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Good afternoon and welcome to Markets Desk.
The geopolitical chessboard is moving fast. Vladimir Putin and Xi Jinping are set to discuss the Power of Siberia Two pipeline at an upcoming summit in China, a meeting that carries extra weight coming just days after Donald Trump's own visit to Beijing. Energy infrastructure of this scale reshapes supply routes and pricing dynamics across global commodity markets for decades.
On the diplomatic back channel, Xi reportedly told Trump that Putin might come to regret the invasion of Ukraine, a striking private signal from Beijing that suggests China is managing its relationship with Moscow more carefully than its public posture implies. Trump also floated the idea of joint cooperation with Russia against the International Criminal Court, which adds another layer of legal and geopolitical complexity to an already volatile situation.
Closer to home, the New York Fed is raising a serious structural alarm. Economists there are warning about a sixty-nine trillion dollar foreign investment burden weighing on the American economy. For years the United States collected more from overseas assets than it paid out, an extraordinary privilege that effectively let Washington run deficits without consequence. That arithmetic, the Fed says, is no longer working in America's favor, and the implications for the dollar and long-term bond yields are considerable.
That's the tape. Markets Desk, signing off the floor.["https://www.ft.com/content/7612a618-fbaf-4e3e-8e55-0cf5cc88d132","https://www.ft.com/content/567c57b0-6346-43e6-9d14-840a793b4d1d","https://fortune.com/2026/05/18/pope-leo-ai-commission-papal-letter-anthropic-co-founder-christopher-olah/","https://www.forbes.com/sites/zacharyfolk/2026/05/18/ronald-reagan-presidential-library-evacuated-as-brush-fire-threatens-california/","https://www.forbes.com/sites/zitaballingerfletcher/2026/05/18/how-unmanned-ground-vehicles-could-change-land-warfare-tactics/","https://www.forbes.com/sites/alisondurkee/2026/05/18/why-trumps-18-billion-irs-settlement-could-actually-cost-him-money/","https://fortune.com/2026/05/18/foreigners-hold-an-enormous-69-trillion-in-u-s-assets-and-its-starting-to-create-a-servicing-burden-for-the-economy/","https://www.businessinsider.com/paramount-hires-former-google-exec-consumer-ai-memo-david-ellison-2026-5"]
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