Top stories for the morning: Trump prepares for peace with China, Nvidia goes to $5 trillion, UBS beats forecasts

Switzerland's UBS beat expectations, increasing profits by 74%. Donald Trump signaled he is willing to cut tariffs on Chinese goods, paving the way for a new trade truce. Japan's Nikkei 225 index topped 51,000 points for the first time. About these and other topics - in our review of key events for the morning of October 29.

Swiss banking giant UBS reported a 74% increase in net income for the third quarter to $2.5 billion, exceeding analysts' forecasts by more than a third, CNBC reports. The bank's revenue amounted to $12.76 billion, which is also slightly better than market expectations.

The growth came amid the integration of Credit Suisse, which is expected to be completed by the end of next year. However, UBS may face higher capital requirements as Swiss authorities seek to prevent a repeat of the Credit Suisse collapse, the channel points out. The bank has already said it supports most of the new measures but opposes "excessive" tightening of regulations. UBS shares have risen more than 11% since the beginning of the year.

US President Donald Trump said he plans to reduce some of the duties on Chinese goods before meeting with Chinese President Xi Jinping in South Korea, CNBC writes. The leaders will discuss the fight against fentanyl shipments to the United States, which prompted the imposition of the levy, as well as agriculture and technology exports.

According to the WSJ, Washington may cut "fentanyl" duties from 20% to 10% in exchange for Beijing tightening controls on exports of chemicals used to make the drug. That would lower the average rate on Chinese goods to about 45%.

The two leaders are also expected to discuss exports of rare-earth metals, supplies of Nvidia chips and possible easing of U.S. export restrictions at the APEC summit meeting, the channel said. Analysts predict that the talks may result in the extension of the trade truce and mutual concessions in the field of technology and energy.

The Nikkei 225 index rose more than 2% and surpassed the 51,000-point mark for the first time amid optimism around trade relations between the U.S. and Japan, as well as expectations of a new Fed rate cut, CNBC explains.

The rise followed Trump and Japanese Prime Minister Sanae Takaichi signing a rare earth cooperation agreement. . .

Nvidia shares jumped 5% to a record high after a series of high-profile announcements at the GTC conference in Washington, Yahoo Finance reports. The company's market capitalization is just a step away from the historic $5 trillion threshold - it reached $4.89 trillion.

The company announced seven new supercomputers with the U.S. Department of Energy, a partnership with Uber to develop unmanned cars, and the sale of 1,000 Eli Lilly chips.

CEO Jensen Huang said Nvidia expects to sell $500 billion worth of GPUs by the end of 2026. The company's stock has risen more than 50% since early January, and the pending U.S.-China deal could reopen the Chinese chip market for Nvidia.

- Japan's broad Topix index fell 0.2 percent, while the Nikkei 225 jumped 2.15 percent.

- Hong Kong's Hang Seng Index was down 0.33 percent, while mainland China's CSI 300 index rose nearly 1 percent.

- In South Korea, the Kospi index added 1.3%, while the Kosdaq fell 0.5%.

- Australia's S&P/ASX 200 lost nearly 1 percent.

- Nasdaq 100 futures are up 0.4 percent, the S&P 500 is up 0.2 percent, and Dow Jones Industrial Average exchange-traded contracts are in slight negative territory

This article was AI-translated and verified by a human editor