China introduced measures to support its stock market after data revealed the economy’s slowest expansion in six quarters. The PBOC launched a re-lending facility to help companies buy back shares and a swap facility to provide institutional investors with liquidity for purchasing equities.

• Bridgewater is increasing its exposure to Chinese stocks.

• A BofA options strategist said Chinese equities have more room to rally.

Futures rose as traders evaluated China’s efforts, while gold hit a new record. Treasury yields edged higher, and oil advanced.

Other corporate news:

• Netflix shares gained premarket after adding over 5 million customers last quarter, beating Wall Street estimates.

• iPhone 16 sales in China are up 20% in the first three weeks compared to last year’s model.

• The US is investigating whether TSMC made AI or smartphone chips for Huawei, potentially violating export rules.

• At least 10 clients of Nomura suspended trading with the brokerage as a market manipulation scandal unfolds.

Ray Dalio commented that if Trump loses the upcoming election, there’s an “almost even probability” the results will be contested, highlighting the current political uncertainty in the US.

In the Middle East, US Secretary of State Antony Blinken is being sent to Israel to assist in peace efforts after Israel killed Hamas leader Yahya Sinwar. The shekel extended gains as investors bet Israel’s military successes could shorten the conflict.

Chart of the Day: Silver is expected to outperform gold, with its year-to-date performance already surpassing that of bullion.