Trump and Xi meet in Beijing as geopolitical tensions mount. The summit between U.S. and Chinese leaders comes amid Iran conflict disrupting global energy markets and shipping routes. Trade, technology, and Taiwan remain key discussion points, though strategic differences persist. Meanwhile, American consumer finances show severe stress with credit card delinquencies at 13.1%, the highest since 2011, and auto loan defaults hitting a record 5.6%. The Chinese yuan strengthened to 6.7817 per dollar, its best level since early 2023, as Asian markets rallied ahead of talks. Japanese government bond yields climbed to 4.095% on the 40-year maturity as Tokyo considers stimulus measures to combat inflation. The geopolitical turmoil and domestic economic pressures create significant headwinds for markets and policymakers globally.
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