, highlights include US Dallas Fed (Oct), Suspended Releases: US Durable Goods (Sep), Atlanta Fed GDPNow, Supply from US, Earnings including NXP Semiconductor.UK clocks moved back an hour during the weekend and reverted to GMT, which means there will just be a 4-hour time difference between London and New York for the week until US clocks change on Sunday 2nd November.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US and China reached a framework for Trump-Xi talks this week. US tariff increase on China averted, China was said to have agreed to delay a new rare earth exports licensing regime for a year.The US is to immediately raise tariffs on Canada by another 10%.APAC stocks are mostly higher, ES is up by the best part of 1%, Eurostoxx future firmer by 0.6%.DXY flat with the USD showing a mixed performance vs. peers; softer vs. risk-sensitive currencies, firmer vs. havens.US President Trump said he won’t meet with Russian President Putin until he thinks they have a peace plan.Moody’s maintained France’s rating at Aa3, but revised the outlook to negative from stable.Looking ahead, highlights include German Ifo (Oct), EZ M3 (Sep), Dallas Fed (Oct).  Suspended Releases: US Durable Goods (Sep), Atlanta Fed GDPNow. ECB’s Elderson.UK clocks moved back an hour during the weekend and reverted to GMT, which means there will just be a 4-hour time difference between London and New York for the week ahead until US clocks change on Sunday 2nd November.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US to probe China's 2020 trade compliance while Trump has "terminated" all trade talks with Canada.European bourses opened firmer but now off best levels whilst US equity futures are in the green; INTC +8.3%.USD slightly higher into CPI, EUR boosted on German PMIs but now pared.Bunds & Gilts hit by PMIs, OATs look to Moody's, USTs await CPI.Crude gives back recent strength, XAU also on the backfoot around USD 4.06k/oz.Looking ahead, US Flash PMIs (Oct), US CPI (Sep), CBR Policy Announcement, European Council (23rd-24th), Moody’s Credit Review on France, Speakers including ECB’s Cipollone & Nagel, Earnings from Procter & Gamble.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US to probe China's 2020 trade compliance while Trump has "terminated" all trade talks with CanadaDespite this, APAC bourses firmer as the region focuses on confirmation of a Trump-Xi meeting next weekDXY firmer but rangebound, USD/JPY tested 153.00Fixed benchmarks remain subdued, USTs await CPICrude pulled back from Thursday's rally, XAU is indecisiveLooking ahead, highlights include UK Retail Sales (Sep), EZ, UK & US Flash PMIs (Oct), US CPI (Sep), (Suspended Releases: US Build Permits & US New Home Sales), CBR Policy Announcement, European Council (23rd-24th), Moody’s Credit Review on France, Speakers including ECB’s Cipollone & Nagel, Earnings from NatWest, Porsche, Sanofi, Eni, Saab, Procter & GambleClick for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

China published fourth plenum communique: approved five-year plan, and aiming for a 'big increase' in the level of tech self-reliance.European equities are mostly higher, whilst US equity futures are mixed; TSLA -3%, IBM -7.2%, Quantum stocks +10%.DXY is flat, Antipodeans lead whilst havens lag in quiet trade.Bonds are pressured as the risk tone sees pockets of improvement; decent UK auction sparked little move in Gilts at the time.New Russian sanctions push crude benchmarks higher, XAU continues to consolidate.Looking ahead, Existing Home Sales (Sep), EZ Consumer Confidence Flash (Oct), Canadian Retail Sales (Aug), Australian Flash PMIs (Oct), (Suspended Releases: US Weekly Claims), CBRT Policy Announcement, CCP 4th Plenum (20th-23rd), European Council (23rd-24th). Speakers including ECB’s Lane, Fed's Bowman & Barr (Fed on Blackout). Earnings from Intel, American Airlines, Freeport McMoRan, Blackstone, T-Mobile US & Valero Energy.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US-China frictions weigh on the risk tone; Bessent said they are contemplating the next move if talks don't work outDXY posts modest gains, EUR pressured, while Sterling remains lower but is off the worst levels on WednesdayFixed benchmarks struggled for direction, US 20yr was decentCrude supported by reports around Ukraine's use of Western long-range missiles, metals softerLooking ahead, highlights include US National Activity Index (Sep), Existing Home Sales (Sep), EZ Consumer Confidence Flash (Oct), Canadian Retail Sales (Aug), Australian Flash PMIs (Oct), (Suspended Releases: US Weekly Claims), CBRT Policy Announcement, CCP 4th Plenum (20th-23rd), European Council (23rd-24th), Speakers including ECB’s Lane, Fed's Bowman & Barr (Fed on Blackout), Supply from UK & US.Earnings from Dassault, Orange, STMicroelectronics, Beiersdorf, Nokia, BE Semiconductor, Intel, American Airlines, Freeport McMoRan, Honeywell, Dow, Southwest Airlines, Blackstone, PG&E, T-Mobile US & Valero Energy.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk