Tuesday, September 22, 2026 — Rare-earth friction threatens the Xi-Trump trade truce extension, PBOC huddles with foreign financial institutions, and Wall Street rips higher on AI optimism as Treasury

Rare earths are the real overhang for China/HK: SCMP says friction could stall the trade truce extension before the Xi-Trump summit. Watch materials and exporters — this can cap the risk-on open. Wall Street ended sharply higher as AI optimism reignited and Treasury yields retreated. That's the handoff for Japan/Korea/HK tech: lower yields = multiple expansion, but gold ticking up on easing yields says the rate outlook still weighs. PBOC meeting foreign financial institutions is a quiet but important signal. They're trying to steady foreign capital and yuan expectations ahead of the summit — good signal for HK financials if it turns into actual flow. Korea, US, Japan FMs meet in New York on economic and security ties. Add the EU saying the Red Sea mission needs more than 10 warships, and shipping/defense risk premiums stay bid. India IPO watch: SIFY Infinit Spaces faces a valuation gap ahead of its IPO. Not sure people appreciate how much that can reset pricing for the next batch of In

Rare earths are the real overhang for China/HK: SCMP says friction could stall the trade truce extension before the Xi-Trump summit. Watch materials and exporters — this can cap the risk-on open.