World markets rise on Trump-Xi summit hopes
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Trump and Xi met at the Great Hall of the People in Beijing, where both sides agreed the Strait of Hormuz must remain open, a key demand as the Iran war drags into its third month.
World shares were mostly higher on Thursday after Wall Street set more records, as investors closely monitored takeaways from US President Donald Trump's summit with Chinese leader Xi Jinping in Beijing.
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Trump met Xi at the Great Hall of the People, where they discussed US-China relations and Taiwan, though analysts did not expect major breakthroughs. US futures edged higher.
In early European trading, Britain's FTSE 100 was up 0.3% to 10,351.36, after the UK reported its economy expanded at a faster-than-expected pace of 0.3% in March despite the impact of the war in Iran.
France's CAC 40 rose 0.6% to 8,057.64, and Germany's DAX gained 1.4% to 24,462.22.
In Asia, Tokyo's Nikkei 225 index fell 1% to 62,654.05, after briefly reaching a fresh intraday record above 63,700, partly supported by robust corporate results.
South Korea's Kospi closed 1.8% higher at 7,981.41, a fresh record boosted by technology stocks on the artificial intelligence boom.
The Shanghai Composite lost 1.5% to 4,177.92. Hong Kong's Hang Seng was flat at 26,389.04. Australia's S&P/ASX 200 edged up 0.1% to 8,640.70.
Taiwan's Taiex rose 0.9%, and India's Sensex climbed 1.1%.
Oil prices were mixed, with the war in Iran entering its third month without a clear resolution.
Some investors had hoped the Trump-Xi meeting could yield results, after US officials said Beijing could use its close economic ties with Tehran to press Iran to reopen the Strait of Hormuz.
The White House said on Thursday that Trump and Xi discussed enhancing US-China economic cooperation, with both sides agreeing the Strait of Hormuz must remain open.
RelatedBrent crude, the international benchmark, was up 0.2% at $105.87 (€90.42) per barrel — compared with around $70 (€59.79) before the Iran war began in late February.
The International Energy Agency said on Wednesday that supply losses from the strait were depleting global oil inventories at a record pace. Benchmark US crude was down 0.2% at $100.86 (€86.14) per barrel.
Investors were also watching for updates on China's imports of Nvidia's advanced H200 chips after chief executive Jensen Huang was confirmed as part of Trump's delegation to China alongside Tesla's Elon Musk and Apple's Tim Cook.
The US business leaders met Chinese Premier Li Qiang on Thursday afternoon.
On Wednesday, technology stocks led Wall Street gains. The S&P 500 climbed 0.6% to 7,444.25, reaching another all-time high, while the Nasdaq composite rose 1.2% to 26,402.34 and set its own record. The Dow Jones Industrial Average edged down 0.1% to 49,693.20.
The yield on the US 10-year Treasury edged down to 4.46% from 4.47%, though it remains well above the roughly 3.97% seen before the Iran war began.
A report on Wednesday showed US wholesale prices surged in April, driven by the energy shock caused by the Iran war.
The US Senate also confirmed Kevin Warsh, Trump's nominee, to lead the Federal Reserve, taking over from Jerome Powell, whom Trump had repeatedly criticised for not cutting interest rates faster or deeper.
The US dollar rose to 157.91 Japanese yen from 157.86. The euro was trading at $1.1709 (€1), down marginally from $1.1711.
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Xi Jinping vows to 'open door wider' to US firms during Trump visit
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Quote of the day by psychoanalyst Erik Erikson: “Hope is both the earliest and the most indispensable virtue inherent in the state of being alive. If life is to be sustained hope must remain, even where confidence is wounded, trust impaired.”
