WS #7377

The dominant signal in this window is the ongoing Trump-Xi summit in Beijing, with multiple sources reporting an unexpected bilateral meeting and discussions on AI safety. The summit narrative is stable with no new trade deal details, but the AI safety discussion is a modest positive for tech sentiment. Separately, the Ukraine-Russia conflict continues to escalate with Russia claiming to have downed 355 Ukrainian drones overnight and a drone attack on the Ryazan oil refinery, which could support oil prices. Japan yields rose to multi-year highs on global inflation fears, a bearish signal for bonds. HSBC paused its $4B private credit investment, a negative for private credit markets. The CLARITY Act cleared the Senate Banking Committee, boosting crypto (XRP, DOGE, BTC). South Korea's KOSPI fell 5%, likely due to global inflation fears and tech weakness. Nvidia surged 20% in seven days, adding $900B to market cap, but a trading alert noted semis crowding at extreme levels, suggesting elevated reversal risk. The prevailing macro narrative is ESCALATING on Ukraine-Russia, STABLE on the Trump-Xi summit, and STABLE on US-Iran tensions with a slight de-escalation from the top US admiral's comments that strikes severely degraded Iran's military.