Here’s a rundown of all the news you need to start your Saturday, including US President Donald Trump wrapping up his two-day summit with Chinese President Xi Jinping in Beijing with major trade deals; Russia and Ukraine swapping 205 prisoners of war each; and the US announcing a 45-day extension of the Israel-Lebanon ceasefire following "highly productive" talks in Washington.
US President Donald Trump said Washington reached "a lot of great trade deals" with China following his two-day summit with President Xi Jinping, including Chinese purchases of more than 200 Boeing aircraft, a pledge for 750 additional planes and between 400 and 450 GE engines.
Trump described the visit as "an amazing period of time" but said tariffs were not discussed. He also said the two leaders discussed Taiwan, though he made "no commitment either way" on the island.
On Iran, Trump said he remained open to Tehran suspending its nuclear program for 20 years, claimed Iran's missile stockpile had been reduced by 80% during the war, and said he would consider lifting sanctions on Chinese companies that purchased Iranian oil.
Russia and Ukraine exchanged 205 prisoners of war each, according to the Russian Defense Ministry, with the United Arab Emirates providing humanitarian assistance during the exchange.
The released Russian servicemen are currently in Belarus, receiving psychological and medical assistance before being transported to Russia for treatment and rehabilitation.
The US announced that a ceasefire between Israel and Lebanon will be extended by 45 days following "highly productive" talks at the State Department, with political negotiations set to reconvene June 2-3 and a separate military "security track" to be launched at the Pentagon on May 29.
A State Department spokesman said the extension aims to "advance lasting peace between the two countries, full recognition of each other's sovereignty and territorial integrity, and establishing genuine security along their shared border."
Silver prices tumbled more than 6.5% to $77.8 per ounce, extending losses for a second consecutive session as hotter-than-expected US inflation data fueled expectations of prolonged high interest rates.
Consumer prices rose 3.8% annually in April, up from 3.3% in March, while the Producer Price Index jumped 1.4% for the month, its biggest monthly gain since 2022, with producer prices up 6% year-on-year. Inflationary pressures have been driven largely by the prolonged Iran war and the closure of the Strait of Hormuz, which disrupted global energy flows.
Gold also fell around 1.8% to $4,568.70 per ounce, heading for a weekly loss.
US stocks closed lower as rising oil prices fueled inflation concerns, with the Dow falling 1.07%, the S&P 500 dropping 1.24% and the Nasdaq sliding 1.54%.
Brent crude futures rose 3.5% to $109.40 per barrel amid Middle East tensions, while the US 10-year Treasury yield climbed to 4.59%, its highest since May 2025. Expectations about Fed rate cuts weakened further as April inflation hit its highest annual rate since May 2023 and producer prices rose at their fastest pace since December 2022.
Norway's crude oil exports surged 86% year-on-year to a record 61.4 billion kroner ($6.5 billion) in April, driven by higher global oil prices linked to the blockade of the Strait of Hormuz, official data showed.
Total goods exports reached 176.7 billion kroner, up 20.9% from a year earlier.
"The conflict in the Middle East and the blockade of the Strait of Hormuz have led to a further increase in oil prices in April," said a Statistics Norway adviser, noting that the average oil price in April was the highest since July 2022.
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