Xi Jinping, the current President of the People’s Republic of China, has had a long and complicated relationship with Australia.
Throughout his lifetime, he has visited the country five times – more than any of his predecessors. He is also the only leader of the Chinese Communist Party (CCP) to have visited all states and territories within Australia.
During his last trip, then-prime minister Tony Abbott gave Xi a special gift – a photograph of his father, Xi Zhongxun, with former NSW premier Neville Wran in 1979. Xi’s father once said he had “seen and learned many things” during his trip to Australia all those years ago.
But 43 years later, Beijing’s attitudes to Canberra are a far cry from what they were back then. Let’s take a look at how Xi Jinping’s relationship with Australia has changed over the years.
1979 – Xi Zhongxun Meets with Neville Wran
Xi Zhongxun was an influential Chinese politician who served as Vice Premier of China from 1980 to 1982. He was also the father of current President Xi Jinping. In 1979, during a state visit to Australia, Zhongxun met with then-NSWPremier Neville Wran. This meeting was considered to be groundbreaking at the time, as it was the first time a high-ranking CCP official had met with an Australian state premier.
2003 – Hu Jintao Meets with John Howard
In 2003, Hu Jintao succeeded Jiang Zemin as General Secretary of the CCP and President of China. During his time in office, he continued to build upon the economic reforms that had been put in place by Deng Xiaoping. He also worked to improve China’s relationships with other countries, including Australia. In 2003, he met with then-prime minister John Howard in Beijing. This meeting resulted in the signing of the China-Australia Free Trade Agreement (ChAFTA), which came into effect in 2015.
2013 – Xi Jinping Meets with Julia Gillard
By 2013, Xi Jinping had become the General Secretary of the CCP and President of China. He made his first state visit to Australia that year, meeting with then-prime minister Julia Gillard in Canberra. The two leaders discussed a range of issues, including trade and investment ties between China and Australia. Gillard also announced that she would be working towards ratifying ChAFTA during her time in office.
2017 – Malcolm Turnbull becomes Prime Minister after leadership spill
In September 2015, Malcolm Turnbull replaced Tony Abbott as leader of the Liberal Party and prime minister of Australia following a leadership spill. One month later, he made his first official visit to China as prime minister. During this visit, he met with President Xi Jinping and other high-ranking officials to discuss trade relations between China and Australia. Turnbull also became the first Australian prime minister to address students at Tsinghua University in Beijing.
Since 1979, when Xi Zhongxun meet with Neville Wran, Beijing’s attitude towards Canberra has changed significantly. In recent years, under the leadership of Xi Jinping, relations between China and Australia have become increasingly strained. This is due to a number of factors, including Australia’s decision to ratify ChAFTA and our relationship with the United States.
Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.
In Short:
– U.S. stocks rose to record highs on Friday due to lower inflation and strong corporate earnings.
– Key earnings reports from major companies are expected next week, influencing market trends.
U.S. stocks rose to record highs on Friday due to lower-than-expected inflation data and positive corporate earnings.The S&P 500 and Nasdaq achieved their largest weekly gains since August. The Dow saw its biggest jump from Friday to Friday since June.
The Labor Department reported that the Consumer Price Index was slightly cooler than analysts’ predictions, easing concerns about inflation impacts from tariffs. This development suggests a likely interest rate cut by the Federal Reserve at its upcoming meeting.
Ryan Detrick from Carson Group noted the positive inflation news may facilitate forthcoming Fed rate cuts. Despite the ongoing government shutdown affecting data releases, this CPI report provided much-needed clarity.
Earnings reports are continuing, with 143 S&P 500 companies having reported results. Growth expectations for third-quarter earnings have risen to 10.4%. Detrick indicated a strong opening to the earnings season with a significant percentage of companies exceeding expectations.
This coming week, key earnings will be reported from Meta Platforms, Microsoft, Alphabet, Amazon, and Apple, alongside industrial companies like Caterpillar and Boeing.
The Dow rose 472.51 points to 47,207.12. The S&P 500 increased by 53.25 points to 6,791.69, while the Nasdaq gained 263.07 points, reaching 23,204.87.
Alphabet gained 2.7% following a deal expansion with Anthropic. Coinbase saw a 9.8% increase from a JPMorgan upgrade. In contrast, Deckers Outdoor’s shares fell 15.2% after lowering sales forecasts.
Market Trends
Advancing stocks on the NYSE outnumbered decliners by 2.18 to 1. The S&P 500 had 34 new highs, with the Nasdaq recording 124.
Trading volume was 19.04 billion shares, lower than the average of the past 20 days.
In Short:
– Earnings reports from Tesla and Netflix might affect U.S. stock performance next week amid high inflation concerns.
– Increased market volatility arises from U.S.-China trade tensions and fewer S&P 500 stocks in an uptrend.
This coming week, earnings reports from companies including Tesla and Netflix are anticipated to impact U.S. stock performance.
Investors are also awaiting delayed U.S. inflation data, which could test market stability as it remains near record highs.Recent trading activity has shown increased volatility, influenced by ongoing U.S.-China trade tensions and concerns regarding regional bank credit risks. The CBOE volatility index has seen a rise, indicating increased market uncertainty.
The S&P 500 entered its fourth year of growth amidst these fluctuations, having previously experienced a period of calm. Experts suggest market risks are intensifying as valuations reach peak levels.
Market Volatility
Concerns regarding U.S.-China trade relations escalated last week when the U.S. threatened to raise tariffs by November 1 over China’s rare-earth export policies. President Donald Trump is scheduled to meet with President Xi Jinping in two weeks to discuss these issues.
Despite these challenges, major stock indexes gained ground over the week, with the S&P 500 up 13.3% year-to-date. However, a noticeable decline in the number of S&P 500 stocks in an uptrend raises caution among investors about underlying market weaknesses.
The upcoming third-quarter earnings will be closely monitored, especially as the government shutdown halts economic data releases. Companies like Procter & Gamble, Coca-Cola, RTX, and IBM are due to report. The delayed U.S. consumer price index is also expected to provide crucial insights ahead of the Federal Reserve’s monetary policy meeting on October 28-29.
In Short:
– Australia’s unemployment rate rose to 4.5% in September, the highest since November 2021.
– Economists note a cooling labour market, with fewer job ads and increased participation rate amid rising living costs.
Australia’s unemployment rate increased to 4.5 per cent in September, up from 4.3 per cent in August.It marks the highest seasonally adjusted unemployment rate since November 2021.
Economists suggest that the Reserve Bank should consider another interest rate cut next month. BetaShares chief economist David Bassanese noted a slowdown in employment demand as the labour market struggles to accommodate job seekers.
The number of officially unemployed rose by 33,900 in September, while the employment count increased by 14,900. The labour force expanded by 48,800 people, resulting in a participation rate rise of 0.1 percentage points to 67 per cent, returning to July levels.
In trend terms, the unemployment rate remained steady at 4.3 per cent.
Labour Market
BDO chief economist Anders Magnusson stated that while the unemployment rate has increased, the labour market is cooling, not collapsing.
He pointed out that the 14,900 jobs added in September were slightly below the average for the past year.
A growing participation rate indicates that rising living costs are prompting more individuals to seek employment. Magnusson said the release confirms a gradual cooling of the labour market that keeps the Reserve Bank on track without necessitating immediate action.
He added that hiring activity is slowing, signalled by a 3.3 per cent drop in job advertisements in September, the largest monthly decrease since February 2024.
Despite this, he does not foresee a rate cut in November.