EU proposes halving steel import quota and doubling out-of-quota tariffs to 50%

Hungary's sole oil refiner, Mol, has announced a significant shift in its sourcing strategy, stating that it can now procure most of its crude from non-Russian sources. This change comes just before a crucial meeting between US President Donald Trump and Hungarian Prime Minister Viktor Orban, where discussions on Russian oil sanctions are expected to take center stage. This move not only reflects Hungary's commitment to diversifying its energy supply but also aligns with broader international efforts to reduce dependence on Russian oil, making it a noteworthy development in the context of global energy politics.

In September, German exports saw a boost thanks to a new trade deal with the U.S., highlighting the importance of international agreements in stimulating economic growth. While exports to the U.S. increased, it's worth noting that they are still down 14% compared to last year, indicating ongoing challenges in the global market. This development is significant as it reflects the potential for recovery and the impact of trade relations on Germany's economy.

Mark Mobius, a veteran investor and founder of the Mobius Emerging Opportunities Fund, shares insights on the recent meeting between US President Donald Trump and Chinese President Xi Jinping regarding the ongoing trade war. He discusses the potential short-term corrections in AI stock valuations, highlighting the significance of these developments for investors and the market. Understanding these dynamics is crucial as they could influence investment strategies and economic relations between the two superpowers.

China's exports have experienced their first decline since the imposition of trade tariffs, marking a significant shift in the economic landscape. This unexpected downturn comes despite a recent truce between President Donald Trump and Chinese leader Xi Jinping, raising concerns about the ongoing trade tensions and their impact on global markets. The decline in exports could signal deeper economic challenges for China, making it a crucial development to watch.

Iron ore prices are experiencing a significant decline, marking the largest weekly drop since February. This downturn is primarily driven by sluggish steel demand in China and shrinking profit margins for steel mills. This situation is concerning as it reflects broader economic challenges in the steel industry, which could have ripple effects on global markets and trade.