Daily News
Asia Markets Mixed as Trump Heads to China, Iran Ceasefire Remains on Life Support
13 May 2026
Today in Brief
Asia-Pacific markets traded mixed as investors digested a hotter-than-expected U.S. inflation reading for April, with CPI rising to 3.8%, while the Iran ceasefire remained fragile. The S&P 500 slipped from its record, closing at 7,400.96, as tech stocks pulled back. WTI crude fell below $102 after a three-day rally, while gold slid below $4,700 on reduced rate-cut expectations.
President Trump departed for China aboard Air Force One with a delegation of top U.S. CEOs including Jensen Huang, Elon Musk, and Tim Cook, pledging to ask Xi to "open up" China to western businesses. Meanwhile, Samsung faced a $66 billion intraday market wipeout over strike fears, eBay rejected GameStop's $56 billion bid, and the FCC approved EchoStar's $40 billion spectrum sale to SpaceX and AT&T.
Asia markets mixed as investors watch Trump-Xi meeting and Iran tensions
Asia-Pacific markets were mixed Wednesday, as investors digest a hotter-than-expected inflation reading for April amid concerns over higher oil prices and the ongoing Middle East conflict. President Donald Trump on Monday said the month-old ceasefire between the U.S. and Iran was "unbelievably weak" and "on massive life support" after rejecting an "unacceptable" counterproposal from Tehran to end the conflict. Defense Secretary Pete Hegseth said Trump doesn't need congressional approval to restart strikes on Iran. The comment comes after the administration passed the 60-day mark required by federal war powers law to receive authorization for military force.
S&P 500 slips from record Tuesday as chips rally takes a breather and inflation comes in hot
The S&P 500 slipped on Tuesday, weighed down by losses in technology stocks and higher oil prices, as traders reacted to a hotter-than-expected annual consumer price index reading for April. The broad market index was 0.16% lower, closing at 7,400.96, and the Nasdaq Composite dropped 0.71% to 26,088.20. The Dow Jones Industrial Average advanced 56.09 points, or 0.11%, and ended at 49,760.56. Micron Technology — which led the S&P 500 and Nasdaq Composite to record highs on Monday — reversed course, falling 3.6%. The stock soared more than 37% last week and around 53% last month amid a memory chip rally.
Gold fell below $4,700 an ounce on Wednesday, facing downward pressure after stronger-than-expected US inflation
Gold fell below $4,700 an ounce on Wednesday, facing downward pressure after stronger-than-expected US inflation figures reduced expectations for Federal Reserve rate cuts. US consumer inflation accelerated to 3.8% in April, above market forecasts of 3.7% and the highest reading since May 2023, as escalating energy costs tied to the Middle East conflict pushed prices higher. In other news, India has increased import tariffs on gold and silver in a bid to curb bullion purchases and support its currency. Meanwhile, oil prices rallied over the past three sessions as ongoing diplomatic efforts to resolve the US-Iran war continued to stall, keeping concerns over inflation and energy markets firmly in focus.
WTI crude futures fell below $102 per barrel on Wednesday, snapping a three-day rally
WTI crude futures fell below $102 per barrel on Wednesday, snapping a three-day rally, even as the prolonged conflict in the Middle East and the continued near-closure of the crucial Strait of Hormuz tightened global energy supplies. Efforts to broker an end to the US-Iran war have yet to produce meaningful progress, while the fragile ceasefire remained at risk after Washington dismissed Tehran's latest response to a proposed peace framework. Hormuz continues to face restrictions from both US and Iranian forces, remaining a major obstacle in negotiations and disrupting substantial flows of crude, natural gas, and fuels. Meanwhile, President Donald Trump is expected to meet Chinese President Xi Jinping this week, though Trump indicated that trade negotiations would take precedence over developments surrounding the Iran conflict.
Trump says he will ask China's Xi to 'open up' the country
U.S. President Donald Trump said on Wednesday he will ask Chinese President Xi Jinping to open up the country to western businesses as a first request. Trump said in a social media post he was aboard Air Force One with several major U.S. business leaders and was en-route to China for a three-day state visit. "I will be asking President Xi, a Leader of extraordinary distinction, to 'open up' China so that these brilliant people can work their magic… I will make that my very first request," Trump said. Trump confirmed that Nvidia CEO Jensen Huang was part of his delegation to China, which also includes Tesla CEO Elon Musk, Apple CEO Tim Cook (who he referred to as "Tim Apple"), as well as the leaders of Blackstone, Blackrock, Boeing, Cargill, Citi, GE Aerospace, Goldman Sachs, Micron, and Qualcomm.
India hikes bullion import duties as the world's second-largest gold market faces a declining rupee
India, the world's second-largest gold consumer, has raised import duties on gold and silver to 15% from 6%, just days after Prime Minister Narendra Modi urged citizens to curb bullion purchases for a year as overseas purchases pressure the rupee. The government has imposed a 10% basic customs duty and a 5% tax on gold and silver imports, as per notifications issued on Wednesday. India's average monthly gold import rose to 83 tonnes in the first two months of 2026 from an average 53 tonnes in 2025, according to a World Gold Council report released last month. "This was largely supported by strong investment demand during January," the report said. In value terms, India's gold demand nearly doubled year on year during the first quarter of 2026, to a record of $25 billion, as per the report.
Trump doesn't need Congress to restart Iran strikes: Hegseth
Defense Secretary Pete Hegseth said President Donald Trump doesn't need congressional approval to restart strikes on Iran despite surpassing the 60-day limit allowed under federal law. Hegseth's testimony Tuesday before the Senate Appropriations Committee came after the Trump administration surpassed the 60-day mark required by the War Powers Resolution of 1973 to seek congressional authorization for the use of military force. The administration said earlier in May that hostilities had ceased with Iran, so it was not seeking authorization. Hegseth, however, said under questioning from Sen. Lisa Murkowski, R-Alaska, that Trump would have the authority to restart strikes if he deemed it necessary.
Companies start getting tariff refunds after Supreme Court decision
Months after the Supreme Court ruled some tariffs were unconstitutional, the first round of tariff refunds has begun flowing in. Oshkosh Corporation CFO Matt Field confirmed to CNBC that the company has started receiving tariff refunds as of Tuesday. "Following acceptance of our initial filing, we have begun receiving payments on our tariff refund claims, representing an initial portion of our total claims submitted," Field said. The company has not yet verified its total refund amount, Field added. Basic Fun, the company behind Care Bears and Tonka trucks, also told CNBC it began receiving tariff refunds on Tuesday. CEO Jay Foreman said the refunds so far have only represented 5% of the company's total claim on its early invoices. "We will utilize the refund dollars to help support our 2026 cash flow and invest in our team. This is the toughest time of the year for toy companies," Foreman said in a statement.
Samsung Electronics recovers $66 billion intraday wipeout after Seoul steps in to calm strike fears
South Korea's largest company Samsung Electronics lost as much as 99.07 trillion won ($66.18 billion) in market value on Wednesday after failing to reach a wage agreement with its workers union. This represented an intraday drop of as much as 6.09% in its share price from yesterday's close of 279,000 won, and comes as its labor union threatened an 18-day strike from May 21 if its demands were not met. More than 41,000 workers are expected to join the walkout, which was first announced at a rally on April 23. "I would like to express some regret that none of the agenda items requested by the union have been addressed," union representative Choi Seung-ho told reporters Wednesday, according to a report by Reuters.
EBay rejects GameStop's $56 billion bid as 'neither credible nor attractive'
EBay on Tuesday rejected a $56 billion takeover bid from the much smaller GameStop over financing doubts, calling the proposal "neither credible nor attractive." EBay, which has roughly four times GameStop's market value, also underscored that its turnaround efforts under CEO Jamie Iannone have boosted growth, with its stock returning 201% since Iannone took the position six years ago. "We have concluded that your proposal is neither credible nor attractive," eBay Chairman Paul Pressler said in a statement. "eBay's Board is confident the company, under its current management team, is well-positioned to continue to drive sustainable growth." He also pointed to concerns with GameStop's bid, including its financing, its impact on eBay's long-term growth and the leadership structure of a potentially combined company.
FCC approves EchoStar's $40 billion spectrum sale to SpaceX and AT&T
The U.S. Federal Communications Commission approved Tuesday EchoStar's $40 billion sale of wireless spectrum to SpaceX and AT&T, citing the deal's potential to boost connectivity nationwide. Under the agreement, AT&T will acquire approximately 50 megahertz of EchoStar's nationwide spectrum for $23 billion to support its 5G network. The purchase includes 30 MHz of mid-band spectrum and 20 MHz of low-band spectrum. SpaceX will purchase 65 megahertz of spectrum for $17 billion to enhance Starlink's device-to-device offering. The FCC said AT&T and EchoStar will establish a hybrid Mobile Virtual Network Operator arrangement to maintain Boost Mobile's operations. SpaceX will gain access to exclusive-use spectrum for Starlink's device-to-device service. The FCC stated that AT&T's low-band spectrum will extend coverage throughout the United States, particularly in rural and underserved regions.
Trump confirms Nvidia CEO Huang joining China visit
Nvidia CEO Jensen Huang is accompanying U.S. President Donald Trump on his trip to China, Trump said in a social media post late Tuesday, dismissing earlier media reports that the chipmaker chief had not been invited to join the delegation. "Jensen is currently on Air Force One," Trump wrote on Truth Social, calling reports from CNBC that Huang was not part of the trip "FAKE NEWS." Trump said Huang, alongside several top U.S. executives including Elon Musk, Tim Cook, Larry Fink, Stephen Schwarzman, and David Solomon, would join him in meetings with Chinese President Xi Jinping in Beijing. Trump said he would urge Xi to "open up" China further to U.S. businesses during the talks, which are expected to focus on trade, artificial intelligence, tariffs, and geopolitical tensions.
