18/09/2026 – Daily Reports
Trump-Xi Summit: Commodities in the Spotlight
- Agriculture, energy, rare earths and sanctions are expected to be key bargaining chips when Donald Trump and Xi Jinping meet in Washington next week.
- US agricultural exports to China could gain momentum, with soybeans, corn and sorghum among the main products in focus.
- A potential reduction in tariffs could help revive Chinese purchases of US energy products, including crude oil and LNG.
- Rare earths remain a critical issue as China continues to control a large share of global supply, while US aerospace and chip companies still face access constraints.
- Sanctions could also become part of the negotiations, particularly those linked to Iranian and Russian oil flows and Chinese buyers.
- The summit could therefore have significant implications for commodities, global trade and broader market sentiment.
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Daily Market Highlights
- Markets are recovering after the Fed decision. U.S. equities rallied strongly on Thursday, led by technology stocks. The Nasdaq outperformed, while the U.S. 10-year Treasury yield eased below 5% to around 4.94%.
- Oil prices are retreating. Brent is trading around $103–104 as expectations for alternative Middle East supply routes eased some concerns over disruptions. However, oil remains around 15% higher this month, keeping inflation risks elevated.
- Gold gained as oil prices and the dollar eased, trading around $4,360. Silver is near $65.6, platinum around $1,786, and palladium around $1,292. The Fed’s signal that further rate hikes remain possible continues to limit upside in precious metals.
- The Bank of Japan raised its policy rate to 1.25%, the highest level in around 31 years. The yen nevertheless weakened by roughly 0.5% as the BOJ’s guidance was viewed as relatively cautious. Investors will focus on Governor Ueda’s comments for clues on the next hike.
Global Market News Summary – 18 September 2026
- The Federal Reserve on Wednesday raised its benchmark rate by 25 basis points to a target range of 3.75%–4%, its first increase in more than three years, in a unanimous 12-0 vote, with projections pointing to another quarter-point increase this year and Chair Kevin Warsh stating that inflation is too high and has been for too long. On Thursday the Nasdaq Composite Futures added 1.69% to 29719 as Treasury yields retreated, with the 10-year falling more than 7 basis points to 4.93%; Nvidia and Amazon each rose over 2%, Microsoft gained 1.5%, and Intel advanced 7%.
- Frankfurt’s DAX futures closed Thursday about 0.7% higher above 25739, its strongest level in over a week, as oil prices declined and global bond yields eased after the Fed decision. Autos and industrials led, with Siemens Energy up 2%, BMW 1.5% and Volkswagen 1.1%, while Infineon fell 2.5%. Separately, President Trump threatened the EU with serious tariffs or trade restrictions over Ursula von der Leyen’s proposal to grant Canada associate-member status.
- The Bank of Japan announced on Friday a hike in its benchmark rate to a multi-decade high of 1.25%, decided by split vote with two board members opposing. The level is the highest in 31 years. Governor Ueda’s press conference followed at 06:30 GMT, with USD/JPY near 156 into the decision after falling from about 160 in recent weeks. On Thursday the Nikkei futures 225 closed at 64775, up 213.25 points, and the TOPIX gained 0.80% to 4,094.19.
- Gold rose above $4,380 an ounce on Thursday, recovering the prior session’s losses as the rally in oil lost momentum.
- Brent futures settled Thursday at $104.08, down $1.01, after Saudi Arabia offered additional cargoes to Asian refiners via ship-to-ship transfers near Oman’s Sohar port. Prices extended declines for a third session on Friday; Riyadh aims to restore roughly half of its East-West pipeline capacity within days and full operations within six weeks, while Trump said he was weighing renewed strikes on Iran ahead of next week’s meeting with Gulf leaders in New York.
