"Seeing again the flexing of the administration to use industrial policy as a tool to drive its wider economic and trade agenda. Bessent it wouldn't consider stock market volatility when dealing with China on trade. Those kinds of comments have in the past left markets on edge - no Trump put. But not yesterday - the S&P 500 rallied 0.4% as it climbed not just the wall of worry but also its 20-day SMA."
"Monster Q3 earnings from the big banks on Wall Street supported the mood. Bank of America and Morgan Stanley joined the party started by Goldman Sachs, Citi and Wells Fargo on Tuesday."
The White House will move to set price floors in some industries to combat China's non-market economy, reflecting renewed use of industrial policy to advance economic and trade goals. Treasury Secretary Scott Bessent said stock market volatility would not factor into trade decisions with China and pushed back on claims China expects the U.S. to fail to absorb a prolonged trade conflict. The U.S. could delay raising tariffs on November 1 if China suspends planned rare-earth export controls. G7 coordination on rare earths and a Trump-Xi meeting are planned. Strong Q3 bank earnings lifted markets, and nuclear stocks reacted to a U.S. Army small-reactor deployment program.
Read at London Business News | Londonlovesbusiness.com
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