Trump-Xi Meeting Boosts Markets Amid Middle East Diplomacy
Investors are eagerly awaiting a meeting between US President Donald Trump and Chinese President Xi Jinping in Washington on September 24, which is expected to have significant implications for global markets.
The event has sparked optimism that it may lead to a resolution of the Middle East conflict, with traders hoping that the meeting will go beyond basic trade talks. This sentiment was reflected in a surge in Asian equity markets, with South Korea's KOSPI jumping 1.67% and Taiwan's TAIEX advancing 1.10%. Meanwhile, oil prices dropped to a one-week low as West Texas Intermediate fell 2.2% to $98 a barrel and Brent crude slipped 2.1% near $102.
Bitcoin also extended its surge, trading near $84,599.67 with a daily gain of over $3,437, or 4.24%. The increase in tanker movement through the Strait of Hormuz added to the optimism, as crude shipments bounced back to 2.9 million barrels a day, up from just 700,000 in August.
The Chinese government has also stepped into Gulf diplomacy ahead of the Washington meeting, with Saudi Arabia asking China to talk to Iran and help stop Houthi attacks. Iranian security chief Mohsen Rezaei said that Iran had passed its deal terms to Washington through Qatari leaders to end the war.