WS #7175

The dominant narrative is the US-China summit in Beijing, now confirmed with Nvidia CEO Jensen Huang joining Trump's delegation after a last-minute invitation, per multiple sources (Guardian, CNBC, Bloomberg). This is a high-signal event that could drive tech and trade-sensitive sectors. Huang's presence underscores the AI opportunity in China, which he has called a $50bn market, directly benefiting NVDA. Separately, a Reuters report indicates Saudi Arabia and the UAE carried out covert strikes inside Iran, hitting an oil refinery, marking the first direct Gulf military action on Iranian soil. This escalates Middle East tensions and supports oil prices, with a Polymarket contract on WTI hitting $130 in May seeing activity. European shares rose as oil prices slipped on fragile US-Iran ceasefire hopes, but the covert strikes counter that narrative. The UK political crisis continues with Starmer facing pressure, but JP Morgan's Dimon warned the bank may rethink its London office if Starmer is ousted, adding a market dimension. SoftBank's FY results showed EPS of ¥872.47, revenue up 7.7% Y/Y, reinforcing the AI narrative. The US-China summit is ESCALATING as the key catalyst, while the Gulf strikes on Iran are a new ESCALATION in the Middle East conflict.