Asian Markets Mixed on Trump-Xi Summit

Asian markets experienced a mixed day as investors reacted to the summit between U.S. President Donald Trump and Chinese leader Xi Jinping in Beijing. Discussions covered U.S.-China relations and Taiwan, though analysts did not anticipate significant breakthroughs. While some Asian indices like the Nikkei 225 and KOSPI saw gains, the Shanghai Stock Exchange Composite Index declined. Oil prices, including Brent Crude and West Texas Intermediate, rose due to the ongoing Iran war and concerns about supply disruptions from the Strait of Hormuz, which the International Energy Agency reported is depleting global oil inventories. In the United States, Wall Street's S&P 500 and Nasdaq Composite reached new records, driven by technology stocks. The U.S. Senate also confirmed Kevin Warsh as Donald Trump's nominee to lead the United States — Federal Reserve, replacing Jerome Powell. Wholesale prices in the United States surged in April, fueled by the energy shock from the Iran war.