WS #7776

The dominant signal in this window is the ongoing Xi-Putin summit in Beijing, which has produced a flurry of cooperation documents including energy deals and a joint statement advocating for a multipolar world. The Kremlin confirmed an 'important agreement on energy,' and Xi emphasized speeding up cooperation in AI and tech innovation. This is a stable continuation of the prior narrative, not an escalation. Separately, the UN cut its global growth forecast to 2.5% for 2026, citing the Middle East crisis and Strait of Hormuz closure, which is a bearish macro signal. On the corporate front, Meta Platforms began a new round of layoffs affecting 8,000 employees, a negative signal for META. Nvidia earnings are due after the close, with a top analyst framing the print as a test of whether Jensen Huang can prove the AI supercycle still has years left. The UK inflation data (2.8% vs 3.0% expected) is a stale headline from the previous window and is not repeated. The S&P 500 fell for a third straight session, with bond yields remaining elevated.