Crypto News: Mixed Trump-Xi signals

Good morning. Markets await Donald Trump’s meeting with Xi Jinping in Washington next week. Russia’s war on Ukraine enters a critical phase. And Penn Station’s Tracks bar is back. Listen to the day’s top stories.

— Angela Cullen and Harry Black

Market Snapshot
S&P 500 Futures	7,724.75	+0.2%
Nasdaq 100 Futures	29,892.25	+0.5%
Bloomberg Dollar Spot Index	1,204.92	+0.2%
Market data as of 06:55 AM ET. Data is subject to provider delays.	Your watchlist

The mood music is mixed ahead of next week’s meeting between Donald Trump and China’s Xi Jinping. Artificial intelligence, a lingering trade war and the yuan will likely dominate the agenda. The US is expected to hold off announcing new tariffs on China and other trading partners until after the summit, people familiar said, a delay that could preserve the threat as leverage in the negotiations.

Technology stocks drove equity gains as lower oil prices buoyed broader sentiment, setting markets up for a positive end to a turbulent week. The yen slid as Bank of Japan Governor Kazuo Ueda vowed to act “preemptively” on inflation but cautioned against moving too quickly, language that failed to convince traders digesting the day’s quarter point hike in the bank’s policy rate. Jeffrey Gundlach warned that the next US downturn could trigger a debt crisis that defies decades of conventional wisdom that Treasuries will always serve as a safe haven. For all the anxiety that’s been gripping the world’s biggest bond market, asset managers spy a silver lining.

Russia’s war on Ukraine is entering a critical phase and rattling Europe. Polish Premier Donald Tusk warned ahead of a visit to Ukraine today that Moscow plans “hybrid-style” drone and missile strikes against Ukraine’s supporters, including NATO-member Poland. Russian incursions pushed deeper into Europe over the summer. French President Emmanuel Macron is convening party leaders to address a “rapidly worsening” security and energy situation as a result of conflicts in Ukraine and the Middle East, BFM reported. Inside Russia, fears are growing that Vladimir Putin may order a major new mobilization after this weekend’s parliamentary elections.

Maggie Haberman Says Trump’s Inner Circle Is Counting on Pardons

The New York Times reporter and longtime Trump chronicler talks about the midterm elections, the president’s “un-reality bubble,” and his frustration with the war in Iran.

High in the Austrian Alps, the world’s largest supplier of tungsten is planning a major expansion as prices soar for the exceptionally hard, heat-resistant metal vital to the auto and semiconductor industries. China’s moves to restrict exports, hoard raw material and cut shipments to Japan have intensified a global scramble and driven prices higher. It’s a stark turnaround after years of depressed prices drove many Western suppliers out of business. The dynamic is playing out across several critical minerals markets.

Deep Dive: Where’s the Beef?

For most diners, the difference between a 7 1/4 ounce burger and an 8 ounce one is hard to tell. Trimming the size of burger patties is one way restaurants are adjusting to surging beef prices.

Adding to their dilemma, inflation-weary Americans are cooking more at home or skipping beef altogether in favor of less expensive options like chicken.
The problem with beef prices in the US has been brewing for a long time.
Dwindling US cattle herds pushed up ground beef prices to a new all time-high in August, despite Trump’s bid to import more from Argentina, Brazil and Mexico.
The White House’s decision to give tariff relief on some imports has sparked a backlash from American ranchers, a key voter group in November’s midterm, who fear being flooded by cheap imports.

The Big Take

Marco Rubio has abandoned some of his past beliefs on foreign aid and immigration to become Trump’s unapologetic global envoy. What’s his long game?

Big Take Podcast

The Battle for America’s Working Class

Opinion

The World Humanoid Robot Games in Beijing. — The World Humanoid Robot Games in Beijing in August.

Much about the global AI panic is genuinely new, and thus extra-scary, writes Andreas Kluth. Analogies from the Cold War era might be useful in untangling those existential fears. As with nuclear war, there are no winners in an out-of-control AI contest.

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Before You Go

Tracks Raw Bar & Grill in Penn Station. — Owner Bruce Caulfield talks to patrons from behind the bar at Tracks.

Back on track. Commuters can once again raise a Guinness at the legendary Penn Station watering hole Tracks Raw Bar & Grill, which has re-opened after a $4 million facelift. The pastor from the nearby Church of St. Francis of Assisi was on hand to bless the refurbished establishment — and its beer taps.

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