WS #7251

The dominant signal in this window is the Trump-Xi summit in Beijing, with Trump arriving on May 13 accompanied by top US CEOs. Asian markets are rallying on AI enthusiasm, with China's CSI AI Index and STAR 50 Index opening up nearly 2% and 1.3% respectively, indicating positive sentiment around potential trade de-escalation. However, no concrete deal has been announced yet. Separately, the oil market remains under pressure from the Hormuz closure, with OPEC cutting its 2026 demand growth forecast to 1.2 million bpd and the IEA warning of greater volatility ahead as supply losses exceed 14 million bpd. A Russian missile and drone attack on Kyiv overnight adds geopolitical noise but is unlikely to shift the dominant trade narrative. The prevailing themes are: Trump-Xi summit (ESCALATING - positive market reaction but no deal yet), AI/tech rally in Asia (BULLISH), oil supply crisis (STABLE).