TACO deal? Asian markets open, risk assets rise across the board: U.S. stocks rebound, digital currencies surge

# Risk Assets Rebound in Early Asian Trading on Monday; Gold Extends Gains  

Written by Ye Zhen  

Source: Wall Street News  

In early trading of the Asian market on Monday, risk assets rebounded across the board, reversing the pessimistic sentiment from last Friday. Investors flocked back to assets such as stocks, oil, and digital currencies, while gold also extended its upward trend.  

After the Asian market opened on Monday:  

- U.S. stock index futures rose in response, with S&P 500 index futures climbing nearly 1%;  

- Stock markets in the Asia-Pacific region showed mixed performance: Australia’s S&P/ASX 200 index fell 0.3%, Hong Kong’s Hang Seng Index futures dropped 0.5%, and Japan’s market was closed for a holiday;  

- Oil prices rebounded by more than 1%;  

- Spot gold rose 0.7% to $4,045 per ounce;  

- Digital currencies rebounded, with Bitcoin returning to above $115,000.  

According to the Global Times, a spokesperson for China’s Ministry of Commerce answered reporters’ questions on October 12 regarding China’s recent economic and trade policy measures. In response to the U.S. threat to impose a 100% tariff on China and implement export controls on all key software, citing "China’s export controls on rare earths and related items," the spokesperson stated: "Threatening with high tariffs at every turn is not the right way to engage with China."  

The Ministry of Commerce emphasized that China’s stance on the tariff war has been consistent: "We are unwilling to fight a tariff war, but we are not afraid to do so. China urges the U.S. to correct its wrong practices as soon as possible, take the important consensus reached in the phone call between the two heads of state as guidance, safeguard the hard-won results of consultations, and continue to give play to the role of the China-U.S. economic and trade consultation mechanism. On the basis of mutual respect and equal consultation, we should resolve respective concerns through dialogue, properly manage differences, and maintain the stable, healthy, and sustainable development of China-U.S. economic and trade relations. If the U.S. insists on going its own way, China will resolutely take corresponding measures to safeguard its legitimate rights and interests."  

In this regard, Minsheng Securities analyzed that, considering the restraint shown by Trump in his response to reporters over the weekend and China’s rational response, the fundamental tone between the two sides remains unchanged, and this incident will not become a turning point for the market.  

## Risk Assets Rebound; Gold Extends Gains  

At the start of the Asian trading session, prices of various assets generally picked up. As of press time, S&P 500 index futures were up more than 1%.  

In terms of commodities:  

- WTI crude oil rose 0.9% to $59 per barrel.  

As a safe-haven asset, gold extended its gains. As of press time, spot gold was up 0.19% to $4,026.17 per ounce.  

The foreign exchange market was relatively stable:  

- The Bloomberg Dollar Spot Index saw little change;  

- The Japanese yen fell 0.5% against the U.S. dollar to 151.93;  

- The offshore renminbi exchange rate remained basically flat.  

However, stock markets in the Asia-Pacific region showed mixed performance: Australia’s S&P/ASX 200 index fell 0.3%, Hong Kong’s Hang Seng Index futures dropped 0.5%, and Japan’s market was closed for a holiday.  

After a historic large-scale liquidation, the digital currency market staged a strong rebound over the weekend. According to CoinGecko data, as of October 12:  

- Bitcoin rose 4.2% in 24 hours and was trading around $115,180;  

- Ethereum climbed 10.8% in 24 hours to $4,143.  

Other major tokens also generally rose: Solana was up 6.3%, and Dogecoin surged 7.6%. The total market value of cryptocurrencies rebounded to $3.85 trillion, up nearly 10% from its low two days ago.  

## Disclaimer  

The views in this article only represent the author’s personal opinions and do not constitute investment advice for this platform. This platform makes no guarantee regarding the accuracy, completeness, originality, or timeliness of the information in the article, nor does it bear any responsibility for any losses caused by the use of or reliance on the information in the article.