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“Gold is down because …” Are y’all ready for the tedious hindsight narratives that’ll arrive hours after the fact?
That’s a shame. ‘Cause I don’t have any.
It’s a wild session, slammed from its parabolic high.
There will be more volatility to come.
This article was written by Eamonn Sheridan at investinglive.com.
South Korean Finance Minister Koo said it’s uncertain whether Trump will accept Seoul’s opposition to a US$350 bn upfront investment.
Seoul warns a one-time payment could destabilise FX markets, risking a crisis.
Koo raised the issue with U.S. Treasury Secretary Bessent, who agreed to convey Korea’s concerns.
The July trade deal remains pending amid disputes over investment funding.
Info via Yonhap.
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South Korea’s Finance Minister Koo Yun-cheol said it remains uncertain whether President Donald Trump will accept Seoul’s opposition to a US$350 billion upfront investment tied to their July trade deal.
Speaking in Washington, Koo said such a large one-off payment could destabilise Korea’s foreign-exchange market, potentially sparking financial stress similar to the 1997 Asian crisis.
Koo raised the issue with U.S. Treasury Secretary Scott Bessent, who acknowledged Seoul’s concerns and pledged to relay them to senior officials including Commerce Secretary Howard Lutnick.
He said U.S. officials “understand Korea’s position,” but it’s unclear if Trump will agree. The deal, which would lower U.S. auto tariffs to 15% in exchange for investment commitments, remains pending amid talks over funding terms and structure.
This article was written by Eamonn Sheridan at investinglive.com.
The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2%.
The previous close was 7.1230
The setting today at 7.0949 is the strongest for CNY since 15 October 2024.
PBoC injects CNY 164.8bln via 7-day reverse repos, rate at unchanged 1.40%
This article was written by Eamonn Sheridan at investinglive.com.
China’s imports of Canadian oil are set for a record October, exceeding 5 mn bbl so far.
70% of Vancouver shipments are heading to China as it reduces reliance on US crude.
Canadian heavy crude prices have strengthened on Asian demand.
Vancouver crude now trades at a premium to Texas-loaded Canadian barrels for the first time since 2024.
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China’s crude imports from Canada are on track for a record month in October, as Chinese refiners pivot away from US supplies amid escalating trade tensions, according to Vortexa ship-tracking data. Report comes via Bloomberg.
Nearly 5 million barrels of crude have departed Vancouver so far this month — the highest volume for the first half of any month on record. More than 70% of those cargoes are bound for Chinese ports, with most of the rest heading to the US West Coast or trans-shipment points near Los Angeles.
Chinese buyers have been stockpiling foreign crude at more than 500,000 barrels a day, taking advantage of steep discounts on Russian and Iranian oil while diversifying supply sources. The latest uptick in Canadian shipments comes after Beijing imposed retaliatory port fees on US-linked vessels, raising freight costs for American crude.
Rising Asian demand has strengthened Western Canadian Select (WCS) crude, which was trading at a $10.20 discount to WTI on Thursday — the narrowest since July, despite seasonal weakness in Q4.
This article was written by Eamonn Sheridan at investinglive.com.
Singapore’s exports rose 6.9% y/y in September, beating expectations for a 2.1% fall.
Gains were led by electronics and shipments to China, Hong Kong and Taiwan.
US-bound exports fell 9.9% amid new American tariffs.
Government still expects 1–3% export growth for 2025, with slower momentum ahead.
Pharma tariff implementation delayed pending negotiations.
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Singapore’s non-oil domestic exports (NODX) jumped 6.9% year-on-year in September, a much stronger performance than economists had expected, thanks largely to a rebound in electronics shipments, according to data from Enterprise Singapore.
For the m/m, +13.0%
Export gains were driven by stronger demand from Hong Kong, Taiwan and China, while shipments to the EU, US and Indonesia fell.
Exports to the United States dropped 9.9% from a year earlier after falling nearly 30% in August, reflecting the impact of the 10% tariff Washington imposed on Singaporean goods.
Authorities said earlier that front-loading of shipments ahead of U.S. tariffs supported trade in the first half of the year, but warned of slower growth ahead.
This article was written by Eamonn Sheridan at investinglive.com.
People’s Bank of China USD/CNY reference rate is due around 0115 GMT.
The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2%.
How the process works:
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You’ll have noted the PBOC have been bumping up the yuan in this setting, USD/CNY below 7.10.
This article was written by Eamonn Sheridan at investinglive.com.
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