- Trump will visit Japan Oct 27-29
- China commerce ministry: Will actively resolve concerns about development in China
- Japan trade balance -¥234.6B vs +¥22.2B expected
- Trump says no decision yet on meeting Putin but doesn't want a wasted meeting
- Oil - private survey of inventory shows a large drawdown
- TD boosts 2026 copper price forecast to $5.25/lb, says "larger copper price is inevitable"
- Netflix stock beaten up: Why shares are down 6% after earnings
Markets:
- Gold up $3 to $4126
- Nikkei 225 up 0.1%
- AUD leads, USD lags
It was a quiet start to the day but it burst to life when Tokyo came online and heavy selling of gold got underway. There was a quick $130 drop to as low as $4005 before bids ahead of the big figure halted the decline. There was a quick bounce to $4040 and then choppy buying all the way up to $4125, which is fractionally above the North American close. It's going to be a volatile day for gold as we continue from yesterday's rout.
In Japan, the Nikkei opened 0.8% lower but was steadily bid in part due to Trump's plans to visit Japan but mostly because late-breaking reports saying PM Takaichi will deliver a large stimulus package. USD/JPY initially traded down to 151.50 but is now nearly flat on the day at 151.85.
More broadly, there is some better risk appetite on the day and one development I would highlight is a report saying that the US is near a trade deal with India that would put tariffs at 15-16%. That's a great rate for one of the most-protectionist countries in the world and could mean even lower rates for some other US partners.
