Daily brief
Chinese President Xi Jinping told US CEOs accompanying President Donald Trump that China will open its markets wider to American businesses, as the two leaders held a summit covering trade, energy purchases, and economic cooperation. Oil prices remained stable amid signals of cooperation, and US officials flagged the possibility of increased Chinese purchases of American energy. Boeing shares dropped 4% after Trump announced China ordered just 200 jets, far fewer than the 500 previously sought.
China's fuel demand and exports face pressure from rising oil prices and the shift to electric vehicles, with fuel exports failing to rebound despite Beijing signaling a potential easing of export restrictions.
Global financial markets are closely watching the Trump-Xi meeting, with oil prices edging higher, gold steady, the yuan hitting a three-year high, and Asian stocks rising on AI enthusiasm.
China urged caution over the British Steel nationalisation plan, while rare earths remain a key strategic lever in the trade war, with the Pentagon having less than eight months to break China's grip on the supply chain.
Chinese chip maker SMIC's profit missed market expectations, and carmakers fear production hits after EU sanctions on a Chinese chipmaker, while AI firms were penalized for a fake product review scheme.