Sentiment steadies after Trump cools rhetoric on China, gold at record highs

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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>By Dhara RanasingheMon, October 13, 2025 at 12:52 PM GMT+2 5 min readBy Dhara RanasingheLONDON (Reuters) -World markets found steadier ground on Monday after being whipsawed by broadsides in the U.S.-China trade war, while gold hit new record highs in a sign that uncertainty remained high.While U.S. President Donald Trump had threatened 100% tariffs on China from November 1 and Beijing said it could take countermeasures, he sounded more conciliatory on Sunday, posting that the U.S. did not want to "hurt" China.European shares were broadly higher, while U.S. stock futures also firmed although trading was subdued by a holiday in Japan and the United States.France remained in the spotlight with reappointed prime minister Sebastien Lecornu facing pressure to get a budget deal across the line."The stabilisation in markets is encouraging," said Rory McPherson, chief investment officer at Wren Sterling in London."Given everything that is going on with the (U.S. government) shutdown, and political turmoil in France and Japan, markets have been strong. A pullback would be healthy."Beijing defended on Sunday its curbs on exports of rare earth elements and equipment as a response to U.S. aggression, but stopped short of imposing new levies on U.S. products.Goldman Sachs chief economist Jan Hatzius said that while he still expected an extension of the current tariff pause, recent developments suggested a wider range of outcomes was possible.JAPANESE LEADERSHIP NOW IN DOUBTJapanese markets had their own problems with the ascension of new LDP leader Sanae Takaichi to prime minister now in doubt, contributing to a sharp rebound in the yen and a 5% dive in Nikkei futures on Friday.Japan's Nikkei was closed on Monday, while MSCI's broadest index of Asia-Pacific shares outside Japan tumbled 1.5%.Chinese blue chips fell 0.5%, though the rare earth and semiconductor sectors both firmed. Data pointed to some resilience in trade with exports rising 8.3%, almost twice the forecast, and imports up strongly.And in a sign that global uncertainties remained strong, gold hit fresh record highs above $4,000 an ounce, while Asia stocks fell sharply.BofA commodities analysts said in a note on Monday that they had raise their forecast for gold to $5,000 an ounce for next year from $4,400.U.S. stock futures pointed to a rebound on Wall Street, with S&P 500 and Nasdaq stock futures up more than 1% each. While the New York Stock Exchange and Nasdaq are open for trade on Monday's Columbus Day holiday, bond markets are closed.Earnings season kicks off this week with major banks reporting, including JPMorgan, Goldman Sachs, Wells Fargo and Citigroup.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,680.00 +84.75 (+1.29%)Dow Futures46,121.00 +415.00 (+0.91%)Nasdaq Futures24,845.00 +448.00 (+1.84%)Russell 2000 Futures2,447.50 +39.00 (+1.62%)VIX19.91 -1.75 (-8.09%)Gold4,100.20 +99.80 (+2.49%)PortfolioSign in to access your portfolioSign inTop gainersPTGX Protagonist Therapeutics, Inc. 87.00 +19.96 (+29.77%)APLD Applied Digital Corporation 33.99 +4.70 (+16.05%)NAMS NewAmsterdam Pharma Company N.V. 37.05 +4.04 (+12.26%)FRMI Fermi Inc. 29.08 +2.31 (+8.63%)MP MP Materials Corp. 78.34 +6.05 (+8.37%)Top losersVG Venture Global, Inc. 9.45 -3.13 (-24.88%)DGNX Diginex Limited 24.93 -6.46 (-20.58%)CORT Corcept Therapeutics Incorporated 73.96 -14.40 (-16.30%)WRD WeRide Inc. 10.17 -1.80 (-15.04%)AMBA Ambarella, Inc. 72.88 -11.40 (-13.53%)Most activeNVDA NVIDIA Corporation 183.05 -9.46 (-4.91%)BBAI BigBear.ai Holdings, Inc. 7.22 -0.27 (-3.60%)BITF Bitfarms Ltd. 4.2000 +0.0300 (+0.72%)INTC Intel Corporation 36.33 -1.47 (-3.89%)PLUG Plug Power Inc. 3.4200 -0.3600 (-9.52%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersTSM Taiwan Semiconductor Manufacturing Company Limited 280.66 -19.22 (-6.41%)MP MP Materials Corp. 78.34 +6.05 (+8.37%)BTC-USD Bitcoin USD 114,376.62 +2,748.16 (+2.46%)OKLO Oklo Inc. 147.16 +9.03 (+6.54%)USAR USA Rare Earth, Inc. 32.61 +1.54 (+4.96%)Top economic events