From Gaza to Beijing: Trump pressures Moscow as Asia surprises with growth

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From Gaza to Beijing

What happened

Donald Trump’s administration signaled that it remains open to a new trade deal with Beijing despite rising tensions over China’s export restrictions and Washington’s threats to impose 100% tariffs. According to Goldman Sachs, both sides may opt to extend the current tariff pause, Bloomberg reports.

BBC notes that Trump also warned he could send Tomahawk cruise missiles to Ukraine if Russia refuses to reach a settlement. “Putin would look better if he ended this war now,” Trump said.

Haaretz reports that Hamas announced the handover of Israeli hostages will begin on the morning of October 13 and conclude before Trump’s address to the Knesset. The agreement provides for the release of 48 hostages and 1,700 Palestinian detainees, as well as the start of the second phase of a peace plan under Tony Blair’s supervision.

Meanwhile, China’s exports and imports grew at their fastest pace in a year in September, underscoring the stability of the Chinese economy despite ongoing trade tensions. Exports rose 8.3% year-on-year, while imports climbed 7.4%, CNBC reports.

Market reaction

Global markets opened the week with cautious optimism after a volatile Friday marked by new U.S.–China trade threats. The U.S. dollar recovered from recent losses: the DXY index climbed to 99, and USD/JPY rose 0.5%, reflecting shifts in Japan’s political landscape. The euro weakened to $1.16 amid uncertainty surrounding France’s new cabinet.

Asian equities showed mixed dynamics. The MSCI Asia ex-Japan index fell 1.6%, South Korea’s KOSPI dropped 1.3%, while Chinese blue chips lost 1.3% despite strong export data. Futures on the S&P 500 and Nasdaq rose 1.3% and 1.8%, signaling an attempt at recovery on Wall Street.

In commodities, investors returned to safe havens: gold hit a record high of $4,059 per ounce, while silver surged to $51.5, driven by geopolitical risks and expectations of imminent Fed rate cuts. Oil rebounded from five-month lows — Brent +1.47% to $63.6, WTI +1.51% to $59.8 — on hopes of a potential Trump–Xi meeting.

In crypto, volatility persisted following a $19 billion liquidation event: Bitcoin held around $114,000–115,000, with investors anticipating a rebound as futures reopen. Analysts noted that the correction did not break the uptrend, with consolidation under the 200-day moving average remaining within normal bounds.

Why it matters

Markets are once again reacting to politics rather than macroeconomics. The dollar’s recovery and the cautious rebound in futures show that investors are still trying to discern where rhetoric ends and real pressure begins. Trump continues to balance between threats and negotiation, and this uncertainty now defines sentiment across currencies and commodities.

The surge in gold and silver prices highlights renewed demand for safe-haven assets — capital is seeking shelter from political rather than inflationary risks. Oil’s rebound underscores fragile optimism: any disruption in U.S.–China talks could quickly send prices back to recent lows.

The crypto market, meanwhile, remains a barometer of risk appetite: after a sharp selloff, traders still believe in the long-term uptrend, suggesting that expectations are stabilizing. Globally, investors are once again navigating an environment where geopolitics — not data — is the key source of volatility.

Global markets on October 9 balanced between geopolitical shifts, currency interventions, and emerging energy concerns. From the Gaza ceasefire to Argentina’s monetary support and Norway’s declining hydropower reserves, the day was filled with signals likely to shape the tone for the week ahead.

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