WS #7368

The data window is dominated by USTR Greer's press briefing from the Trump-Xi summit in Beijing, providing the first substantive policy readout. Key takeaways: Greer confirmed China is fulfilling soybean purchase promises and expects a 'double-digit billions' agriculture deal to emerge from the summit. He stated the US wants to manage trade differences on rare earths rather than escalate, and that China is being 'very pragmatic' regarding Iran. Notably, Greer said chip export controls were NOT a major topic of discussion, and that purchases of NVIDIA H200 chips are a sovereign decision for China. This is a significant de-escalation signal on the tech/trade front. Separately, the 2-year Treasury yield rose above 4.027% to its highest since June 2025, indicating rate expectations are firming. The Apple-OpenAI partnership is reportedly fraying, with OpenAI weighing legal action over ChatGPT's iOS/Siri integration, as iOS 27 may add Claude/Gemini. This is a negative for AAPL's AI narrative and a potential positive for competitors. The Strait of Hormuz blockade theme continues with a Morgan Stanley note warning Brent could hit $150 by summer, but no new escalation data. The prevailing macro narrative is STABLE with a slight de-escalation tilt on US-China trade tensions, while the Iran/oil risk remains elevated but unchanged.