An anxious world watched as Hamas freed Israeli hostages in the first step of a long-awaited ceasefire deal. The Palestinian militant group released them to the International Committee of the Red Cross away from public view before they were then passed over to the Israeli military. Under the terms of the agreement, once the hostages are freed, Israel is obliged to free almost 2,000 Palestinian prisoners, many of them former Hamas members serving life sentences. Israel has pulled back troops from most populated areas in Gaza and has agreed to allow much more aid into the devastated Mediterranean territory, home to around 2.2 million people.

The release of the first hostages came just before US President Donald Trump arrived in Israel for a Middle East trip to celebrate the US-led deal clinched last week with mediation by Egypt, Qatar and Turkey. 

The exchange is a key step in ending a war that has destabilized the wider Middle East and triggered mass protests around the world, most of them in support of Palestinians. Their suffering has led to Israel’s growing isolation, including among key allies in Europe.

Trump and a slew of Arab and European leaders, including UK Prime Minister Keir Starmer, German Chancellor Friedrich Merz and French President Emmanuel Macron, will now head to Sharm El Sheikh in Egypt for the formal signing ceremony of the ceasefire agreement. —Samson Ellis

What You Need to Know Today

Chinese exports grew at the fastest in six months, giving Beijing a stronger hand in the latest trade war with the US. Overseas shipments rose 8.3% in September from a year earlier, faster than the 6.6% median estimate in a Bloomberg survey of economists. While shipments to the US plunged 27%, strong demand from other markets means that Chinese firms should be less affected by the further increase in tariffs threatened by Trump.

Workers at a Yinchuan Weili Transmission Technology Co. factory in China. Photographer: Qilai Shen/Bloomberg

Most major cryptocurrencies rebounded after a brutal weekend selloff. The combined market value of all cryptocurrencies rose more than 6% to top $4 trillion, according to CoinGecko data. The gains coincided with Sunday statements from Trump signaling openness to a deal with China that eased trade tensions. A record $19 billion in crypto bets were erased and crypto prices tumbled after severe new China tariffs announced by Trump on Friday.

Tata Capital advanced in Mumbai after India’s biggest IPO this year. The stock gained 1.2% as it kicked off a big week for trading debuts in the country with shares of LG Electronics’ local unit scheduled to start trading on Tuesday. Their opening-day performance will be closely watched as scores of Indian companies prepare to go public and raise billions of dollars in the increasingly hot IPO market. 

Xiaomi shares plunged after reports that one of its electric sedans doors failed to open after a fiery crash in Chengdu, trapping at least one person inside. Authorities haven’t released information on fatalities or injuries from the incident, which has raised further questions over the safety of electronically-operated car door handles. The US has opened an investigation into certain Tesla Model Y door handles, with Chinese regulators reportedly considering a ban on fully concealed opening mechanisms.

A Xiaomi SU7 electric vehicle at the Shanghai Auto Show in April. Photographer: Qilai Shen/Bloomberg

Australia has rolled back elements of a planned tax on large pension balances after heavy criticism. The government had planned to slap an extra 15% levy on profits from pension balances above $2 million. After revisions, the tax will no longer be applied to unrealized gains and key thresholds will now increase in line with inflation.

South Korea is reviewing a new proposal from Washington linked to its $350 billion investment pledge in the US. Foreign Minister Cho Hyun told lawmakers in Seoul that the government aims to make progress by the APEC summit later this month, where President Lee Jae Myung is expected to hold talks with Trump. The review signals progress in the deal after months of stalled talks over tariffs. 

China Vanke’s recently appointed chairman has abruptly resigned in the latest blow to the embattled developer. Xin Jie, who only took over the role in January, has applied to resign, citing personal reasons, the developer said. The surprise departure threatens to further cloud the outlook for Vanke, whose financial position is already vulnerable ahead of a wall of onshore debt maturities.

Residential buildings under construction at a China Vanke development in Shanghai. Photographer: Qilai Shen/Bloomberg

What You’ll Need to Know Tomorrow

For Your Commute

Wall Street has spent years preparing for $105 trillion to pass from elderly parents to their children, but a different kind of wealth transfer is already underway. More than a dozen women in the world’s 500 richest people have become billionaires after the death of a spouse, the highest number ever. These so-called sideways inheritances are increasingly shaping global business as women take over huge empires, from finance to consumer goods and gambling. Today, they oversee record fortunes totaling $365 billion, roughly tripling since 2016, according to the Bloomberg Billionaires Index. The changes are creating huge implications for how vast sums are invested, philanthropy, and the way that wealth is passed on to the next generation.

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