Choppy, non-directional tape today as macro crosscurrents keep pulling the market in different directions: Gold is staying strong, Bitcoin is rising. 10Y yield eased to 4.70%, but remains near 20-month highs. Now the focus shifts to $NVDA earnings Wednesday and Jackson Hole Friday, with Fed Chair Warsh speaking. Earnings beats are becoming the norm. The market is increasingly looking beyond the headline numbers and focusing on guidance, valuations, and the macro backdrop. For now: patience + selectivity.

Once again, the world's attention is on China-US relations. China's Foreign Ministry just announced that, at the invitation of US President Donald Trump, President Xi Jinping will pay a state visit to the US from Sept 23-25. As the world's two largest economies, China and the US have a relationship that matters far beyond their own borders. Now, the international community is looking forward to the upcoming meeting between the two leaders with keen interest. #XiJinping# #习近平# #XiVisit# @XisMoments #China# #US# #CrossCurrents#

China’s markets are off to a strong start in 2026, raising renewed comparisons to the 2015 boom‑and‑bust just as global tensions escalate — from dramatic US moves over Greenland to a surge in gold prices and a weakening dollar. With capital rotating out of U.S. assets and liquidity patterns shifting across Asia, does today’s rally carry familiar risks, or does it mark the start of a very different cycle? In this episode of Moving Markets – The View Beyond, Richard Tang, Head of Research Hong Kong at Julius Baer, speaks with Hong Hao, Managing Partner and CIO of Lotus Asset Management Ltd., to examine these cross‑currents: the resilience of A‑shares, the wave of Hong Kong tech IPOs, and why rising margin financing today is not a replay of 2015. They also highlight the key themes shaping 2026, including precious metals, AI‑linked industries, and high‑dividend opportunities. This episode was recorded on 21 January 2026.