Asia Market Movers: China’s Canadian oil imports hit record as Beijing shuns US crude

Friday, 17 Oct, 2025 Commodities China's Canadian oil imports hit record as Beijing shuns US crude China's imports of Canadian oil are set for a record October, exceeding 5 mn bbl so far. 70% of Vancouver shipments are heading to China as it reduces reliance on US crude. Canadian heavy crude prices News September Singapore Non-oil Domestic Exports (NODX) +6.9% y/y (vs. expected -2.1%) Singapore's exports rose 6.9% y/y in September, beating expectations for a 2.1% fall. Gains were led by electronics and shipments to China, Hong Kong and Taiwan. US-bound exports fell 9.9% amid new Am Learn more Central Banks PBOC is expected to set the USD/CNY reference rate at 7.1154 – Reuters estimate People's Bank of China USD/CNY reference rate is due around 0115 GMT. The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as Forex Standard Chartered say global reserve managers are trading the US dollar countercyclically Standard Chartered says reserve managers are buying the US dollar when it weakens and selling on rallies. Dollar reserves and Bloomberg Dollar Index have moved opposite in 17 of 20 quarters, per IMF d Central Banks Kashkari: Fed may be overstating slowdown, backs more insurance rate cuts Kashkari says the economy may be stronger than expected, with limited risk of major slowdown (earlier headline post). Sees labour-market weakness as a bigger risk than renewed inflation. Supports two News US jobless claims seen falling, but labour market remains sluggish - preview JPMorgan and Goldman estimate jobless claims fell to ~217k despite data gaps from the shutdown. Both layoffs and hiring remain subdued, keeping the labour market stable but stagnant. Small-business hi Forex Westpac: US dollar strength driven by yen weakness and global policy divergence Westpac says the US dollar's gains are not growth-driven, given shutdown risks to consumption and investment. Europe and Asia ex-Japan are showing continued resilience, contrary to the dollar's apprec News Nomura: China likely to drop specific growth target in 15th Five-Year Plan The 15th Five-Year Plan (2026–2030) will be discussed by China's leadership this month. Nomura expects Beijing to omit a specific growth target, focusing on resilience, security, and inclusiveness. Th Learn more News S&P: Trump's tariffs to cost $1.2 trillion, consumers bear most of burden S&P Global projects global tariff costs of $1.2 trillion in 2025. About two-thirds of that cost is expected to be passed on to consumers, not absorbed by companies. Tariffs act as de facto taxes o

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