- Throughout the practically two-hour Beijing summit, Xi informed Trump that the 2 international locations must be companions, not rivals.
- Bitcoin fell 1.5% because the market capitalization of cryptocurrencies fell to $2.66 trillion amid a widespread risk-off temper.
- The market is awaiting indicators from China’s talks with tariffs, Iran and Taiwan, however the consequence stays unsure.
A high-stakes assembly between President Trump and Chinese language President Xi Jinping has begun in Beijing. Mr. Xi informed Mr. Trump that China and america must be “companions, not rivals” and forged the practically two-hour summit as a possibility to reset one of many world’s most vital bilateral relations.
President Trump echoed this, calling Xi a “nice chief” and saying that relations between the 2 international locations will likely be “higher than ever.” Markets have been cautious all week forward of the summit.
Cryptocurrency withdrawal amid continued macro uncertainty
Bitcoin fell 1.57% in 24 hours to commerce at round $79,761, whereas the market capitalization of cryptocurrencies fell 1.52% to $2.66 trillion. Whereas Ethereum fell to $2,267, XRP remained comparatively secure at $1.42, down 1.76% on the day. The Worry and Greed Index was at 47, in impartial territory reflecting the market’s immobility and ready.
Oil waits for Beijing
Forward of concrete outcomes from the summit assembly between President Trump and President Xi, the oil market continued to take care of its upkeep sample. Brent crude oil costs continued to rise amid continued turmoil within the Strait of Hormuz. The IEA has revised down its world oil demand forecast for 2026 once more, predicting a decline of 420,000 barrels per day in comparison with the earlier yr, bringing whole provide losses since February to 12.8 million barrels per day.
U.S. industrial crude oil inventories fell by 4.31 million barrels final week. Gasoline inventories fell by 4.1 million barrels as refiners ramped up utilization forward of the summer time driving season.
Copper close to all-time highs
Outdoors of oil, copper rose above $14,000 a tonne, near its all-time excessive of $14,527 hit in January. Tight refined metallic provides, robust spot demand in China and restricted sulfur availability within the Center East are all supporting costs. Speculative internet lengthy copper purchases elevated for the second consecutive week, hitting the very best stage since December 2025.
What the summit wants to attain
Markets went into the Beijing talks anticipating three issues: progress on tariffs, indicators on Iran, and stability for Taiwan. The nice and cozy opening was a greater begin than most anticipated. Whether or not the talks result in concrete outcomes that transcend diplomatic optimism will decide whether or not latest market warning eases into Could or turns into even stronger.
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