🌅 Morning Update | 09.05.2025 📉 Markets steady amid trade anticipation Asian indices show limited movement: 🇨🇳 China: -0.10% to +0.40% 🇦🇺 AUS200: +0.45% on strong 🇨🇳 export data 🇯🇵 JP225: +0.07% 🇸🇬 SG20: +0.95% 🤝 US–China trade talks kick off in 🇨🇭 High-level meetings begin today in Switzerland (May 9–12) — first in months. 🇨🇳 remains cautious, expectations stay low. 📦 China's April trade beats forecasts 📈 Exports: +8.1% y/y (vs. +1.9% forecast) 📉 Imports: -0.2% y/y (vs. -5.9% forecast) 🧾 Jan–Apr total trade: ¥14.14T (+2.4% y/y) ❗ But exports to 🇺🇸 dropped 21% y/y, showing tariff pressure. 🌀 "Origin washing" in focus 🇨🇳 Exporters shift goods through 🇻🇳 Vietnam to dodge tariffs. Vice FM Hua: “China is not afraid of tariffs” — calls U.S. policy unsustainable. 💴 Japan's data mixed 📉 Real wages: -2.1% y/y (worst in 2 years) 🕒 Overtime pay: -1.1% 💵 Household spending: +2.1% y/y (vs. +0.2% est), +0.4% m/m 🛠️ Steel & aluminium tariffs stay 🇺🇸 Navarro confirms no rollback — industrials remain vulnerable. 💬 Bessent backs easing, but Trump decides Tensions persist; tax hikes on top earners still planned. 💰 Bitcoin nears $104K Driven by global liquidity & 🇺🇸 regulatory clarity.