WHITE HOUSE STATEMENT: US President Trump had a good meeting with Chinese President Xi; the two sides discussed ways to enhance economic cooperation; the two sides agreed that the Strait of Hormuz must remain open
The positive tone of the meeting between Presidents Trump and Xi could signal a thaw in US-China relations, particularly in economic cooperation and trade, which may provide support for risk assets.
[MARKET ANALYSIS] European bourses continue to rebound, NOKIA FH boosted following CSCO earnings; NVDA gains as US reportedly approves H200 chip exports to China
[MARKET UPDATE] Energy benchmarks pressured, Brent falls c. USD 0.50/bbl as US and China agree that Hormuz must remain open, agreed Iran can never have a nuclear weapon
WHITE HOUSE STATEMENT: US President Trump had a good meeting with Chinese President Xi; the two sides discussed ways to enhance economic cooperation; the two sides agreed that the Strait of Hormuz must remain open
[MARKET ANALYSIS] Crude holds a mild upward bias but wanes off its best levels as US and Iran prefer diplomacy
[MARKET ANALYSIS] UK GDP overlooked as UK politics remains in focus; Rayner's name potentially added to the hat, Streeting said to challenge Starmer today
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STRAIT OF HORMUZ/IRAN
- The two sides agreed that the Strait of Hormuz must remain open.
- Both countries agreed that Iran can never have a nuclear weapon.
BUSINESS
- Two sides discussed expanding market access for American businesses into China and increasing Chinese investment.
FENTANYL
- The presidents also highlighted the need to build on progress in ending the flow of fentanyl precursors into the United States, as well as increasing Chinese purchases of American agricultural products.
TRADE
- Trump and Xi discussed increase agriculture and oil trade.
TAIWAN
- Not mentioned in White House readout.
The commitment to keeping the Strait of Hormuz open is crucial given its significance for global oil supplies, potentially stabilizing energy markets. However, the omission of Taiwan in the statement could suggest continued tensions on that front, which traders will need to monitor closely.
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