WS #7266

The dominant signal in this window is the ongoing Trump-Xi summit in Beijing, which continues to produce concrete outcomes. The White House confirmed both sides agreed Iran cannot have a nuclear weapon, and Trump praised China while ignoring a question about Taiwan, aligning with Xi's earlier warning. Separately, a major escalation in the Strait of Hormuz occurred: Iranian forces boarded and seized a vessel near Fujairah, UAE, dealing a setback to US efforts to end the war. This was corroborated by multiple sources (Bloomberg, Al Jazeera, Telegram). China's April credit data was sharply weaker than expected: new yuan loans were -10 billion yuan (vs +300 billion poll), total social financing was 620 billion yuan (vs 1,500 billion poll), and M1 money supply slowed to +5% y/y. This signals significant economic weakness and potential for further stimulus. On the corporate front, Cisco Systems surged 17%+ premarket after beating earnings and raising guidance, lifting the broader tech sector. Doximity plunged 20% on soft guidance and AI margin pressures. Foxconn's Q1 net profit surged 19% on AI server demand. Nvidia CEO Jensen Huang confirmed Trump asked him to join the China trip, and the US cleared H200 AI chip sales to China. The narrative arc for the Trump-Xi summit is STABLE (continued positive engagement), for the Strait of Hormuz crisis it is ESCALATING (new vessel seizure), and for China's economy it is BEARISH (weak credit data).