{"id":7031,"date":"2026-09-23T07:00:00","date_gmt":"2026-09-23T07:00:00","guid":{"rendered":"https:\/\/lqhmarkets.com\/news-and-trade-ideas\/uncategorized\/geopolitics-oil-trump-xi-markets-23-sep-26\/"},"modified":"2026-10-24T00:06:42","modified_gmt":"2026-10-24T00:06:42","slug":"geopolitics-oil-trump-xi-markets-23-sep-26","status":"publish","type":"post","link":"https:\/\/lqhmarkets.com\/news-and-trade-ideas\/geopolitics-oil-trump-xi-markets-23-sep-26\/","title":{"rendered":"Geopolitics Steer Global Markets: Oil Falls on Iran Hopes, Trump-Xi Meeting Looms"},"content":{"rendered":"
Written by Julian Sonego<\/a> | Reviewed by LQH Markets Editorial Team<\/a><\/div>\n

Market Overview<\/h2>\n

Geopolitical developments are setting the tone for global markets, with optimism surrounding potential eased tensions in the Middle East driving down oil prices and influencing risk appetite across Asia. This comes as investors also eye an upcoming meeting between US President Donald Trump and Chinese President Xi Jinping, injecting a cautious sentiment, particularly into Chinese and Hong Kong equities. Australian markets reflected these mixed signals, with strong gains in mining stocks counterbalanced by a slide in energy companies and weakness among banks.<\/p>\n

Markets<\/h2>\n

Asian markets closed unevenly on Wednesday. South Korean markets were closed. In the previous session, KOSPI had closed at 7,080.92, up 1.04%. Chinese and Hong Kong indices moved lower, with the Hang Seng trading at 24,830.84, down 0.85%, and the Shanghai Composite dipping 0.29% to 3,938.37. Australia’s S&P\/ASX 200 finished largely flat, closing up 0.38% at 8,765.30, further pulling away from a three-month low touched last week. Japanese markets remained closed.<\/p>\n

In commodity markets, international benchmark Brent crude traded at $98.49, down 0.77%, and U.S. West Texas Intermediate (WTI) futures traded at $89.36 per barrel, falling 5.53%. Gold traded at $4,369.90, down 0.15%.<\/p>\n

The previous US session saw Wall Street continue its artificial intelligence-powered rally, with the Nasdaq hitting a fresh high, up 2.26% to 27,122.09, and the S&P 500 hovering just below its peak, gaining 1.49% to 7,764.70.<\/p>\n

What Drove Markets<\/h2>\n

Optimism surrounding ongoing US-Iran talks and reports of a potential reopening of the Strait of Hormuz significantly influenced oil markets, pushing prices lower and easing broader inflation concerns. WTI Crude prices fell by 12.76% over the past five consecutive sessions. Brent crude also retreated from above $100, with Paolo Broccardo, CEO of BankPro, observing that its price had fallen by almost 12% over the past five consecutive sessions, repeatedly coinciding with intensified peace-building efforts from both sides. US President Donald Trump stated that U.S. officials had a \u201cvery good meeting\u201d with Iran\u2019s delegation that lasted about three hours. He had earlier indicated he has a \u201cbig decision\u201d over whether to reach a deal with Tehran or \u201cannihilate\u201d the country. According to BankPro CEO Paolo Broccardo, Pakistan\u2019s mediation efforts with Tehran could also reduce the risk of a broader escalation in the Middle East.<\/p>\n

The upcoming meeting between President Trump and President Xi is a key focus for investors, who adopted a cautious stance despite upbeat assessments from US and Chinese officials on preparatory talks, including discussions on AI safety and trade. China\u2019s ambassador to the U.S. warned on Wednesday that Beijing has “red lines” on Taiwan, human rights, and other issues that Washington must not cross, adding to market uncertainty.<\/p>\n

The Australian equity market experienced a divergence, with materials sectors leading the three sectors that finished in the green. Miners like BHP and Rio Tinto rallied, with BHP up 1.39% to $62.07 and Rio Tinto gaining 0.79% to $167.61. Copper, which generated over half of BHP\u2019s earnings in the 2026 financial year, is testing all-time highs, driven by tight supply in China. This operational shift culminated in BHP handing shareholders $7 billion in final dividends on Wednesday. In contrast, lower oil prices weighed on energy stocks, with Woodside Energy shedding 1.71% to $31.13. Major banks were soft, with all lenders ending the day in the red; ANZ dropped 0.84% to $37.83.<\/p>\n

South Korean equities were closed on Wednesday. In the previous session, they had seen a notable uplift, with Samsung Electronics shares jumping 3.25% to 285,500.00. Chinese and Hong Kong markets struggled amidst geopolitical uncertainty ahead of the US-China summit, reflected in the Hang Seng TECH sub-index declining nearly 1.5%.<\/p>\n

Stocks to Watch<\/h2>\n

Beyond the majors, Tuas sank 23.4% to $1.79 after reporting a net profit of $26 million in the 2025-26 financial year, up from $6.9 million in 2024-25, making it the index’s biggest laggard. IDP Education dropped 13.19% after knocking back a $2.50-a-share takeover attempt by private equity giant Blackstone, stating the offer was highly opportunistic and far below the company\u2019s true value. IAG dropped 2.35% after the Australian regulator knocked back its takeover of RAC Insurance. Myer traded flat after posting a full-year net loss of $276.5 million in the 2025-26 financial year, scrapping its final dividend and booking an impairment of almost $280 million. ASX Limited ended the day down 1% to $57.70 after an annual assessment by the Reserve Bank of Australia of the sharemarket operator\u2019s clearing and settlement facilities indicated that ASX continued to not meet the RBA\u2019s expectations in several important areas.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Instrument<\/th>\nCode<\/th>\nClose<\/th>\nMove<\/th>\nWoW<\/th>\nYTD<\/th>\n<\/tr>\n<\/thead>\n
KOSPI<\/td>\n^KS11<\/td>\n7,080.92<\/td>\n1.04%<\/td>\n6.85%<\/td>\n64.30%<\/td>\n<\/tr>\n
Hang Seng<\/td>\n^HSI<\/td>\n24,830.84<\/td>\n-0.85%<\/td>\n0.66%<\/td>\n-5.72%<\/td>\n<\/tr>\n
Shanghai Composite<\/td>\n000001.SS<\/td>\n3,938.37<\/td>\n-0.29%<\/td>\n1.92%<\/td>\n-2.11%<\/td>\n<\/tr>\n
ASX 200<\/td>\n^AXJO<\/td>\n8,765.30<\/td>\n0.38%<\/td>\n1.07%<\/td>\n0.43%<\/td>\n<\/tr>\n
Brent Crude<\/td>\nBZ=F<\/td>\n98.49<\/td>\n-0.77%<\/td>\n-6.94%<\/td>\n62.12%<\/td>\n<\/tr>\n
WTI Crude<\/td>\nCL=F<\/td>\n89.36<\/td>\n-5.53%<\/td>\n-12.76%<\/td>\n55.90%<\/td>\n<\/tr>\n
Gold<\/td>\nGC=F<\/td>\n4,369.90<\/td>\n-0.15%<\/td>\n-0.40%<\/td>\n0.93%<\/td>\n<\/tr>\n
Nasdaq<\/td>\n^IXIC<\/td>\n27,122.09<\/td>\n2.26%<\/td>\n3.57%<\/td>\n16.73%<\/td>\n<\/tr>\n
S&P 500<\/td>\n^GSPC<\/td>\n7,764.70<\/td>\n1.49%<\/td>\n1.90%<\/td>\n13.21%<\/td>\n<\/tr>\n
BHP<\/td>\nBHP.AX<\/td>\n62.07<\/td>\n1.39%<\/td>\n2.44%<\/td>\n35.64%<\/td>\n<\/tr>\n
Rio Tinto<\/td>\nRIO.AX<\/td>\n167.61<\/td>\n0.79%<\/td>\n-0.35%<\/td>\n13.49%<\/td>\n<\/tr>\n
Woodside<\/td>\nWDS.AX<\/td>\n31.13<\/td>\n-1.71%<\/td>\n-5.89%<\/td>\n31.57%<\/td>\n<\/tr>\n
ANZ<\/td>\nANZ.AX<\/td>\n37.83<\/td>\n-0.84%<\/td>\n0.77%<\/td>\n3.87%<\/td>\n<\/tr>\n
Samsung<\/td>\n005930.KS<\/td>\n285,500.00<\/td>\n3.25%<\/td>\n14.66%<\/td>\n122.18%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

What to Watch Next<\/h2>\n

Economic Releases<\/h3>\n
    \n
  • 2026-09-23 07:00 ET US \u2014 MBA Mortgage Applications<\/li>\n
  • 2026-09-23 10:30 ET US \u2014 Crude Oil Inventories<\/li>\n
  • 2026-09-24 08:30 ET US \u2014 Building Permits<\/li>\n
  • 2026-09-24 08:30 ET CA \u2014 Core Retail Sales<\/li>\n
  • 2026-09-29 09:00 ET US \u2014 House Price Index<\/li>\n
  • 2026-09-29 19:50 ET JP \u2014 Industrial Production<\/li>\n
  • 2026-09-30 01:00 ET JP \u2014 Housing Starts<\/li>\n
  • 2026-10-01 19:30 ET JP \u2014 Tokyo Core CPI<\/li>\n<\/ul>\n

    Corporate Earnings<\/h3>\n
      \n
    • 2026-09-23 08:00 ET US \u2014 Cintas Corporation (CTAS)<\/li>\n
    • 2026-09-23 08:00 ET US \u2014 Paychex, Inc. (PAYX)<\/li>\n
    • 2026-09-24 16:15 ET US \u2014 Costco Wholesale Corporation (COST)<\/li>\n
    • 2026-09-30 16:15 ET US \u2014 Micron Technology, Inc. (MU)<\/li>\n
    • 2026-10-01 16:15 ET US \u2014 Nike, Inc. (NKE)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      Global markets react to evolving geopolitical tensions as oil prices fall on US-Iran diplomacy hopes. Investors eye the upcoming Trump-Xi meeting with caution.<\/p>\n","protected":false},"author":3,"featured_media":7168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"wrap_published_at_et":"","wrap_author_name":"","wrap_author_url":"","wrap_author_linkedin":"","wrap_reviewer_name":"","wrap_reviewer_url":"","footnotes":""},"categories":[38],"tags":[40],"class_list":["post-7031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-wraps","tag-asia-close"],"acf":[],"yoast_head":"\nOil Falls on Diplomacy Hopes; Trump-Xi Meeting Looms<\/title>\n<meta name=\"description\" content=\"Global markets react to evolving geopolitical tensions as oil prices fall on US-Iran diplomacy hopes. 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