US equities reached a new all-time high last week despite inflation figures coming in higher than expected. President Trump’s visit to Beijing was the main focus for markets, especially given the large delegation of US CEOs accompanying the President. Trump and Xi Jinping agreed to establish a board of trade, one of several measures to promote “strategic stability” in US-China relations. US inflation (CPI) rose 3.8% in April, the highest since May 2023. The US Producer Price Index (PPI) increased 1.4% for the month, higher than the 0.5% forecast, much of the gain was due to higher energy prices.

UK equities also ended the week lower, amid renewed political uncertainty as Keir Starmer came under increasing pressure to step…