Bessent Confirms US-China Trade Truce Extension as Xi Arrives for First State Visit in 11 Years; Treasuries Slump on Hot US Data
24 September 2026
Market Snapshot (Previous Close)
📉 S&P 500 Index 7,706.03 (-0.75%)↓
📉 Straits Times Index 5,709.91 (-0.24%)↓
📈 Nikkei 225 Index 65,018.95 (unchanged - market closed for holiday)
📉 Gold Spot (XAU) 4,287.65 (-1.68%)↓
🇺🇸🇨🇳 Scott Bessent said the US and China agreed to extend their trade truce by two months as Xi Jinping arrived for his first US state visit in 11 years, personally greeted by Trump. Treasuries and stocks slumped after US economic activity topped estimates and Brent rebounded, with five-year yields topping 5% for the first time since 2007.
🇮🇷 Iranian President Masoud Pezeshkian told the UN that Tehran won't cede its right to use nuclear technology for economic development, and said free passage through the Strait of Hormuz will remain barred while Iran is under sanctions and blockade.
🏦 The US Treasury will buy up to US$6 billion of longer-dated government debt as part of Bessent's expanded buyback program - triple the amount initially communicated to investors in early August. Separately, US mortgage rates breached 7% to hit a more than two-year high, with the 30-year fixed rate at 7.12%.
🇭🇰 Hong Kong's stock exchange will consult stakeholders on extending trading hours to align with major global markets.
🇯🇵 Japan's market remains closed today for the holiday, with USD/JPY extending declines to 158.35 as yen weakness persists.
🤖 Amazon, Microsoft, Alphabet, Meta and Oracle have amassed US$2.8 trillion in off-balance-sheet obligations tied to AI investments, up from US$350 billion in 2023, according to Moody's. Separately, Sam Altman and Dario Amodei urged world leaders at the UN to collaborate on AI safety standards.
🇸🇬 Singapore's core inflation rose to 2.2% year-on-year in August from 2.0% in July, while headline CPI edged up to 2.3% from 2.2%, driven by faster services inflation (airfares, transport) and higher retail goods prices. MAS and MTI maintained their 2026 forecast range of 1.5%-2.5% for both measures, expecting core inflation to stay elevated into 2027 before easing from around mid-year as global energy prices moderate.
👀 Market Focus: Japan's September PMIs are due at 8:30am, US weekly jobless claims are due at 8:30pm tonight. Xi Jinping's talks with Trump continue today, and South Korea's market is closed for the holiday.
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