WS #7261
The dominant signal in this window is the ongoing Trump-Xi summit in Beijing, with Xi hailing trade progress, which caused US crude futures to fall $1.15 to $99.87/bbl. This counters the prevailing oil supply crisis narrative from the Iran conflict. Additionally, Nvidia's market cap surged to $5.65T overnight, with the stock adding $50B in minutes, reinforcing the AI/tech rally. India's April WPI inflation came in at 8.30% y/y, far above the 4.40% Reuters poll estimate, driven by fuel price inflation at 24.71% y/y, which could pressure the RBI to tighten policy. The narrative arc for the Trump-Xi summit is ESCALATING (new trade progress details), for Nvidia it is ESCALATING (new market cap milestone), and for India inflation it is NEW (surprise data).
Key developments
- Xi hails trade progress at Trump summit; US crude falls $1.15 to $99.87/bbl
- Nvidia market cap hits $5.65T overnight, adding $50B in minutes
- India April WPI inflation at 8.30% y/y vs poll 4.40%, fuel index at 24.71% y/y
- US clears Nvidia H200 sales to Alibaba, Tencent, ByteDance but no deliveries made
- Ukraine anti-corruption court orders Yermak into 60-day custody with $3.2M bail