US markets rise as Trump and Xi commence Beijing summit
Chinese state media describe the commencement of talks as the start of a new era of 'strategic stability'
US stock markets posted gains on Thursday as President Donald Trump and Chinese President Xi Jinping commenced a two-day summit in Beijing. The Dow Jones Industrial Average gained 0.8 per cent, the S&P 500 rose 0.3 per cent, and the Nasdaq Composite climbed 0.2 per cent.
The agenda for the high-level diplomatic engagement includes trade relations, artificial intelligence, and geopolitical tensions, specifically regarding Iran and the Strait of Hormuz. Chinese state media have characterised the commencement of these talks as the beginning of a new era of 'strategic stability'.
Concurrent with the diplomatic developments, Nvidia shares surged more than 2 per cent following news that the US approved H200 chip sales to Chinese firms. This approval occurred separately from the summit discussions but contributed to the positive sentiment in the technology sector.
The specific outcomes or agreements resulting from the Trump-Xi talks are not yet reported. The exact details of discussions regarding Iran and the Strait of Hormuz are also not fully elaborated in the source material.
This event is part of ongoing high-level diplomatic engagement between the US and China, with the leaders addressing critical issues that have significant implications for global markets and policy.
