China’s yuan climbed to a three-year high against the dollar as investors digested the lead-up to the Trump-Xi summit. Equities pulled back on profit-taking, while attention tilted to AI progress. Despite hopes for stability and a possible managed trade approach on non-sensitive goods, expectations remain low for major trade breakthroughs.
Oil prices climbed to $105 as markets watched a high-stakes Trump-Xi meeting in Beijing. The focus: whether diplomacy can help end the Iran war disrupting supply, including fears around the Strait of Hormuz blockade. With supply lagging demand and few tankers reportedly exiting since February, traders are betting on a breakthrough to cool prices.
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