WS #7170

The dominant narrative remains the escalating US-China summit with a major MAG7 carve-out: Nvidia CEO Jensen Huang is confirmed to be joining Trump's China trip after a last-minute invite, corroborated by multiple sources (Seeking Alpha, Bluesky priority accounts). This is a high-significance positive for NVDA as it puts AI chip export policy and H20 ban on the negotiating table. Separately, the UAE conducted secret military strikes on Iran in early April, corroborated by Bloomberg and multiple Bluesky posts, marking the first time an Arab country has directly struck Iran alongside Israel. This escalates Gulf tensions and supports oil prices. However, the Strait of Hormuz situation appears stable with no new incidents, and diplomatic channels remain open, acting as a counter-signal to the oil supply disruption thesis. Other notable items include Siemens announcing a €6 billion share buyback, which is a positive signal for the industrial sector, and Japan's coal power generation rising as LNG becomes expensive due to Middle East conflict, which is bearish for LNG exporters but bullish for coal. The Trump-Xi summit is the central focus, with markets on edge.