Top Shot – U.S. President Donald Trump (left) and Chinese President Xi Jinping arrive for a meeting at Gimhae Air Base adjacent to Gimhae International Airport in Busan on October 30, 2025. Donald Trump and Chinese President Xi Jinping are set to seek a ceasefire in their bitter trade war on October 30, with the US president predicting a “great meeting” but Beijing taking a more cautious stance. (Photo by Andrew Caballero-Reynolds/AFP) (Photo by Andrew Caballero-Reynolds/AFP via Getty Images)
Andrew Caballero-Reynolds | AFP | Getty Images
Hello, my name is Hui Jie from Singapore. Welcome to another edition of CNBC’s Daily Open.
As US President Donald Trump prepares to visit China, the war with Iran continues to threaten to overshadow the summit even before it begins.
With oil prices rising, Saudi Aramco’s profits soaring and U.S. futures falling, investors are heading into a week where the Iran war casts a shadow over trade, tariffs, rare earths and more.
What you need to know today
Despite efforts to end the Iran war, US President Donald Trump will head into talks with Chinese President Xi Jinping with the conflict still hanging over him.
The Iran war is likely to be at the center of talks, potentially reducing the scope for progress on trade disputes and China’s grasp on critical rare earth supplies.
President Trump rejected Iran’s offer over the weekend, calling it “totally unacceptable.” According to reports in Iranian media and the Wall Street Journal, Tehran is seeking to “end the war on all fronts” as well as gain sanctions relief and Iranian oversight over the Strait of Hormuz.
Details remain unclear. Iran continues to resist U.S. demands over its nuclear program and stockpile of highly enriched uranium, and there are few signs that negotiations are nearing a breakthrough.
To add to the pressure, the State Department imposed sanctions on companies and individuals in the Middle East and China for allegedly supporting Iran’s war effort.
These developments suggest that the conflict is not contained. Israeli President Benjamin Netanyahu said Sunday that the war with Iran is “not over yet.”
Under these circumstances, US Treasury Secretary Scott Bessent will visit South Korea and Japan ahead of President Trump’s China summit meeting. He is scheduled to meet Japanese Prime Minister Sanae Takaichi in Tokyo on Tuesday and Chinese Vice Premier He Lifeng in Seoul on Wednesday.
While US market futures fell following recent developments, Asian markets appear to be bucking the trend, with South Korea’s Kospi opening at a new record.
Oil prices rose as peace prospects darkened, with global benchmarks Brent and US West Texas Intermediate both up more than 3% to trade at $105.09 and $99.23, respectively.
Saudi Aramco on Sunday said its first-quarter profit rose 26% from a year earlier, beating analysts’ expectations as energy prices soared. This gain was supported by the full operation of a critical pipeline, allowing it to bypass the increasingly vulnerable Strait of Hormuz.
President Trump may still want a better deal with Iran. But before we can rewrite that script, we have to move Beijing first.
— Lim Huijie
