Show Notes — FX, Commodities, Trade & Geopolitics BriefingTop ThemesMarkets are running on headlines: thin U.S. data, watchful central banks, and tariff rhetoric are steering price action.China beats on activity data while policy stays steady; U.S.–China tone turns more constructive but a tariff deadline still looms.Geopolitical risks stay elevated but contained for markets; focus on Middle East ceasefire mechanics and Russia–Ukraine diplomatic timetables.FX SnapshotUSD: Firmer inside a tight range on softer risk tone and a light U.S. calendar.EUR: Subdued after familiar “wait-and-see” ECB messaging.GBP: Slipped back below 1.34 amid quiet U.K. newsflow.JPY: Soft near the 151 handle; BoJ seen in no rush to hike, political continuity after Takaichi’s premiership supports gradualism.AUD & NZD: NZD lags on softer local reads. AUD struggles to convert China’s data beat and steady LPR into gains; high-beta FX remains headline-sensitive to U.S.–China developments.CommoditiesCrude: Sideways after choppy sessions; Middle East risk ebbs and flows without a fresh supply shock; eyes on Russia–Ukraine diplomatic calendar.Gold: Off record highs as a firmer dollar cools the “debasement” bid; lingering policy/geopolitical uncertainty keeps broader support intact.Base Metals: Softer intraday despite better Chinese activity; copper’s earlier strength fades pending a concrete U.S.–China policy signal.Trade & TariffsU.S.–China: Nov 1 tariff threat remains on the table even as rhetoric turns more conciliatory; leader-level meeting flagged, Treasury talks called “candid and constructive.”U.S.–Australia: Critical-minerals pact targets >$3bn public investment in six months, deeper processing coordination (with Japan) — key for batteries/rare earths.U.S.–Nicaragua: USTR proposes duties up to 100% after a Section 301 probe; move to suspend CAFTA-DR benefits.U.S.–Korea: Seoul says odds of a U.S. trade arrangement by APEC have improved.Europe–China: Netherlands seeks to defuse tensions over Nexperia while defending security actions — signaling industrial controls as core trade policy.GeopoliticsMiddle East: Israel cites ceasefire violations, conducts limited strikes, then says truce enforcement resuming; aid/Rafah flows tied to hostage milestones.Russia–Ukraine: Leaders’ call termed productive; staff-level talks planned; IAEA says Zaporizhzhia power-line repairs proceeding under localized ceasefires.Japan/BoJ: Political handover complete; PM Takaichi expected to emphasize continuity on economy/security; BoJ telegraphs gradualism.China Macro/Policy: Q3 growth, IP, and retail sales match/beat forecasts; Party plenum outlines next five-year priorities; PBoC holds steady.What to Watch NextTariffs: Concrete movement on U.S.–China measures ahead of the Nov 1 deadline.Data: Canada CPI for inflation pulse; any U.S. releases that squeak through the shutdown-light calendar.Central Banks: Remarks from key Fed/ECB/BoJ officials for guidance in a data-thin tape.Commodities: Oil’s response to diplomacy headlines; gold’s ability to hold higher ranges if USD stays bid.

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