WTI crude oil futures fell 1.00% intraday to $90.57/bbl.

Guan Tao, chief economist at Huafu Securities, said on Oct. 9 that since the RMB hit a trough vs the dollar in mid-April last year it has strengthened to about 6.70 per USD, a cumulative appreciation of roughly 10% from the low. He attributed the move to firm exports, trade-surplus-driven FX supply and stronger market confidence as the economy shifts toward higher-quality growth. The yuan has appreciated in both bilateral and effective terms: BIS nominal and real effective exchange rates rose 4.7% and 7.4% from May last year to Aug this year. China’s export price index averaged 105.32 in the first eight months of the year, implying average YoY export price gains above 5%, which increases the price contribution to export growth and further confirms that recent trade gains reflect improved industrial international competitiveness.

European equities opened on Oct 9: Germany's DAX 30 +151.78 pts (+0.61%) at 24,958.75; UK FTSE 100 +85.05 pts (+0.81%) at 10,526.65; France CAC 40 +54.15 pts (+0.70%) at 7,783.84; EUROSTOXX 50 +36.62 pts (+0.60%) at 6,163.35; Spain IBEX 35 +189.52 pts (+1.00%) at 19,118.42; Italy FTSE MIB -325.75 pts (-0.65%) at 49,646.50.