Summary of this article
Trump and Xi are holding talks in Busan to discuss a potential trade deal
US Fed cut rates by 25 bps to 3.75–4.00 per cent, and Chair Powell signalled no guarantee of another cut in December
BoJ held rates steady at 0.5 per cent but reaffirmed its plan to raise them gradually if economic conditions allow
Investor sentiment on the D-Street on October 30 is expected to be guided by a mix of global and domestic cues, including the US Federal Reserve’s interest rate decision, the Bank of Japan’s policy outcome, and the ongoing meeting between US President Donald Trump and Chinese President Xi Jinping, among others.
In the previous session, domestic equities staged a rebound after a brief pause, with benchmark indices ending higher. The Sensex closed 368.97 points, or 0.44 per cent, up at 84,997.13, while the Nifty 50 gained 117.70 points, or 0.45 per cent, to settle at 26,053.90.
Trump-Xi Meeting Today
US President Donald Trump and China’s President Xi Jinping began their meeting earlier today in Busan, South Korea, on the sidelines of the APEC Summit 2025. This comes as the world's two largest economies are trying to hammer out a long-awaited trade deal. According to reports, rare earths and AI chips are among the key points of discussion.
US Fed Rate Cut
In its October policy meet, US Federal Reserve's Federal Open Market Committee (FOMC) decided to cut the key interest rate by 25 basis points, bringing it down to the 3.75-4.00 per cent range. Fed Chair Jerome Powell said an additional interest-rate cut in December "is not a foregone conclusion, (but) far from it."
BoJ Interest Rate Decision
The Bank of Japan (BoJ) earlier today kept interest rates unchanged but reiterated its commitment to raise borrowing costs gradually if the economy performs in line with its outlook. The Japanese central bank maintained its short-term policy rate at 0.5 per cent.
US Stock Market
Overnight in the US, major stock indices closed mixed after US Fed’s rate cut.
The Dow Jones closed 0.16 per cent lower, the S&P 500 ended almost flat with a slight negative bias, and the Nasdaq Composite, however, settled higher by 0.55 per cent.
Asian Stock Market
Asian stocks traded higher in early session after US Federal Reserve's decision to cut rates, and amid Trump-Xi meeting to discuss a trade deal.
The Hong Kong-based Hang Seng rose 0.77 per cent, China's CSI 100 advanced 0.31 per cent, Japan's Nikkei 225 gained 0.17 per cent, and South Korea's Kospi traded 1 per cent higher in early trade.
Crude Oil Prices Today
Crude oil prices held steady after a three-day decline as traders looked ahead to the Trump–Xi meeting and the upcoming OPEC+ meeting on November 2.
The Brent Crude Oil futures traded 0.31 per cent lower at $64.12 per barrel, and the West Texas Intermediate (WTI) Crude Oil futures slipped 0.40 per cent to trade at $60.22 per barrel.
Gold Price Today
Physical gold prices rose over 1 per cent after the US Fed’s rate cut, even as gold futures slipped by a similar margin, suggesting some profit booking among traders following the recent rally.
According to the India Bullion and Jewellers Association (IBJA), 24-carat gold was priced at Rs 1,20,630 per 10 grams, up 1.07 per cent from the previous day. On the Multi Commodity Exchange (MCX), gold futures traded 0.98 per cent lower at Rs 1,19,483 per 10 grams.
