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The Shanghai Composite rose 1.22% to close at 3,912, while the Shenzhen Component gained 1.73% to 13,119 on Wednesday, rebounding from the previous session’s losses as persistent deflationary pressures fueled bets on fresh stimulus. Both consumer and producer prices in China fell in September, underscoring weak domestic demand and lingering trade headwinds. Meanwhile, Premier Li Qiang reiterated calls to boost consumption and curb unfair market practices. While the PBoC is expected to keep rates steady this month, signs of a slowing economy have reinforced expectations for policy easing later this year. On the trade front, investors continued to weigh escalating US-China tensions ahead of an anticipated Trump-Xi meeting later this month. Technology and clean energy shares led gains, with Victory Giant, Luxshare Precision, and Sungrow Power rising between 5.8% and 8.3%.

在中国，上海综合指数周三上涨47点，涨幅1.22%。涨幅最大的是广州汽车（7.30%）、中国国航（6.86%）和中国东方航空（5.78%）。

In China, the Shangai Composite Index went up by 47 points or 1.22 percent on Wednesday. Top gainers were Guangzhou Automobile (7.30%), Air China (6.86%) and China Eastern Airlin (5.78%).

中美关系在平静与冲突之间摇摆不定。全球市场陷入了犹豫不决的循环，波动性居高不下，情绪几乎每天都在变化。紧张的美中关系继续推动市场情绪，在短暂的乐观和新的敌意之间交替。

Volatility Persists as U.S.–China Relations Teeter Between Calm and Conflict.Global markets are caught in a cycle of indecision, with volatility staying elevated and sentiment shifting almost daily. The strained U.S.–China relationship continues to drive market mood, alternating between brief moments of optimism and renewed hostility.

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Chinese Premier Li Qiang on Tuesday reiterated the need to boost domestic consumption to reduce China’s reliance on exports, signaling top leaders’ concerns over economic resilience. Speaking at a seminar with analysts and entrepreneurs, Li urged the country to “continuously form new growth points for expanding domestic demand,” according to China Central Television. He also called for curbing “disorderly competition,” highlighting efforts to rein in price wars that hinder industrial development. In a veiled reference to global tensions, including with the U.S., Li stressed that China’s economy must remain resilient amid external changes. His remarks come as policymakers prepare the 2026–2030 five-year plan, in which consumption is expected to play a central role. In June, Li described China as “a mega-sized consumer powerhouse on top of its solid foundation as a manufacturing power.”