Japanese Prime Minister Sanae Takaichi and US President Donald Trump have signed an agreement to secure the supply of rare earths and critical minerals, responding to China's tightened export controls. The deal aims to create resilient supply chains through coordinated economic policy and investment, with Takaichi expressing a desire to usher in a "golden age" of US-Japan relations and Trump praising Japanese orders for US military hardware.

South Korea's Kospi index has surged more than 66% this year, outperforming the S&P 500 by 49 percentage points, driven by enthusiasm for AI and corporate governance reforms. Samsung Electronics and SK Hynix have seen significant gains due to AI-driven demand for semiconductors, while sectors including defense, shipbuilding, and batteries have also contributed to the rally.

The US dollar weakened as traders positioned themselves ahead of several major central bank meetings and the upcoming summit between US President Donald Trump and China's President Xi Jinping. The dollar index slipped 0.19%, extending losses from the previous session, while the euro and sterling both strengthened.

HSBC's third-quarter profit before tax dropped by 14% year over year to $7.3 billion because of higher operating expenses, including $1.4 billion in legal provisions. However, the bank beat expectations, with net interest income rising by 15% to $8.8 billion. Revenue reached $17.8 billion, surpassing estimates.

The Bank for International Settlements has raised concerns about inflated credit ratings on private loans held by US insurers. The BIS says smaller rating agencies, under commercial pressure, may assign more favorable ratings, obscuring the true risk of complex assets. This practice increases the risk of fire sales during economic stress.

Nomura Holdings reported a fiscal second-quarter net income of 92.1 billion yen, which, despite a 6.4% year-on-year decline, surpassed analyst expectations. The earnings beat was attributed mainly to robust performance in equity trading and M&A advisory.

Returns from Indian IPOs have dropped significantly in 2025, with the median one-month post-listing gain now just 2.9%, compared to 22% last year and 25% in 2023. Nearly 40% of new main board listings are trading below their offer price after a month.

President Donald Trump's tour of Asia aims to advance his trade agenda through personal diplomacy, with a key meeting with Chinese President Xi Jinping. Trump has secured tariff agreements with some Southeast Asian nations and finalized a trade pact with Japan, but negotiations with South Korea, India, Australia and Taiwan face challenges.

The Shanghai Composite Index broke above the 4,000-point level for the first time since August 2015, ending a decade-long stretch within a 3,000 to 4,000-point range. This milestone, marked by a brief 0.1% gain to 4,000.86 points, highlights a significant technical breakout for the index as investors grow increasingly optimistic following recent trade agreements between the US and China.

The People's Bank of China is expected to resume debt purchases for the first time since January to improve cash conditions and support economic growth, analysts say. The move is anticipated to help manage market volatility and facilitate increased government borrowing.

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