Mixed

• U.S. President Donald Trump met with Chinese leader Xi Jinping at the Great Hall of the People in Beijing on Thursday to discuss U.S.-China relations, Taiwan, and economic cooperation, with no major breakthroughs expected by analysts. • Asian markets were mixed: Japan's Nikkei 225 fell 1% to 62,654.05 after hitting an intraday record above 63,700; South Korea's Kospi rose 1.8% to a record 7,981.41 driven by AI tech stocks; Shanghai Composite dropped 1.5% to 4,177.92 while Hong Kong's Hang Seng flatlined at 26,389.04. • The leaders agreed the Strait of Hormuz must remain open amid the ongoing Iran war over two months old, with hopes Beijing could leverage ties with Tehran; U.S. crude dipped 0.2% to $100.86 per barrel.

• Wall Street traded mixed on Wednesday morning, with the S&P 500 down 0.1%, Dow Jones Industrial Average dropping 235 points or 0.5% at 9:35 a.m. ET, and Nasdaq up 0.2% amid a technology sector rebound. • Tech stocks like Micron Technology surged 4.3% and Nvidia rose 2.4%, the top gainer on the S&P 500, following a pause in AI-driven momentum; Nvidia CEO Jensen Huang was invited by President Trump to discuss AI chip shipments to China. • A wholesale inflation report showed prices significantly higher than expected last month, following Tuesday's consumer inflation acceleration, driven by rising fuel, transportation, food prices from tariffs, weather, and oil disruptions from the Iran war.

• Asian markets opened lower but mostly recovered on May 13, with MSCI Asia-Pacific shares outside Japan rebounding to a 0.3% gain after an initial 1% drop, driven by AI optimism offsetting US inflation and stalled US-Iran talks. • Japan's Nikkei 225 rose 0.8% to around 62,774, South Korea's Kospi surged 2.6% to a record 7,708-7,844 after falling 3.2% on Samsung Electronics' failed union pay deal, while Australia's S&P/ASX 200 slipped 0.3% to 8,645. • Brent crude fell 1.4% to $106.32 and US crude to $101.60 amid Middle East tensions, US 10-year Treasury yield eased to 4.459%, and dollar held steady at 98.369 against peers.

Shadow treasurer Tim Wilson says his objective is to ‘defeat’ changes to capital gains and negative gearing. Follow today’s news liveSee all our Australia budget 2026 coverageGet our breaking news email, free app or daily news podcastThe Coalition said last night it would repeal changes to capital gains tax and negative gearing if elected as it tried to hit back at Labor’s budget measures.The shadow treasurer, Tim Wilson, told Sky News the prime minister promised not to touch the incentives during last year’s election campaign and that therefore Labor did not have a mandate for the reforms.We’ll repeal these measures if necessary, but our objective is to defeat them and to make sure that they’re never legislated. Because this government doesn’t have licence from the Australian community support these changes. Continue reading...

• Singapore's Straits Times Index gained 0.3% on May 7 to 4,941.96, led by Venture Corp's 10.9% rise to $18.28, before dipping 0.4% to 4,921.90 on May 8. • The movement reflects selective strength in tech amid broader Asia market caution. • Venture's gains highlight investor confidence in Singapore electronics manufacturing resilience.

• The Financial Action Task Force (FATF) gave Singapore a mixed review on Wednesday, praising its stability but warning of vulnerabilities as a global financial hub. • Singapore's wealth and political stability attract illicit actors seeking to launder funds, prompting FATF to urge stronger oversight measures. • The assessment impacts Singapore's reputation in international finance, potentially affecting banking regulations and cross-border transactions.

• Wall Street stocks traded mixed early Monday, May 4, 2026, as rising oil prices from Middle East conflict offset robust US corporate earnings expectations. • Oil prices edged higher after Iran's military warned it would attack US forces entering the Strait of Hormuz, following President Donald Trump's announcement to guide ships through the waterway. • Major indices remain near record highs, supported by encouraging inflation data and resilient earnings season, though investors eye the April jobs report.