Crude Oil Surges Over 5% Intraday; Gold Holds Above $4,100

Market Overview

Ahead of the key U.S. CPI release, optimism over potential trade easing lifted market sentiment, pushing all three major U.S. stock indexes higher. Tesla rebounded from early losses to close up 2.28%, leading gains among the “Magnificent Seven” tech giants. Honeywell rose nearly 7% after raising its earnings guidance, while quantum computing stocks pared earlier strong gains. Energy shares outperformed, boosted by renewed sanctions on Russia.

The 10-year U.S. Treasury yield climbed 5.3 basis points, reclaiming the 4% level. The U.S. dollar was little changed from the previous session‘s close. Bitcoin reversed yesterday’s weakness, once again topping $110,000 intraday, while Solana surged 6%. Spot gold extended its late-session rebound, holding firm above $4,100. Crude oil posted its third consecutive daily gain, spiking over 5% intraday, with WTI briefly reclaiming the $62 mark.

Hot Topics Ahead

● Trump Extends “Olive Branch” to the Crypto Industry

Exercising his presidential authority under the U.S. Constitution, Donald Trump granted a pardon to Binance founder Changpeng Zhao — the latest sign of leniency from the White House toward crypto entrepreneurs. Binance Coin (BNB) jumped immediately after the announcement. Media reports suggest Trumps family-linked crypto venture, World Liberty Financial Inc., had previously discussed potential cooperation with Binance.

● U.S. Existing Home Sales Hit Seven-Month High in September

Existing home sales in the U.S. rose to an annualized pace of 4.06 million units in September — the highest level in seven months and matching media forecasts. The median existing home price climbed 2.1% year-over-year to $415,200. The supply of homes on the market surged 14% year-over-year to 1.55 million units, one of the highest levels since before the pandemic.

Key Events to Watch (GMT+8)

20:30 – U.S. September CPI YoY / MoM (non-seasonally adjusted)

20:30 – U.S. September Core CPI YoY / MoM (seasonally adjusted)

21:45 – U.S. October S&P Global Manufacturing PMI (Preliminary)

21:45 – U.S. October S&P Global Services PMI (Preliminary)

22:00 – U.S. October University of Michigan Consumer Sentiment (Final)

22:00 – U.S. October One-Year Inflation Expectations (Final)