WS #7380
The dominant signal in this window is the conclusion of the Trump-Xi summit with Trump departing Beijing, while the Ukraine-Russia conflict escalates with a Ukrainian drone strike on the Ryazan oil refinery. The Strait of Hormuz remains a key concern, with Xi agreeing it must stay open. European markets are set to fall on inflation fears, and UK political turmoil (Starmer leadership challenge) is pressuring the pound. The Musk-Altman trial is nearing its end, with Musk seeking $150B. Japan's producer prices surged 4.9% in April, the fastest since 2023, adding to global inflation concerns. Samsung's union demands key concessions. The prevailing macro narrative is ESCALATING on Ukraine-Russia (Ryazan refinery strike), STABLE on the Trump-Xi summit (departure, limited concrete deals), and STABLE on US-Iran tensions (Hormuz discussion, BRICS rally).
Key developments
- Trump departs Beijing after summit; Xi agrees Strait of Hormuz must remain open
- Ukrainian drones strike Russia's Ryazan oil refinery, causing major fire
- European stocks set to fall on inflation fears; UK PM Starmer faces leadership challenge
- Musk-Altman trial nears end; Musk seeks $150B for OpenAI non-profit
- Japan's producer prices surge 4.9% in April, fastest since 2023
- Samsung union demands key concessions before talks