Chinese President Xi Jinping (not pictured) holds a welcome ceremony outside the Great Hall of the People ahead of his meeting with US President Donald Trump, who is on a state visit to China, on May 14, 2026 in Beijing, China.
VCG | Getty Images
Hello, my name is Katie Foley from London. This morning in our newsroom, we watched the final hours of US President Donald Trump’s visit to China. This included a bilateral meeting with President Xi Jinping over tea and a working lunch at Zhongnan Haiyuan, adjacent to the Forbidden City.
Diplomatically and symbolically, the visit appears to be a success. However, it is too early to talk about the true nature of the problem. And when the president returns to the White House tonight, one important issue remains: Iran.
What you need to know today
President Trump said in a pre-recorded interview on Fox News that aired Thursday night that Chinese leader Xi Jinping is “all work and no games.” Trump also said China had agreed to buy U.S. oil, support Iran negotiations and not supply military equipment to Tehran, adding that the Chinese leader wants the Strait of Hormuz to be open and free of tolls. On the corporate front, President Trump said China has agreed to buy 200 Boeing jets.
Here in London, we look closely at gold leaf and gilding. stock The market opens after some important developments in British politics. Greater Manchester Mayor Andy Burnham moves a step closer to taking on Prime Minister Keir Starmer’s leadership challenge after former minister Josh Symonds announced he would step down as an MP for a by-election that could see Mr Burnham return to parliament.
The other leading candidate, Wes Street, resigned as health secretary in acrimony on Thursday after days of press conferences and speculation. In his resignation letter, he heavily criticized Mr Starmer, saying Labor needed a “vision” but instead had a “vacuum” and was “drifting” where it needed “direction”. sterling It fell to its lowest level in a month.
This morning we saw big changes in Asian stocks. Within a few hours, Korean cospi It has fallen by 6% from the record high of over 8,000 cases, which is a milestone. The rest of the region is firmly in the red, with European and US futures also reflecting that loss.
On Wall Street, Cerebra Systems soared 68% on its Nasdaq debut, closing at $311.07 after selling shares at $185, well above the company’s expected range. That puts the company’s value at about $95 billion, narrowly missing out on joining Facebook’s parent company Meta and Alibaba as one of the few companies with a market cap of more than $100 billion to finish its first trading day on Wall Street. The listing creates two new members of the technology billionaires’ club, with CEO Andrew Feldman and technology chief Sean Lee owning shares worth $3.2 billion and $1.7 billion, respectively.
In other headlines, SpaceX’s IPO prospectus could be downgraded as early as next week amid expectations for record stock sales, sources told CNBC.
— Katie Foley
And finally…
Lawmakers warn Trump against Chinese auto trade, Chinese parts already used in U.S. cars
As President Donald Trump meets with Chinese President Xi Jinping this week, lawmakers from both parties are warning the White House against using the U.S. auto market as a bargaining chip in any deal with China.
The warning stems in part from President Trump’s suggestion in January that he might welcome Chinese automakers to use American workers to build cars in the United States. Although the statement was later retracted, it still upset state automakers, labor unions, and industry groups.
“While the administration has always called for further investment in the revival of American industry, any notion that it would compromise national security is baseless and false,” White House Press Secretary Khush Desai said in an email.
— Luke Fountain
