China's Trade Surplus Swells And The Market Awaits U.S. CPI

What happened: Investors are wary of the unwinding of one of the most crowded trades, long the AI ecosystem, while the market awaits U.S. CPI. China's trade surplus swelled. Key numbers: Gold held below Monday's high of about $4217 and slipped to session lows near $4147. Why it matters: Despite cracks, the market remains resilient, and the rise in interest rates has not derailed the narrative. India engineered a short squeeze of the rupee, and the PBOC continues to encourage gradual yuan appreciation through its daily fix. Coverage: 4 outlets in 24h

Investors are wary of the unwinding of one of the most crowded trades, long the AI ecosystem, while the market awaits U.S. CPI. China's trade surplus swelled.

Despite cracks, the market remains resilient, and the rise in interest rates has not derailed the narrative. India engineered a short squeeze of the rupee, and the PBOC continues to encourage gradual yuan appreciation through its daily fix.