TLDR
- Trump confirmed October 31 meeting with Xi Jinping at APEC summit in Seoul, South Korea
- Bitcoin price jumped 2% while Ethereum and BNB each climbed 3.5% following the news
- Crypto market rebounding after $20 billion liquidation event triggered by trade war concerns
- Federal Reserve awaits Friday’s September CPI data before next week’s interest rate decision
- Major earnings reports from Tesla, Intel, and Netflix scheduled throughout the week
President Donald Trump announced Sunday he will meet Chinese President Xi Jinping on October 31. The meeting will take place at the Asia-Pacific Economic Cooperation summit in Seoul.
Trump revealed the plans during an interview on Fox News. He described Xi as “a very strong leader” and predicted the two nations would reach a fair trade deal.
Cryptocurrency prices rose immediately after the announcement. Bitcoin gained 2% while other major cryptocurrencies posted stronger gains.
Ethereum and BNB each increased 3.5%. Solana climbed nearly 4% according to TradingView market data.
The meeting represents a shift in Trump’s approach to China. He previously stated he saw “no reason” to meet with Xi at the APEC summit.
Treasury Secretary Scott Bessent said US-China relations have “de-escalated.” He expects to meet with Chinese Vice Premier He Lifeng this week.
Trump also softened his tariff position. He called his threatened tariff levels on China “not sustainable” in recent comments.
The Trump administration exempted dozens of products from reciprocal tariffs. Additional exemptions could be announced soon.
Cryptocurrency Markets Bounce Back From Massive Losses
The crypto market is recovering from a devastating crash earlier in October. Trump’s announcement of increased China tariffs caused nearly $20 billion in liquidations.
The liquidation event set a record as the worst in crypto history. Some altcoins plummeted 99% during the market turmoil.
The Crypto Fear and Greed indicator dropped to 22 on Friday. This reading signals “Extreme Fear” and marked a six-month low for investor sentiment.
Analysts at the Kobeissi Letter expect the decline to be short-lived. They maintain the long-term bullish trend for crypto remains in place.
Stock futures also gained Monday morning. Dow Jones futures rose 0.2% while S&P 500 futures climbed 0.3%.
Traders interpret the US-China de-escalation as bullish for risk assets. Reduced trade war concerns typically support cryptocurrency valuations.
Critical Inflation Data and Corporate Earnings Ahead
The Bureau of Labor Statistics releases September’s Consumer Price Index on Friday. The government shutdown delayed the report by more than a week.
The federal shutdown entered its third week with no resolution. Democrats and Republicans remain divided over healthcare subsidies.
September’s CPI data will influence Federal Reserve policy decisions. The central bank holds its rate meeting next week.
Forecasters predict inflation will remain stubbornly high. The CPI reading is the last major data point before the Fed decides on rates.
Major tech companies deliver quarterly results this week. Netflix reports earnings on Tuesday before Tesla announces Wednesday.
Intel shares have surged recently on new partnerships. The chipmaker reports Thursday after securing deals with Nvidia and the US government.
Automakers Ford and General Motors release results this week. Both companies likely saw strong sales from buyers claiming expiring EV tax credits.
Coca-Cola and Procter & Gamble also report earnings. These consumer companies could provide insights into spending trends.
The combination of trade talks and economic data will drive market sentiment. Investors remain focused on inflation and corporate performance.
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