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   The US president heads to China
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               👋 Hi Sarah. Here’s what you need to know for the week ahead and what you might've missed last week.
              </p>
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               Beijing Or Bust
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               The American president hasn’t been back to China since 2017. So when he and the Chinese president meet next week, they’ll have
               <i>
                a lot
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               to talk about.
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                        🔍 The focus this week: Beijing Or Bust
                       </p>
                       <p data-block-key="6az05" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        🇨🇳 This week, the US president heads back to China for his first official visit since 2017. That was back when he was in his first term in office, and no other American president has gone since. The two-day meeting between him and the Chinese president was originally slated for the end of March, but was pushed back after the outbreak of the war in Iran. So what was already a closely watched meeting is now one of the most anxiously awaited diplomatic events in years.
                       </p>
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                        And whatever happens, this summit will absolutely not be a chatty catch-up. The relationship between the world's two biggest economies is strained, to say the least, and few expect major progress. But with US midterm elections on the horizon, the president will be eager to bring home some tangible wins – and to find something to say on Truth Social.
                       </p>
                       <p data-block-key="8v29v" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        ▶ Top on the agenda when the two sides convene on Thursday will likely be trade. Both have used tariffs as economic weapons, and unwinding that tension is easier said than done. Complicating matters is the race for AI supremacy: the US holds a lead for now, but China is closing the gap, building out its tech infrastructure as it works around American export restrictions. The Asian country’s dominance in rare earths – key ingredients in all things electronic – remains one of its strongest bargaining chips in negotiations to keep those tariffs in check.
                       </p>
                       <p data-block-key="3jhrm" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
                        ▶ It’s in the interests of both nations' economies to see the Strait of Hormuz reopened to all shipping, and the US has been pressing China to use its influence with Iran to achieve that goal. The more prickly topic of Taiwan could also be on the agenda – at least China would want it to be – but it’s unlikely that there will be any shift to America’s long-standing position. Still, with this president, there is often room for a surprise.
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                        📅 On the calendar
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                         <b>
                          Monday:
                         </b>
                         China PPI (April), China CPI (April), US home sales (April).
                         <b>
                          Earnings:
                         </b>
                         Barrick Mining, AST SpaceMobile.
                        </li>
                        <li data-block-key="5e91k" style="line-height: 1.5; margin-bottom: 8px; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif;">
                         <b>
                          Tuesday:
                         </b>
                         US NFIB Small Business Optimism (April), US CPI (April).
                         <b>
                          Earnings: JD.com
                         </b>
                         .
                        </li>
                        <li data-block-key="6jgr0" style="line-height: 1.5; margin-bottom: 8px; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif;">
                         <b>
                          Wednesday:
                         </b>
                         EU economic growth (first quarter), EU industrial production (March), US PPI (April).
                         <b>
                          Earnings:
                         </b>
                         Alibaba, Cisco.
                        </li>
                        <li data-block-key="51tto" style="line-height: 1.5; margin-bottom: 8px; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif;">
                         <b>
                          Thursday:
                         </b>
                         UK economic growth (first quarter), US retail sales (April), a two-day meeting of the US and Chinese presidents begins.
                         <b>
                          Earnings:
                         </b>
                         Applied Materials.
                        </li>
                        <li data-block-key="6nk2s" style="line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-size: 16px; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-bottom: 0;">
                         <b>
                          Friday:
                         </b>
                         Japan PPI (April), US industrial production (April).
                        </li>
                       </ul>
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                       <p class="content-box-header mb-4" style="line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; font-weight: 900; font-size: 16px; margin-bottom: 16px;">
                        👀 What you might’ve missed last week
                       </p>
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                        🌐
                        <b>
                         The World
                        </b>
                        <br/>
                       </p>
                       <p data-block-key="3cl88" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        Tech stocks carried the global markets to record highs, with tech companies posting strong earnings and expectations that spending on AI infrastructure will just keep growing. Meanwhile, the price of oil fell 10% on headlines suggesting progress in negotiations to end the war in Iran. That added some bounce to the worldwide rally – which saw the MSCI World Index top 4,750 – as sectors particularly hit hard by higher energy prices made a comeback.
                       </p>
                       <p data-block-key="7qv9k" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                       </p>
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                        🌎
                        <b>
                         The US
                        </b>
                       </p>
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                       </p>
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                        The good news is that America added 115,000 jobs in April – higher than the 65,000 expected, and the first back-to-back gain in nearly a year. The unemployment rate remained steady at 4.3% and the only disappointing aspect of the data release was that average hourly earning rate only rose 3.6% compared to the same period last year, below the 3.8% expected.
                       </p>
                       <p data-block-key="8cent" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                        <b>
                         Anthropic
                        </b>
                        said this week that demand for Claude rocketed 80-fold last quarter compared to a year ago, way above the 10-fold increase it had expected. To help solve its shortage of compute, it
                        <a style="color: #204CE9; color: rgba(32, 76, 233, 1); font-weight: 500; text-decoration: underline;">
                         signed a deal
                        </a>
                        to rent 300 megawatts of compute at
                        <b>
                         SpaceX’s
                        </b>
                        super data center in Tennessee. Both firms are also reportedly planning pricey IPOs later this year – Anthropic with a staggering $1 trillion valuation, and SpaceX an even more staggering $2 trillion.
                       </p>
                       <p data-block-key="enjdq" style="font-size: 16px; line-height: 1.5; color: #283444; color: rgba(40, 52, 68, 1); font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
                       </p>
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                        🌏
                        <b>
                         South Korea
                        </b>
                       </p>
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                       </p>
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                        <b>
                         Samsung,
                        </b>
                        the South Korean chipmaker,
                        <a style="color: #204CE9; color: rgba(32, 76, 233, 1); font-weight: 500; text-decoration: underline;">
                         joined the trillion-dollar club
                        </a>
                        – only the second company in Asia to smash that milestone. Makes sense: the memory kingpin just posted record earnings, after its quarterly profit jumped nearly
                        <i>
                         500%
                        </i>
                        to $31 billion. Most of the meteoric rise was off its chip sales, which now account for 94% of its total earnings. AI-hungry investors also pushed its backyard rival,
                        <b>
                         SK Hynix
                        </b>
                        , into the top 20 most valuable companies in the world as demand for advanced memory continues to outstrip supply.
                       </p>
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