Just days after meeting with President Trump in Beijing, President Xi met with President Putin to sign more than 20 tech and trade agreements, reach a “general understanding” on a natural gas pipeline (from Russia to China), and declare bilateral relations have reached “the highest in history” in the contemporary “multi-polar world order.” In his strongest statements to date, President Xi stated the Iranian conflict had reached a “critical juncture” and “all hostilities” must end. “A comprehensive ceasefire is imperative, restarting war is even more unacceptable and adhering to negotiations is particularly important.”
Turmoil in Indonesian mining markets hit a new high on Wednesday as President Prabowo Subianto announced in a rare Parliamentary address that his government is taking control of commodity exports, a startling assertion of power reminiscent of Indonesia’s past authoritarianism and centralized economic management. Prabowo said the rollout will start with palm oil, thermal coal and nickel (products Indonesia dominates), with sales to be conducted by a government-appointed exporter under control of the sovereign wealth fund Danantara Sumberdaya Indonesia.
At the Nuclear Energy Innovation Summit in Kigali, Rwanda’s Minister for Foreign Affairs Dr. Usta Kaitesi and U.S. State Department Bureau of Arms Control and Nonproliferation Head Renee Sonderman, signed an MOU of nuclear cooperation launching efforts to deploy cutting edge U.S. small modular reactor technology on Rwandan soil. Running parallel to the bilateral government treaty, the Rwanda Atomic Energy Board executed an exclusive development framework with New Jersey-based Holtec to evaluate feasibility of deploying Holtec’s SMR-300 units in the country.
Canadian April CPI rose 2.8% y/y (vs. + 2.4% in March), 30bps below estimate. CPI ex food and energy slowed to 1.5%, from 1.9%, with the trimmed core measure slowing to 2% from 2.2%. The trimmed core was the lowest since January 2021 and the CPI ex food and energy the lowest since March 2021.
Euro Stoxx 50 +0.6%, S&P futures +0.3% and Nasdaq futures +0.6%. European bonds trading higher, with yields falling 2.0bps (Switz.) to 8.3bps (U.K.) across the board. 10-year Treasury yield -2.5bps (4.641%). Spot gold +0.4% and spot silver +2.75%.Interested in getting potential access to private placements with Miners and Junior Miners? Plus, get exclusive videos, articles and market commentary on the sector for free? Join our Wealthion Real Assets Community now by clicking below.