A day of significant global developments is underway, as rising geopolitical tensions send oil prices climbing, the precious metals market reels from a brutal selloff, and Ukraine’s president embarks on a crucial diplomatic mission to Sweden.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
Oil rises over 1% on supply risks and trade hopes
Oil prices have pushed higher for a second consecutive day, with both Brent and WTI crude futures climbing more than 1%.
The rally is being buoyed by a potent combination of sanctions-related supply risks and renewed hope for a US-China trade deal.
Supply concerns have been stoked by the news that a planned summit between US President Donald Trump and Russian President Vladimir Putin has been put on hold, as well as by rising tensions between the US and the key oil producer, Venezuela.
At the same time, the market is closely watching the progress of US-China trade talks, with officials from both countries set to meet this week.
Gold and silver waver after a historic selloff
Gold and silver prices are wavering on Wednesday, a day after suffering their steepest and most brutal selloffs in years.
Spot gold is trading near $4,140 an ounce after tumbling as much as 6.3% in the previous session, its biggest intraday drop in more than a dozen years.
The slump brought an abrupt and violent halt to the rapid advances that have been underway since mid-August, a rally that had been fueled by bets on Federal Reserve rate cuts and fears of runaway budget deficits.
Technical indicators had been showing for weeks that the scorching rallies were likely overstretched, and Tuesday’s pullback appears to be a powerful, if painful, market correction.
Japan’s September exports grow 4.2% despite US tariffs
Japan’s exports grew a solid 4.2% in September, according to government data released on Wednesday.
The growth was driven by a robust 9.2% jump in shipments to other parts of Asia, a performance that was strong enough to offset a 13.3% drop in exports to the United States, which have been hit hard by President Donald Trump’s tariffs.
Auto shipments to the US were particularly weak, dropping 24.2%.
The data comes just a day after the conservative lawmaker Sanae Takaichi was chosen as the nation’s first female prime minister.
Ukraine’s President Zelenskyy to visit Sweden for defence talks
Ukrainian President Volodymyr Zelenskyy will visit Sweden on Wednesday for a high-stakes meeting with Prime Minister Ulf Kristersson.
According to the Swedish government, the two leaders will hold a joint press conference to present “news regarding defence exports.”
The reports further suggest that the talks are expected to focus on Russia’s war of aggression against Ukraine and the deepening of bilateral defence cooperation between the two nations.
The meeting comes as Zelenskyy continues his tireless diplomatic efforts to shore up Western support for his country’s war effort.
The post Morning brief: Oil climbs; gold’s big selloff; Japan’s exports rise; Zelenskyy in Sweden appeared first on Invezz