Sources

Bloomberg — 2026-05-13#

Lead Story#

US President Donald Trump has arrived in Beijing for a high-stakes summit with Chinese President Xi Jinping, marking the first state visit by a US leader to China in nearly a decade. The diplomatic mission has taken on a heavy technology focus, with Nvidia Corp. CEO Jensen Huang boarding Air Force One as a last-minute addition, joining a delegation that includes Apple’s Tim Cook and Tesla’s Elon Musk. The talks will navigate a complex backdrop of trade tensions, artificial intelligence competition, and the ongoing global fallout from the Iran war.

Markets & Economics#

Kevin Warsh Confirmed as Fed Chair: The US Senate narrowly confirmed Kevin Warsh to lead the Federal Reserve in a 54-45 vote, the slimmest margin ever for a central bank head, setting up a test of the institution’s political independence.
US Wholesale Inflation Hits 2022 High: The US producer price index surged 6% in April from a year ago, driven by a war-induced energy price shock feeding into freight and transportation costs. The hot inflation data pushed 30-year Treasury yields to 5% for the first time since 2007 as markets broadly adjust interest rate expectations higher.
Global Oil Inventories Plunge: The International Energy Agency warned that global oil inventories are falling at a record pace and will continue dropping as the Iran war chokes off supplies from the Persian Gulf. Compounding the supply shock, Saudi Arabia reported its crude output collapsed last month to its lowest level since 1990.
India Defends Rupee With Gold Tariffs: India more than doubled import tariffs on gold and silver to curb bullion purchases and protect its currency, as the nation grapples with severe capital outflows linked to the Middle East conflict.

Business & Industries#

Equinox Gold Acquires Orla Mining: Equinox Gold Corp. struck a $5.1 billion cash-and-stock deal to buy Canadian rival Orla Mining Ltd. as dealmaking continues to accelerate in the precious metals sector.
Cerebras Prices IPO at $185: Artificial intelligence chipmaker Cerebras Systems Inc. expects to price its US initial public offering at $185 per share, capitalizing on the seemingly insatiable investor demand for advanced semiconductors.
SoftBank Rides OpenAI Valuation: SoftBank Group Corp. reported a surge in quarterly profit, buoyed significantly by massive valuation gains on its investment in ChatGPT maker OpenAI, which outweighed lackluster performance elsewhere in its portfolio.
Ford Surges on Energy Storage Call: Ford Motor Co. shares leaped after Morgan Stanley issued a bullish outlook suggesting the automaker’s energy storage business could secure highly lucrative tie-ups with AI hyperscalers.

Policy & World#

Starmer Faces Labour Rebellion: UK Prime Minister Keir Starmer is fighting to maintain his leadership as Health Secretary Wes Streeting prepares to resign and mount a formal challenge. The political instability has rattled investors and driven UK gilt yields higher by double-digits, underscoring the country’s economic vulnerabilities.
French Unemployment Spikes: Joblessness in France unexpectedly jumped above 8% for the first time in five years, signaling the euro area’s second-largest economy was stumbling even before the Iran conflict erupted.
Philippine Senate Standoff: Gunshots were heard inside the Philippine Senate building, where a lawmaker wanted by the International Criminal Court for his role in deadly drug crackdowns has been holed up amid a tense police standoff.

Opinion & Analysis#

Apollo’s Pricing Plan Will Transform Private Credit: Bloomberg Opinion argues that Apollo Global Management’s decision to provide daily pricing for its private credit assets will lift the veil on a notoriously opaque market, marking a profoundly impactful development for global investing.
Private Equity’s Liquidation of London Goes On: EQT AB’s £9.2 billion bid for Intertek Group Plc fits a grim, familiar pattern of buyout firms gutting the UK market, raising the prospect that soon no decent London-listed companies will remain to be acquired.