Wealthion Macro Bites 10/27/25

Ahead of President Trump’s Thursday meeting with President Xi in South Korea, Chinese and U.S. trade representatives have lined up diplomatic wins for both leaders to cite, including China resuming soy purchases and relaxing rare earth export restrictions, while the U.S. walks back its latest (100%) tariff threats.  Importantly, the projected framework avoids more problematic issues such as national security, aggregate trade imbalances and Taiwan.  The contemplated framework suggests lasting progress in U.S./China trade talks will be incrementally achieved through sustained dialogue in coming years.

On Sunday in Kuala Lumpur, President Trump signed a series of trade deals with Thailand, Cambodia, Vietnam and Malaysia including exemptions from tariffs on key exports from those countries as well broad frameworks for trade pacts to be enacted in coming weeks.  Additionally, Malaysia and Thailand agreed to joint development of critical mineral deposits in partnership with U.S. companies.

Shanghai copper futures traded at all-time highs (up 2% on the day and 6% since Sept.) amid U.S./China trade tensions and ongoing rerating of real assets relative to paper assets.

South Carolina utility Santee Cooper is in talks with Brookfield Asset Management to revive construction of two partially-built 1.1GW reactors at South Carolina’s VC Summer site (halted 2017).

President Javier Milei’s (La Libertad Avanza) party won 41% of nationwide votes in Argentina’s midterm elections, securing Milei’s foothold in Congress to continue pursuing aggressive free-market policies.

Treasury Secretary Scott Bessent confirmed the names of five finalists to succeed Fed Chair Powell: current Fed Governors Michelle Bowman and Christopher Waller, former Fed Governor Keven Warsh, White House NEC Director Kevin Hassett and BlackRock CIO Rick Rieder.

Euro Stoxx 50 +0.37%, S&P futures +0.8% and Nasdaq futures +1.2%.  Spot gold -2.2% and spot silver -2.4%

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