Sentiment took a positive turn as US and Chinese trade officials worked through the weekend in Malaysia on what many called a “positive framework” ahead of Thursday’s Trump–Xi summit. On the trade front, the early market optimism is progress in several areas, with China reportedly delaying its planned export restrictions on rare earths and agreeing to resume US soybean imports while finalizing the long-awaited TikTok deal. There is also talk of Washington easing some of the tariffs on fentanyl precursors if Beijing is cooperative but that 100% tariffs would still be on track to take effect November 1 unless an extension is granted. As the trade truce currently in place is set to expire November 10, we should also keep in mind the White House initiated Section 301 investigation shows trade

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