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(AWP Alliance News) - Stocks fell in New York on Friday with oil prices still elevated as investors were left 'underwhelmed' by US President Donald Trump's trip to China. The Dow Jones Industrial Average closed down 537.29 points, 1.1%, at 49,526.17. The S&P 500 fell 92.74 points, 1.2%, to 7,408.50. The Nasdaq Composite ended down 410.08 points, 1.5%, at 26,225.15. For the week, the DJIA lost 0.2%, the S&P gained 0.1%, and the Nasdaq fell 0.1%. 'Many market participants were left rather underwhelmed after the much-hyped Trump visit to China concluded, with equities and the CNY both softening on Friday as the summit ended without any major surprises. Understandably, markets tend to be more concerned with immediate deliverables, rather than rhetoric and broader political themes, but that does not make the latter unimportant,' ING wrote. 'In fact, both leaders touted an important consensus reached after the meetings, with Trump saying the relationship was 'very strong' and Xi saying that both sides had achieved 'lots of results' during the summit. From China's side, the key focus appears to be on the new language for framing China-US ties, namely a so-called 'China-US constructive strategic stability' positioning to guide the next three-plus years of relations.' While the White House said both US and Chinese leaders agreed the Strait of Hormuz 'must remain open,' the Chinese Foreign Ministry released a more critical statement, saying that the war, 'which should never have happened, has no reason to continue.' A barrel of Brent was quoted at USD109.23 late Friday, up from USD105.96 on Thursday. West Texas Intermediate rose to USD105.26 from USD101.47. Global bond yields climbed upon the conclusion of the summit, with no end to the Iran war in sight and energy prices still high. The yield on the 10-year US Treasury was at 4.60% on Friday, up from 4.46% on Thursday. The 30-year yield rose to 5.13% from 5.01%. 'Bond yields definitely feel like they are getting unhinged,' Subadra Rajappa, head of research at Societe Generale Americas, told Bloomberg. 'The market is not only testing the Fed, it's putting Congress on notice. The longer that interest rates remain high, financing costs go higher.' Bloomberg on Friday reported that Alphabet has sold bonds in the largest ever yen-denominated offering by a non-Japanese company, worth JPY576.5 billion, or approximately USD3.64 billion. The offer included a JPY200.5 billion five-year bond alongside six other tranches, Bloomberg said, citing people familiar with the matter. Alphabet closed down 1.0%. Market are now pricing in an interest rates hike at the Federal Open Market Committee's December meeting, according to the CME FedWatch tool. The likelihood of a 25 basis point rise in the Fed's benchmark interest rate now stands at 40%. 'Markets are starting to price the Fed having to work harder to tamp down inflation,' commented Ed Al-Hussainy, portfolio manager at Columbia Threadneedle Investments. Despite the macro concerns, investors are primed for first quarter Nvidia results due Wednesday. 'Nvidia heads into next week's results with expectations already running hot. Analyst consensus has moved up towards the top end of guidance ($79.6bn). But as is often the case with Nvidia, the market will likely be looking for more than just a clean beat. The scale of any upside surprise will matter, so don't be surprised if they land somewhere closer to USD81.4 billion,' said Matt Britzman at Hargreaves Lansdown. Nvidia closed down 4.4% on Friday. Applied Materials on Thursday delivered strong sales growth in the April quarter and gave upbeat guidance, reflecting its rapid global build-out of AI computing infrastructure. Late Thursday, Applied Materials reported net income of USD2.81 billion in the three months to April 26, the second quarter of its financial year, up 31% from USD2.14 billion the year prior Revenue grew 11% to a record USD7.91 billion from USD7.10 billion, beating Zacks Research consensus of USD7.69 billion. Applied Materials ended down 0.9% LVMH will sell its Marc Jacobs brand to New York-based brand firm WHP Global, the two companies said late Thursday. Marc Jacobs, acquired by LVMH in 1997, will keep the namesake American designer as creative director once the transaction is finalized - expected by the end of the year once necessary regulatory approvals have been obtained. WHP Global is home to brands such as rag & bone, G-Star and Vera Wang. The Wall Street Journal, citing sources familiar with the matter, reported in July last year that LVMH was in talks to sell Marc Jacobs in a transaction valued at USD1 billion. LVMH closed down 1.1% in Paris. Verizon on Friday said it will participate in Anthropic's Project Glasswing, a limited offering of its new Mythos model to firms including Apple, Microsoft and Nvidia. 'Over the past several months, our information security team has been rigorously testing this critical new technology to determine its benefits to our network,' said Verizon Chief Executive Officer Dan Schulman. Late last month, the Wall Street Journal said the White House opposed the expansion of Mythos to 120 companies. Verizon fell 1.5%. Mastercard Inc on Friday announced a collaboration with JD.com Inc to expand payment infrastructure and collaborate on AI in commerce, improving vistor experience in China. 'This is the natural next phase in our long-standing relatioship with JD.com,' said Mastercard Chief Executive Officer Michael Miebach. 'Our shared connectivity, deep experience and cutting-edge technology will provide people and businesses with the seamless and secure solutions they're looking for, all while making everyday activities easier and more rewarding.' Mastercard closed up 0.9%. JD lost 2.6% in New York. On the data front, Empire State manufacturing survey's general business conditions index improved to plus 19.6 points in May from plus 11.0 points in April, the Federal Reserve Bank of New York said Friday. The reading beat the FXStreet-cited consensus of a fall to plus 7.5 points. Activity grew at its fastest pace in over four years, New York Fed economic research advisor Richard Deitz said. Optimism about the future outlook rose to plus 33.5 points in May from plus 19.6 points in April. The future outlook for shipments improved to plus 26.6 points in May from plus 17.7 points in April. Against the dollar, the euro was at USD1.1621 late Friday, down from USD1.1677 on Thursday. Sterling fell to USD1.3321 from USD1.3405. Against the yen, the dollar was at JPY158.74, up from JPY158.19. Gold fell to USD4,551.65 an ounce late Friday from USD4,670.09 on Thursday. In Europe, London's FTSE 100 closed down 1.7%. The DAX 40 in Frankfurt dropped 2.1%. The CAC 40 in Paris fell 1.6%. In China, the Shanghai Composite ended down 1.0%, while the Hang Seng Index in Hong Kong lost 1.6%. The Nikkei 225 in Tokyo fell 2.0%. The S&P/ASX 200 in Sydney closed down 0.1%. Monday's corporate calendar has first quarter results from Baidu and Ryanair. The global economic diary includes China, industrial production, retail sales and unemployment prints. Canadian markets are closed for Victoria Day. By Aidan Lane, Alliance News reporter Comments and questions to newsroom@alliancenews.com Copyright 2026 Alliance News Ltd. All Rights Reserved.

(AWP Alliance News) - Lebanon and Israel on Friday extended a ceasefire for 45 days, despite a new flareup in violence, the US State Department said after mediating talks. 'The April 16 cessation of hostilities will be extended by 45 days to enable further progress,' State Department spokesman Tommy Pigott said. He said that the State Department would hold negotiations aimed at reaching a permanent political agreement on June 2 and 3, and that the Pentagon would bring together delegations from the countries' militaries on May 29. 'We hope these discussions will 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,' Pigott said. The ceasefire, already extended, had been due to expire on Sunday. The US, Israel and Lebanon consider the ceasefire in effect despite continued violence, with Israel pounding targets in Lebanon again during the talks.  Israel says it will keep targeting Hezbollah, the Shia group whose fire into Israel in solidarity with Iran triggered the cross-border conflict and which is not participating in the talks in Washington. source: AFP Copyright 2026 Alliance News Ltd. All Rights Reserved.

(AWP Alliance News) - A Russian court on Friday ordered Belgian financial group Euroclear to pay around USD250 billion in damages over the freezing of billions of dollars worth of Russian assets in the EU since the Ukraine war. It was not clear how Russia intended to recover the funds, and Euroclear said it did not recognise the Russian court's jurisdiction. 'The Moscow Court of Arbitration upheld the Central Bank of Russia's claim against Euroclear for the recovery of 18.2 trillion rubles (USD250 billion),' the court said in a statement. Euroclear said the central bank's claims were 'without merit' in a comment to AFP. 'Euroclear's operations and financial position are unaffected by the court's decision,' a spokesperson for the group told AFP, adding that they would appeal. Russia's central bank welcomed the ruling, which it said recognised Euroclear's actions as 'unlawful', although it cautioned the decision was not definitive. Russian courts have no jurisdiction abroad, and Moscow has no clear path to having its case heard in a European court, according to legal analysts. The EU froze tens of billions of euros of Russia's international reserves after the Kremlin launched its full-scale offensive on Ukraine four years ago.  Much of it is held in Euroclear, a Belgian-based clearing house that handles transactions and financial deposits. The move was part of the sweeping sanctions aimed at hindering Moscow's war machine. Russia, which has described the freezing of its assets as 'theft', filed a lawsuit against the group in December after the EU suggested using the funds as collateral for a loan to Ukraine. bur/ach  source: AFP Copyright 2026 Alliance News Ltd. All Rights Reserved.