WS #7777

The dominant signal in this window is the ongoing Xi-Putin summit in Beijing, which continues to produce cooperation statements but lacks new market-moving specifics. The Kremlin confirmed 'general understanding' on Power of Siberia 2 parameters but no clear timings, and Xi emphasized energy and resource connectivity. This is a stable continuation of the prior narrative, not an escalation. Separately, a significant geopolitical development: China's FM Wang Yi called for Iran and the US to reopen the Strait of Hormuz ASAP, adding diplomatic pressure to resolve the blockade. This is a potential de-escalation signal for oil markets. On the corporate front, Meta began 8,000 global job cuts (starting in Singapore), confirming the previously reported layoffs. Stellantis and Dongfeng announced a European JV for EV sales and manufacturing, a bullish signal for STLA's EV strategy. Home Depot reported Q1 earnings with comp sales +0.6% but EBIT margin contracting to 12.3% from 13.2%, reaffirming guidance. The UK inflation data (2.8% vs 3.0% expected) is a stale headline from the previous window and is not repeated. The S&P 500 fell for a third straight session, with bond yields remaining elevated. A notable counter-signal: the US Senate moved to curb Trump's Iran war powers, which contributed to a rebound in Bitcoin, ether, and XRP as Treasury yields and oil fell. This dampens the bearish geopolitical risk premium.