Japanese exports recovered mostly in line with market expectations. We cautiously expect US-bound exports to stabilise after the recent trade deal. Stronger-than-expected imports indicate continued investment in AI and semiconductors, supporting growth in the fourth quarter
Taiwan's export growth has been rather dependent on demand from the US. Fortunately, the tariff hikes in August do not appear to be having a significant impact on Taiwan's exports to the US, at least not yet
The oil market came under some pressure this morning after reports of a potential breakthrough on the Middle East peace deal. Higher oil inventory in the US further added to the pressure on oil prices
Friday's meeting between Trump and Putin seems to have gone smoothly. Details are scarce, but so far there are no signs of fresh tensions with Russia and no new sanctions on countries such as China and India that continue buying Russian oil. US crude opened the week with a gap lower but has since recovered part of its losses. Direction remains uncertain, though the absence of immediate stress is notable.
