Weekend U.S.–China trade talks in Madrid touched on TikTok, tariffs and the economy, though few details emerged. Meanwhile, China’s August data underscored persistent weakness in property and domestic demand, fuelling expectations for more policy support. Tesla pledged higher German output, while FX stayed rangebound in quiet trade.
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The U.S. and China held trade talks in Madrid over the weekend, led by Treasury Secretary Scott Bessent and Vice Premier He Lifeng. An official said discussions covered TikTok, tariffs and the broader economy, with negotiations set to continue Monday.
From China, housing figures showed both new and existing home prices fell again in August. This data was followed by softer economic activity numbers. Industrial production, retail sales and fixed-asset investment all missed expectations and slowed from July. The National Bureau of Statistics called the external environment “very severe,” citing rising uncertainties and operational difficulties for some firms. Officials pledged to expand domestic demand, boost consumption, stabilise prices and support employment. The downbeat tone reinforced market speculation of further policy easing.
Market reaction was contained. Major FX stayed largely rangebound, though AUD/USD and NZD/USD outperformed slightly. Japanese markets were closed for a holiday, so there was no U.S. cash Treasuries trade. Chinese equities ticked higher, with chipmakers gaining after Beijing launched an anti-dumping probe into certain U.S. semiconductors, seen as supportive for the domestic sector.
Separately, Tesla said its German plant will lift output in the second half of the year. Plant manager André Thierig told DPA production plans for Q3 and Q4 had been revised higher thanks to stronger-than-expected demand, adding that the company sees “positive signals” across markets.
Asia-Pac stocks:
- Japan (Nikkei 225) % ... closed today
- Hong Kong (Hang Seng) +0.46%
- Shanghai Composite +0.15%
- Australia (S&P/ASX 200) -0.26%
