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Tag: president xi jinping

  • South Korea says North Korea has launched a ballistic missile into the sea

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    North Korea launched multiple ballistic missiles toward the sea Sunday, its neighbors said, just hours before South Korea’s president leaves for China for talks expected to cover North Korea’s nuclear program.South Korea’s Joint Chiefs of Staff said in a statement it detected several ballistic missile launches from North Korea’s capital region around 7:50 a.m. It said the missiles flew about 900 kilometers (560 miles) and that South Korea and U.S. authorities were analyzing details of the launches.Video above: Wildfires in South Korea destroyed an ancient Buddhist templeThe Joint Chiefs of Staff said that South Korea maintains a readiness to repel any provocations by North Korea and is closely exchanging information with the U.S. and Japan on the North’s missile launches.Japanese Defense Minister Shinjiro Koizumi said that at least two missile launches by North Korea have been confirmed. “They are a serious problem, threatening the peace and security of our nation, the region and the world,” Koizumi told reporters.North Korea ramps up weapons display ahead of political meetThe launches were the latest weapons demonstration by North Korea in recent weeks. Experts say North Korea is aiming to show off or review its achievements in the defense sector ahead of its upcoming ruling party congress, the first of its kind in five years. Observers are watching the Workers Party congress to see whether North Korea will set a new policy on the U.S. and respond to its calls to resume long-stalled talks.North Korea has been focusing on testing activities to enlarge its nuclear arsenal since its leader Kim Jong Un’s summitry with U.S. President Donald Trump fell apart in 2019. Kim has also boosted his diplomatic credentials by aligning with Russia over its war in Ukraine and tightening relations with China. Observers say Kim would believe his leverage has sharply increased to wrest concessions from Trump if they sit down for talks again.North Korea hasn’t announced when it will hold the congress, but South Korea’s spy service said it will likely occur in January or February.Launches comes before South Korean leader’s trip to ChinaSunday’s launches also came hours before South Korean President Lee Jae Myung departs for China for a summit with President Xi Jinping. During the four-day trip, Lee’s office said he would request China, North Korea’s major ally and biggest trading partner, to take “a constructive role” in efforts to promote peace on the Korean Peninsula.South Korea and the U.S. have long asked China to exercise its influence on North Korea to persuade it to return to talks or give up its nuclear program. But there are questions on how big of a leverage China has on its socialist neighbor. China, together with Russia, has also repeatedly blocked the U.S. and others’ attempts to toughen economic sanctions on North Korea in recent years.Later Sunday, South Korea convened an emergency national security council meeting where officials urged North Korea to stop ballistic missile launches, which violate U.N. Security Council resolutions. The council reported details of the launches and unspecified South Korean steps to Lee, according to the presidential office.North Korea hasn’t commented on US operation in VenezuelaThe launches followed Saturday’s dramatic U.S. military operation that ousted Venezuelan leader Nicolás Maduro from power and brought him to the U.S. to face narco-terrorism conspiracy charges. It represented America’s most assertive action to achieve regime change in a country since the nation’s 2003 invasion of Iraq.“Kim Jong Un may feel vindicated about his efforts to build a nuclear deterrent, as he likely did after Trump’s strikes on Iran,” said Leif-Eric Easley, professor of international studies at Ewha Womans University in Seoul. “However, leaders of hostile regimes will probably live with greater paranoia after seeing how quickly Maduro was extracted from his country to stand trial in the United States.”North Korea’s state media hasn’t commented on the U.S. operation.The official Korean Central News Agency said Sunday Kim visited a weapons factory on Saturday to review multipurpose precision guided weapons produced there. KCNA cited Kim as ordering officials to expand the current production capacity by about 2.5 times.Last Sunday, North Korea test-fired what it called long-range strategic cruise missiles. On Dec. 25, North Korea released photos showing apparent progress in the construction of its first nuclear-powered submarine.Associated Press writer Yuri Kageyama in Tokyo contributed to this report.

    , Seoul —

    North Korea launched multiple ballistic missiles toward the sea Sunday, its neighbors said, just hours before South Korea’s president leaves for China for talks expected to cover North Korea’s nuclear program.

    South Korea’s Joint Chiefs of Staff said in a statement it detected several ballistic missile launches from North Korea’s capital region around 7:50 a.m. It said the missiles flew about 900 kilometers (560 miles) and that South Korea and U.S. authorities were analyzing details of the launches.

    Video above: Wildfires in South Korea destroyed an ancient Buddhist temple

    The Joint Chiefs of Staff said that South Korea maintains a readiness to repel any provocations by North Korea and is closely exchanging information with the U.S. and Japan on the North’s missile launches.

    Japanese Defense Minister Shinjiro Koizumi said that at least two missile launches by North Korea have been confirmed. “They are a serious problem, threatening the peace and security of our nation, the region and the world,” Koizumi told reporters.

    North Korea ramps up weapons display ahead of political meet

    The launches were the latest weapons demonstration by North Korea in recent weeks. Experts say North Korea is aiming to show off or review its achievements in the defense sector ahead of its upcoming ruling party congress, the first of its kind in five years. Observers are watching the Workers Party congress to see whether North Korea will set a new policy on the U.S. and respond to its calls to resume long-stalled talks.

    North Korea has been focusing on testing activities to enlarge its nuclear arsenal since its leader Kim Jong Un’s summitry with U.S. President Donald Trump fell apart in 2019. Kim has also boosted his diplomatic credentials by aligning with Russia over its war in Ukraine and tightening relations with China. Observers say Kim would believe his leverage has sharply increased to wrest concessions from Trump if they sit down for talks again.

    North Korea hasn’t announced when it will hold the congress, but South Korea’s spy service said it will likely occur in January or February.

    Launches comes before South Korean leader’s trip to China

    Sunday’s launches also came hours before South Korean President Lee Jae Myung departs for China for a summit with President Xi Jinping. During the four-day trip, Lee’s office said he would request China, North Korea’s major ally and biggest trading partner, to take “a constructive role” in efforts to promote peace on the Korean Peninsula.

    South Korea and the U.S. have long asked China to exercise its influence on North Korea to persuade it to return to talks or give up its nuclear program. But there are questions on how big of a leverage China has on its socialist neighbor. China, together with Russia, has also repeatedly blocked the U.S. and others’ attempts to toughen economic sanctions on North Korea in recent years.

    Later Sunday, South Korea convened an emergency national security council meeting where officials urged North Korea to stop ballistic missile launches, which violate U.N. Security Council resolutions. The council reported details of the launches and unspecified South Korean steps to Lee, according to the presidential office.

    North Korea hasn’t commented on US operation in Venezuela

    The launches followed Saturday’s dramatic U.S. military operation that ousted Venezuelan leader Nicolás Maduro from power and brought him to the U.S. to face narco-terrorism conspiracy charges. It represented America’s most assertive action to achieve regime change in a country since the nation’s 2003 invasion of Iraq.

    “Kim Jong Un may feel vindicated about his efforts to build a nuclear deterrent, as he likely did after Trump’s strikes on Iran,” said Leif-Eric Easley, professor of international studies at Ewha Womans University in Seoul. “However, leaders of hostile regimes will probably live with greater paranoia after seeing how quickly Maduro was extracted from his country to stand trial in the United States.”

    North Korea’s state media hasn’t commented on the U.S. operation.

    The official Korean Central News Agency said Sunday Kim visited a weapons factory on Saturday to review multipurpose precision guided weapons produced there. KCNA cited Kim as ordering officials to expand the current production capacity by about 2.5 times.

    Last Sunday, North Korea test-fired what it called long-range strategic cruise missiles. On Dec. 25, North Korea released photos showing apparent progress in the construction of its first nuclear-powered submarine.

    Associated Press writer Yuri Kageyama in Tokyo contributed to this report.

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  • Unrelated videos falsely linked to China and Taiwan’s commemoration of Xinhai Revolution

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    As Taiwan observed its national day on October 10, social media posts circulated footage falsely claiming they showed how China and Taiwan celebrated a revolution that overthrew the Chinese imperial dynasty more than a century ago. The clips in fact depict a national day procession in Beijing in 2019 and a drag queen performance in Taipei in 2024.

    “Mainland commemoration of the Xinhai Revolution VS Taiwan Province commemoration of the Xinhai Revolution. Such an eyesore,” reads the simplified Chinese X post shared on October 10 when Taiwan marked its national day.

    The post includes two clips. The video at the top — with the overlaid text “China Mainland” — shows soldiers marching in front of a portrait of revolutionary Sun Yat-sen while the clip at the bottom with the text “Taiwan” superimposed showed drag queens performing.

    Screenshot of the false X post captured on October 13, 2025, with a red cross added by AFP

    Taipei’s annual celebrations on October 10 marked the 114th anniversary of the toppling of China’s Qing dynasty — called the Xinhai Revolution — and the subsequent founding of the Republic of China, which modern-day Taiwan still uses as its official name (archived here and here).

    China — which mostly uses simplified Chinese as its written text — considers self-ruled, democratic Taiwan as part of its territory, and Beijing has not excluded the use of force to take it (archived link).

    Comments indicated some users were disappointed with how Taiwan commemorated the Xinhai Revolution.

    “Total disgrace. China shows respect and power. The other one shows confusion and total destruction of cultural values,” one left a comment in English.

    Another comment in simplified Chinese reads: “Sun Yat-sen is coughing up blood from the portrait.”

    The video was shared alongside similar claims on TikTok and Weibo.

    But the clips are unrelated.

    2019 Beijing procession

    A Baidu reverse image search of key frames of the top “China Mainland” clip led to the screenshots of a 2019 military parade in Beijing (archived link).

    The logo on the top left corner has a watermark of Chinese national broadcaster CCTV (archived link). However, the full video of the procession does not appear on its official website.

    A further keyword search led to a live video uploaded by British media Guardian News on YouTube on October 1, 2019 (archived link).

    The caption reads: “China marks the 70th anniversary of its founding on National Day, where President Xi Jinping will inspect the troops along Chang’an Avenue in the Chinese capital. More than a hundred thousand citizens will parade past the Tiananmen Gate with floats.”

    <span>Screenshot comparison of the false X video and the YouTube video captured on October 13, 2025</span>

    Screenshot comparison of the false X video and the YouTube video captured on October 13, 2025

    AFP also reported that China celebrated 70 years of Communist Party supremacy on October 1, 2019, with a parade of tanks, missiles and troops (archived link).

    Taipei drag queens

    For the second clip, a reverse image search led to a Facebook video posted by Taiwanese broadcaster TTV News Channel citing a source from the presidential office, which is dated May 15, 2024 (archived here and here).

    The caption reads in traditional Chinese: “President Tsai Ing-wen today (15th) received Nymphia Wind, winner of RuPaul’s Drag Race. Nymphia performed a series of drag shows. She was moved to tears during her speech, thanking President Tsai for her contributions over the years in protecting Taiwan and safeguarding the homeland. She expressed gratitude for Tsai’s eight years of dedication, calling her ‘the mother of Taiwan’.”

    Tsai Ing-wen is the predecessor of current President Lai Ching-te (archived link).

    <span>Screenshot comparison of the false X post and the Facebook video captured on October 13, 2025</span>

    Screenshot comparison of the false X post and the Facebook video captured on October 13, 2025

    During Tsai’s two terms in power, her Democratic Progressive Party had been a strong proponent of social issues particularly on LGBTQ rights, making the island the first place in Asia to legalise same-sex marriage in 2019 (archived link).

    Commemorating the revolution

    When it comes to commemorating the Xinhai Revolution, Taiwan typically marks it alongside its National Day celebrations (archived link).

    In 2025, the self-ruled island had a military parade and student performances at the Presidential Palace on October 10 (archived here and here).

    <span>Taiwanese AT-3 advanced jet trainers perform during National Day celebrations at the Presidential Palace in Taipei on October 10, 2025.</span><div><span>I-Hwa Cheng</span><span>AFP</span></div>
    Taiwanese AT-3 advanced jet trainers perform during National Day celebrations at the Presidential Palace in Taipei on October 10, 2025.

    I-Hwa ChengAFP

    (I-Hwa Cheng / AFP)

    In China this year, smaller-scale activities were held on Martyrs’ Day on September 30, including a flower offering to honour the revolutionaries who died in the 1911 uprising (archived link).

    The last major commemoration of the revolution took place on October 9, 2021, with Chinese President Xi Jinping addressing the 110th anniversary assembly (archived link).

    AFP has previously debunked other misinformation about the Taiwan-China conflict.

    October 20, 2025 Article updated to correct formatting.

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  • Investors react to Trump’s massive increase in China tariffs​

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    NEW YORK (Reuters) -U.S. President Donald Trump on Friday said he was increasing tariffs on Chinese exports to the U.S. to 100% and imposing export controls on “any and all critical software” in a reprisal to recently announced export limits by China on rare earth minerals critical to tech and other manufacturing.

    Earlier, he said there was no reason to meet with President Xi JinPing in two weeks as planned, triggering a sell-off in the dollar, U.S. stocks, and a flight to safe-havens like Treasuries.

    China this week has tightened restrictions on exports of key rare earth materials and, separately, on Friday said it would impose extra port fees on U.S. ships from October 14.

    COMMENTS:

    BRIAN JACOBSEN, CHIEF ECONOMIST, ANNEX WEALTH MANAGEMENT, MENOMONEE FALLS, WISCONSIN:

    “Here we go again. Trade negotiation via social media can be very disruptive to markets, but a lot can change quickly. By setting a November 1st implementation date for tariffs, that leaves enough room to have people actually talk with each other about the issues instead of just lobbing press statements back and forth. Downside risks to growth and upside risks to inflation are now higher than they were just 12 hours ago, but those risks don’t have to become reality.”

    CLAYTON TRIICK, HEAD OF PORTFOLIO MANAGEMENT FOR PUBLIC STRATEGIES AT ANGEL OAK CAPITAL, ATLANTA:

    “I think it’s a little early on the bubble side. Volatility has been really low with the government shut down and no data, and I feel like vol should be higher. It needed a catalyst, and so this was the catalyst to repricing here.”

    “You still have labor concerns, inflation concerns, and the idea that we’ve had no vol and just automatic buying of equities last week, I’ve actually thought when we get clarity of the government maybe reopening in the U.S. today, it may actually cause a sell-off because now you have data coming to the market and everyone waking up again. But we got it early. We got the Trump news on China.

    “So, I view that this vol needed to happen. I wouldn’t say it’s the start of the beginning of a much larger sell-off. Because I still feel that there’s so much cash on the sidelines to buy the dip that I don’t think it would sustain that much lower. But I wouldn’t be surprised if equities traded in a sideways range for a while here. I don’t see the market ripping higher right now.”

    ANSHUL SHARMA, CHIEF INVESTMENT OFFICER, SAVVY WEALTH, NEW YORK:

    “Today’s sharp sell-off reflects renewed fears that the U.S. is escalating trade tensions with China, particularly the threat of a large hike in tariffs and the cancellation of the meeting with President Xi. These moves inject real risk into global supply chains, corporate margins, and investor sentiment.”

    “We think this is less about valuations and more about sentiment. Fundamentally, corporate earnings and balance sheets remain healthy, but when policy uncertainty spikes, as it did with today’s tariff headlines, investors tend to de-risk quickly. In our view, this is a sentiment-driven pullback within an otherwise resilient market backdrop.”

    “That said, if trade tensions persist and start to filter into earnings guidance or capital-spending plans, we think the market could see a more drawn-out adjustment. It’s unlikely to ‘pop’ a bubble overnight, but it may reset expectations and reintroduce volatility around policy risk. On the flip side, any sign of de-escalation or renewed dialogue could just as quickly revive risk appetite.

    “On balance, we think this episode serves as a reminder that policy shifts can still rattle markets, much like we saw in late March and early April, even when underlying fundamentals remain sound.”

    MALCOLM POLLEY, DIRECTOR STRATEGIC MARKET ANALYSIS, STRATOS WEALTH MANAGEMENT, SEWICKLEY, PENNSYLVANIA:

    “I think it’s weird that the market is still getting all bent out of shape over tariffs, when there is a lawsuit that the Supreme Court will hear next month about the constitutionality of all these. It would be beyond shocking to me if Trump wins. If that’s true, then all these tariff issues become moot, because Congress would have to approve them. So it’s surprising to me that this is the mountain that the market is choosing to die on. There have been a lot of murmurings about how expensive the markets have become, though, and there’s a feeling we should probably dial back risk as we probably were bound to have some kind of correction. Some of this is probably because it’s Friday, and banks aren’t open on Monday. There are people that just don’t want to own things that long because absolutely anything could happen over the weekend.”

    JAMES ST. AUBIN, CHIEF INVESTMENT OFFICER, OCEAN PARK ASSET MANAGEMENT, SANTA MONICA, CALIFORNIA:

    “This is just an escalation of the trade war that has been somewhat subdued for the last several months. The market hasn’t been putting a lot of worry into this trade war as things have settled down after Liberation Day. The main players here – China and the U.S. – were working it out if you will. But that seems to be in jeopardy in terms of where China and the U.S. may find reasons to re-engage and re-escalate this conflict. It certainly is concerning for markets that have been clearly pricing in very little risk and very little concern over whether it be the trade war or any other potential government shut down things like that for something to go wrong. Here, we have some potential for an escalation in a very important trade relationship and that rightfully creates a little fear in the market, which we haven’t seen much of since Liberation Day.”

    JAMIE COX MANAGING PARTNER, HARRIS FINANCIAL GROUP, RICHMOND, VIRGINIA:”All the smart money is scooping up chip stocks on weakness today. Markets were rife for a little sell off, given such outsized gains since April, but, as with tariff month, it’s yet another buying opportunity. The bull market is intact.”

    TIM HOLLAND, CHIEF INVESTMENT OFFICER, ORION, OMAHA:

    “After months of more good news than bad and more certainty than uncertainty around trade – think the UK, EU and Japan deals and ongoing negotiations with China – today’s developments are a reminder that trade is not fully solved for, and macro and geo-political uncertainty persists. We are hopeful that US/China negotiations will continue and recent moves by both sides will prove to be more about tactics and positioning than not.”

    “We don’t think US stocks are in a bubble. That said, stocks have done quite well year to date and trade at elevated multiples. While we are not rooting for a meaningful pullback, any drop should put equities in a more constructive position from a valuation and a sentiment point of view. We would note that it seems to us the Administration has often gotten most aggressive on the trade front after the market has had a strong run, which it has had these past few months.”

    MICHAEL ROSEN, CHIEF INVESTMENT OFFICER, ANGELES INVESTMENTS, SANTA MONICA, CALIFORNIA:

    “The threat of more tariffs is a reminder that market volatility will remain elevated while Trump is in the White House.”

    “The actual tariff rate has been significantly below what was feared, and companies are adjusting to this new era in trade policy. We should expect to see markets back on track after this momentary bout of volatility.”

    TOM BRUNI, HEAD OF MARKETS AND RETAIL INVESTOR INSIGHTS, STOCKTWITS, NEW YORK”

    “Trump’s actions against China this morning were the excuse the market needed to begin correcting. Over the last week or so, we’ve seen momentum at the index level wane, with bitcoin, the S&P 500, and many leading stocks making marginally new all-time highs before falling back into their ranges. This, combined with the ‘euphoric’ feeling of almost any risk asset investors bought immediately going up, showed that sentiment was due for a reset; the market just needed a catalyst to begin that process.”

    MATTHEW MISKIN, CO-CHIEF INVESTMENT STRATEGIST, MANULIFE JOHN HANCOCK INVESTMENTS, BOSTON:

    “The markets had become numb to geopolitical uncertainty and the trade war, but… it is still lingering out there as a risk.”

    “The dollar is weaker, which does suggest there’s not a flight to safety there.”

    “The markets were overbought and really momentum heavy and they were due for some volatility. Is this a significant trigger? It may not be, just because we’ve already been going through this trade war for months now.”

    “At the end of the day, it’s going to come back to the economy. It’s going to come back to corporate profits and earnings season is right around the corner…. It might be a healthy setback here after such a big run.”

    “Earnings season actually is going to be in focus and we think that’s going to be what the markets are going to be paying more attention to next week.”

    “Valuations are stretched nearly across the board… The thing that has to come through is earnings. If earnings growth does not deliver, it is going to be very hard for this market to justify its current levels.”

    GENE GOLDMAN, CHIEF INVESTMENT OFFICER AT CETERA INVESTMENT MANAGEMENT, EL SEGUNDO, CA:

    “The news is a surprise because just in two weeks President Trump was going to meet Xi to talk about trade and markets were very optimistic.”

    “The markets were fine this morning but with Trump saying that he’s going to massively increase tariffs on China and that he’s also not going to do the meeting in Korea that was supposed to take place with Xi in two weeks, this makes the markets jittery. It adds an additional risk.”

    “With equities at high valuations this sell-off, is a sign of jitters. Everything is priced for perfection so the uncertainty increases market jitters. All of this adds uncertainty to economic growth. That’s why we’re seeing treasury yields fall. Oil is selling off too. Anything tied to the economy is weakening.”

    JUAN PEREZ, DIRECTOR OF TRADING, MONEX USA, WASHINGTON:

    “It sends a message of negativity. What markets, for the most part, and investors need is a little bit clearer guidance, especially when trying to figure out if the Federal Reserve is going to deliver what they want, which is 50 basis points slashed off the interest rate for the remainder of the year.”

    “It brings, once again, to the table and to the spotlight that the United States is acting unilaterally to try to align trade and to try to get countries to align with trade. So ultimately, it does create a lot of negativity for the U.S. economy. It creates doubt about, where is this all going? What is the purpose? Is China really going to have to be very retaliatory moving forward in order to get the United States to negotiate better? So it creates a lot of doubt.”

    CHRIS SCICLUNA, HEAD OF RESEARCH, DAIWA CAPITAL MARKETS, LONDON:

    “It’s difficult to know how to respond to this (the Trump comments). The temptation, given what’s happened since the start of the year and the resilience of markets, is to fade these announcements and take this with a pinch of salt what he’s saying. We’ll have to see what the substance is.”

    STEVE SOSNICK, CHIEF MARKET ANALYST, INTERACTIVE BROKERS, CONNECTICUT:

    “The president’s comments are not are obviously not helpful for the market. We finally got through the worst of the tariff concerns and now we find ourselves once again faced with another round of them and the tone of his comments was certainly quite aggressive – massive tariffs being threatened and no reason to talk to him (Xi). So this is definitely going in the wrong direction about U.S. China trade relations. It’s definitely not a market friendly move and considering how quickly the market is selling off on this.”

    ROBERT PAVLIK, SENIOR PORTFOLIO MANAGER, DAKOTA WEALTH, CONNECTICUT:

    “He’s (Trump’s) caught the market off guard again and thrown more question marks into a market that is being questioned about a very high degree of enthusiasm and being sort of scrutinized for having too much fluff built into it. Then Trump comes out with this surprise announcement, so you have a market that hit an air pocket and is selling off a little bit. When you reacted to it in the past, it’s come back and burned you. Do you sell out of this market because of this? It’s a giant question mark. It just creates more questions and volatility in the market.”

    MIKE BROWN, SENIOR RESEARCH STRATEGIST, PEPPERSTONE, LONDON:

    “It’s a bolt from the blue from Trump and after the rare earth news earlier … the timing is a big surprise. I would say as always with Trump and I think the market has learned this now, it’s difficult to determine what is the bluster and rhetoric and what he might follow through on.

    The key thing market participants will be focused on as we move into the weekend and next week, is: are we now looking at having to tear up the assumptions we did have that trade was a done deal and now look at a re-escalation of tensions between the two.

    If we are, and talks are in jeopardy, you are looking at a fairly chunky leg lower in risk in the days and weeks ahead.”

    (Compiled by the Global Finance & Markets Breaking News team)

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  • US and China agree to agree on a TikTok deal

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    The long-promised deal to “save” TikTok remains elusive even as the US and China seem to be inching toward an agreement. On Friday, President Donald Trump did little to clarify where the deal currently stands following a call with Chinese President Xi Jinping.

    In a post on Truth Social, Trump said both that the two had “made progress” on “approval of the TikTok Deal” and that he “appreciate[s] the TikTok approval.” Trump also told reporters in the Oval Office that “he approved the TikTok deal,” Reuters .

    But Chinese state-run media reported the call a bit differently, according to The New York Times, saying that Xi conveyed that the government “respects the wishes of the company in question and is glad to see business negotiations in line with market rules and a solution that conforms to Chinese laws and regulations and takes into account the interests of both sides.”

    TikTok owner ByteDance did little to clear things up when it issued the following . “We thank President Xi Jinping and President Donald J. Trump for their efforts to preserve TikTok in the United States. ByteDance will work in accordance with applicable laws to ensure TikTok remains available to American users through TikTok U.S.”

    This week, there have been multiple reports that the two sides were reaching the final stages of negotiations. The proposed terms reportedly include a for TikTok’s US users that will continue to use ByteDance’s technology for its algorithm, US and a for the Trump Administration.

    When all of that will be made official, though, is still anyone’s guess. Trump also granted TikTok an extension on a full-on ban for a , so the two sides now have until December to figure it out.

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  • Slovakian prime minister plans to meet Putin and Zelensky this week

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    Slovakian Prime Minister Robert Fico plans to hold meetings with both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky this week, he said in a video message on Monday.

    He said he intends to meet Putin in Beijing on Tuesday evening during a trip to China, before meeting Zelensky in eastern Slovakia on Friday.

    Fico is travelling to China to attend commemorative events marking the anniversary of World War II, including a military parade on Wednesday.

    On Thursday, Fico said he will be received by Chinese President Xi Jinping, adding that his EU partners have been informed of his trip.

    Fico wants to serve as a peacemaker between Ukraine and Russia, but has failed so far, with Zelensky and leading EU politicians accusing him of being too friendly towards Russia.

    Slovakia and Ukraine are also still engaged in a dispute over Kiev’s obstruction of the transit of Russian gas and oil to Slovakia, which is more dependent on Russian energy than almost any other EU country.

    Ukraine says it wants to curtail funding for Moscow’s war by blocking the transit of Russian energy.

    In his video message, published on Facebook, Fico expressed regret that no other EU leader was attending the Chinese celebrations, calling it a missed opportunity.

    “Heads of state representing billions of people will be present there,” he said.

    “A new world order is emerging, new rules for a multipolar world, a new balance of power that is extremely important for global stability,” he added.

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  • Xi’s Markets Shakeup Surprised Insiders, Showing Alarm Over Rout

    Xi’s Markets Shakeup Surprised Insiders, Showing Alarm Over Rout

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    (Bloomberg) — Staffers at China’s main securities regulator had been working around the clock for weeks on ways to prop up the nation’s tumbling stock market when the bombshell dropped.

    Most Read from Bloomberg

    Late Wednesday, the official Xinhua News Agency reported that their boss Yi Huiman had been ousted, becoming the biggest Communist Party casualty of a $5 trillion selloff that’s undermining confidence in the fragile economy.

    The announcement sent shockwaves across the industry and within the China Securities Regulatory Commission, according to people familiar with the matter, who asked not to be identified discussing private information. Prior to the Xinhua news, there had been no internal announcement from the Communist Party’s organization department, which typically shares key personnel changes internally before they go public, the people said.

    The departure of Yi, a surprise to even high-ranking CSRC officials, underscores the growing sense of alarm within President Xi Jinping’s government over the speed and scope of the market meltdown that’s now entering its fourth year. Wu Qing, a close ally of Premier Li Qiang, is taking over as chairman of the regulator.

    The CSRC didn’t immediately respond to a request for comment.

    China watchers say the move may signal additional measures to revive the world’s second-largest stock market. An earlier flurry of support in the runup to the Lunar New Year holiday, when exchanges are closed for six days beginning Friday, had failed to restore investor confidence.

    “This is long overdue in my opinion, if one chief cannot do the job, then maybe we should give someone else a chance,” said Jiang Liangqing, managing director at Zhuhai Greenbamboo Private Fund Management. “At the minimum, a new broom sweeps clean and he could be more bold in taking action instead of just words.”

    Anticipation of more fulsome efforts to end the rout had been mounting for days, after Bloomberg News reported that regulators led by the CSRC planned to brief President Xi on the markets as soon as Tuesday. There’s been no public disclosure yet on whether Xi had that briefing. It was not known what role Yi had, if any, in that planned briefing.

    China’s latest measures, including curbs on short-selling and purchases by state-owned entities, had some effect this week as the main equity gauge jumped three straight sessions to pare declines for the year. China’s “national team” bought about 70 billion yuan ($9.7 billion) in shares over the past month, Goldman Sachs Group Inc. estimated in a report Monday. At least 200 billion yuan is needed to stabilize the market, according to the US bank.

    “Government buying might help circuit-break the downward spiral, but we think reforms, policy consistency, and plans to address structural macro headwinds are required to re-rate China equity,” the Goldman analysts wrote.

    Read more: Everything China Is Doing to Rescue Its Battered Stock Market

    If history is any guide, more gains may be afoot. The past two sackings of CSRC chiefs heralded extended equity rallies. The benchmark CSI 300 Index rose more than 40% in almost a two-year span after Liu Shiyu replaced Xiao Gang in 2016. The gauge jumped more than 80% over two years after Liu was ousted for Yi in 2019.

    Major market interventions in China have rarely been smooth, however. And the country’s economy is facing bigger challenges than during previous market slumps: The property crisis shows no sign of ending, geopolitical tensions with the US continue to simmer and foreign investors are wary of a government that has clamped down on private enterprise.

    What’s more, the CSRC is constrained by what it can do to turn markets around, notes 22V Research analyst Michael Hirson. It can’t command an intervention by the “national team” or launch some kind of stabilization fund, and can do little on its own to drive economic growth.

    “Changing the chairmanship at the CSRC alone does not change anything fundamentally,” said Yan Wang, chief China strategist at Alpine Macro in Montreal. “The stock market performance is a reflection of weak growth and poor confidence. Unless Beijing addresses these issues, the stock market will likely continue to struggle.”

    The tall task now rests with Wu, 58, who had been tipped last year to take over the CSRC before he was promoted to deputy party secretary for Shanghai. Before that, he worked closely with Premier Li — President’s Xi’s top deputy — who was previously party secretary in the nation’s financial capital.

    Read more: ‘Broker Butcher’ Set to Be China’s Top Securities Regulator

    Wu is well connected in China’s halls of power. He earlier headed the Shanghai Stock Exchange for almost two years and held various roles at the CSRC, earning him the nickname “broker butcher” after shuttering 31 firms over regulation breaches. He then oversaw the fund industry until 2010.

    Wu also worked at the national planning committee, which later morphed into the National Development and Reform Commission. Wu, who holds a PhD in economics from the Renmin University of China, is known as a low-key technocrat who has zero tolerance for wrongdoing, a person familiar with him has said. Wu sometimes jokes he’s more fit to be a surgeon, the person said.

    “Wu’s background in financial regulation suggests he might do a better job in cracking down on malicious short selling and illicit behaviors in the market,” said Sun Jianbo, president of China Vision Capital. “While that’ll soothe investor nerves in the short term by cultivating a more favorable environment, it requires more policy efforts.”

    –With assistance from April Ma, John Cheng and Jacob Gu.

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    ©2024 Bloomberg L.P.

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  • China Woes Cast Markets Shadow as New Year Starts: Markets Wrap

    China Woes Cast Markets Shadow as New Year Starts: Markets Wrap

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    (Bloomberg) — Chinese shares dragged down Asian equities on the first trading day of the year following weaker-than-expected factory data and a speech from President Xi Jinping that flagged the headwinds facing the economy. Crude oil rose.

    Most Read from Bloomberg

    Hong Kong’s benchmark share gauge slid as much as 1.7%, while its peers in the mainland and Taiwan also dropped. The losses drove a regional equity benchmark toward its first decline in seven days.

    Chinese factory activity shrank in December to the lowest level in six months, data published Sunday showed, while a private gauge of manufacturing released Tuesday showed a slight gain. Sluggish activity in the world’s second-largest economy also contributed to a slump in factories across Asia.

    President Xi in his annual new year address televised Sunday pledged to strengthen economic momentum and job creation, while conceding some “enterprises had a tough time” and “people had difficulty finding jobs and meeting basic needs.”

    China’s economy may face another tough year in 2024, said Mark Matthews, head of Asia research at Julius Baer. “President Xi has made it very clear that on the economic front, his priority is bringing down the size of the property sector and its importance in the economy,” he said on Bloomberg Television. “That process is painful.”

    Crude Gains

    Oil gained after Iran dispatched a warship to the Red Sea in response to the destruction of three Houthi boats by the US Navy over the weekend, a move that risks ratcheting up tensions and complicating Washington’s goal of securing a waterway that’s vital to global trade.

    Sentiment in Asia was also dented after people familiar said ASML Holding NV, which makes semiconductor manufacturing equipment, canceled shipments of some of its machines to China at the request of US President Joe Biden’s administration.

    US stock futures were little changed. The yen weakened against most of its Group-of-10 peers in thin trading as investors monitored conditions after an earthquake in Japan on Monday. US 10-year note futures dropped, while cash Treasuries are shut in Asia for a holiday in Japan. Australian bonds slipped.

    Bitcoin climbed above $45,000 for the first time in nearly two years as anticipation of an approval of an exchange-traded fund investing directly in the biggest token intensified.

    Rising Risks

    Signs of exhaustion have emerged after a more than $8 trillion surge in the S&P 500 last year. Traders have looked past Federal Reserve uncertainty, recession angst and geopolitical risks. And many who came into 2023 dreading all that have ended up scrambling to chase the rally.

    “With an especially rare S&P nine-week winning streak already in the books, the index into resistance near the 4,800 level, and daily and weekly overbought readings, too, these factors combine to say we should expect some type of a consolidation, correction, or pullback – something,” John Roque, technical analyst at 22V Research, wrote in a note.

    Meanwhile, despite the persisting weakness in China, some investors consider a slump of almost 60% is a signal to buy Chinese stocks. Almost a third of 417 respondents to Bloomberg’s latest Markets Live Pulse survey say they will increase their China investments over the next 12 months. That compares with just 19% in a similar August survey and is higher than the 25% who planned to boost exposure in March.

    Key events this week:

    • Eurozone S&P Global Eurozone Manufacturing PMI, Tuesday

    • UK S&P Global UK Manufacturing PMI, Tuesday

    • Germany unemployment, Wednesday

    • US FOMC minutes, ISM Manufacturing, job openings, light vehicle sales, Wednesday

    • Richmond Fed President Tom Barkin — an FOMC voter in 2024 — speaks, Wednesday

    • China Caixin services PMI, Thursday

    • Eurozone S&P Global Eurozone Services PMI, Thursday

    • US initial jobless claims, ADP employment, Thursday

    • Eurozone CPI, PPI, Friday

    • US nonfarm payrolls/unemployment, factory orders, ISM services index, Friday

    • Richmond Fed President Tom Barkin — an FOMC voter in 2024 — speaks, Friday

    Some of the main moves in markets:

    Stocks

    • S&P 500 futures were little changed as of 2:14 p.m. Tokyo time. The S&P 500 fell 0.3% on Friday

    • Nasdaq 100 futures were little changed. The Nasdaq 100 fell 0.4%

    • Hong Kong’s Hang Seng Index fell 1.4%

    • China’s Shanghai Composite Index fell 0.1%

    • Australia’s S&P/ASX 200 Index rose 0.5%

    Currencies

    • The Bloomberg Dollar Spot Index rose 0.1%

    • The euro fell 0.2% to $1.1025

    • The Japanese yen fell 0.4% to 141.46 per dollar

    • The offshore yuan was little changed at 7.1290 per dollar

    • The Australian dollar rose 0.2% to $0.6828

    Cryptocurrencies

    • Bitcoin rose 4% to $45,353.99

    • Ether rose 2.2% to $2,390.83

    Bonds

    Commodities

    • West Texas Intermediate crude rose 1.7% to $72.85 a barrel

    • Spot gold rose 0.4% to $2,071.68 an ounce

    This story was produced with the assistance of Bloomberg Automation.

    –With assistance from Joanna Ossinger.

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    ©2024 Bloomberg L.P.

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  • Watch: Chinese President Xi confront Canada’s Trudeau over media leaks at G20 summit

    Watch: Chinese President Xi confront Canada’s Trudeau over media leaks at G20 summit

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    Watch: Chinese President Xi confronts Canada’s Justin Trudeau over media leaks at G20 summit

    Chinese President Xi Jinping, on Wednesday, criticised Canadian Prime Minister Justin Trudeau in person over alleged leaks of their closed-door meeting at the G20 summit.

    In video footage published by Canadian broadcasters, both Xi and Trudeau can be seen standing close to each other and conversing via a translator. The video, which Canadian broadcasters called a rare public display of annoyance by the Chinese leader, captured a candid moment of Xi, whose image is carefully curated by Chinese state media.

    In the video, Xi can be heard saying in Mandarin: “That is not appropriate, and we didn’t do it that way.” The Chinese president added, “If there is sincerity, we can communicate well with mutual respect, otherwise the outcome will not be easy to tell.”

    His displeasure was likely a reference to media reports that Trudeau brought up “serious concerns” about alleged espionage and Chinese “interference” in the Canadian elections when meeting with Xi on Tuesday, his first talks with the Chinese leader in more than three years.

    However, it should also be noted that Canada never released an official readout of the meeting.

    A translator for Xi can be heard in the video telling Trudeau that “everything we discussed was leaked to the paper(s), that’s not appropriate”.

    Trudeau, while responding to Xi’s initial criticism, said: “In Canada, we believe in free and open and frank dialogue and that is what we will continue to have, we will continue to look to work constructively together but there will be things we disagree on.”

    However, Chinese President Xi, before finishing speaking, looked slightly exasperated and emphatically said “create the conditions, create the conditions, OK”  before smiling, shaking Trudeau’s hand, and walking off.

    Neither the Chinese foreign ministry nor state media published anything on the talks between Xi and Trudeau. The two held an informal meeting on the sidelines of the G20 summit on Tuesday, Reuters reported citing sources.  

    According to the Chinese foreign ministry website, Xi has held nine formal bilateral meetings with other heads of state while at the summit.

    Earlier this month, Canada ordered three Chinese companies to divest their investments in Canadian critical minerals, citing national security.

    (With input from Reuters)

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