Global Daily: Buying the Rumour

The Dow Jones closed up more than 1% on Friday, the S&P500 rose by 0.79% and futures are pointing higher today following the release of a benign CPI inflation report and news that the USA and China have come to agreement on a new trade deal. Bitcoin caught a bid over the weekend and both the AUD and NZD are trading higher this morning as representatives from both sides indicated that progress had been made on export controls, port fees and fentanyl issues. Treasury Secretary Scott Bessent said that the 100% additional tariffs that the US was set to impose on Chinese imports from November 1st are “effectively off the table”.