{"id":61984,"date":"2026-05-15T12:38:33","date_gmt":"2026-05-15T16:38:33","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-xi-summit-yields-multi-billion-ag-deal-as-oil-hits-105-and-burnham-eyes-westminster\/61984\/"},"modified":"2026-05-15T12:38:33","modified_gmt":"2026-05-15T16:38:33","slug":"trump-xi-summit-yields-multi-billion-ag-deal-as-oil-hits-105-and-burnham-eyes-westminster","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/trump-xi-summit-yields-multi-billion-ag-deal-as-oil-hits-105-and-burnham-eyes-westminster\/61984\/","title":{"rendered":"Trump-Xi Summit Yields Multi-Billion Ag Deal as Oil Hits $105 and Burnham Eyes Westminster"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>U.S. Trade Representative Jamieson Greer<\/strong> confirms a landmark agreement for <strong>double-digit billion-dollar annual agricultural purchases<\/strong> by China over the next three years.<\/li>\n<li><strong>WTI Crude Oil<\/strong> surged to an intraday high of <strong>$105.50 per barrel<\/strong> amid heightened geopolitical tensions and supply concerns.<\/li>\n<li><strong>Andy Burnham<\/strong>, Mayor of Greater Manchester, received formal <strong>NEC approval<\/strong> to run in the <strong>Makerfield by-election<\/strong> on June 18, signaling a major return to national politics.<\/li>\n<li><strong>American Express (<a href=\"\/stock\/AXP\">AXP<\/a>)<\/strong> reported stable credit metrics for April, with <strong>U.S. consumer delinquency rates at 1.2%<\/strong> and net write-offs at <strong>2.1%<\/strong>.<\/li>\n<li><strong>President Donald Trump<\/strong> disclosed hundreds of millions in Q1 trades, showing a strategic pivot toward <strong>semiconductors<\/strong> while trimming positions in several &quot;Big Tech&quot; staples.<\/li>\n<\/ul>\n<h2>Trade and Geopolitics: U.S.-China Ag Deal and Mexico Relations<\/h2>\n<p>The high-stakes summit in Beijing between <strong>President Donald Trump<\/strong> and <strong>President Xi Jinping<\/strong> has concluded with a significant commitment to rebalance trade. <strong>U.S. Trade Representative Jamieson Greer<\/strong> announced that the U.S. expects China to purchase <strong>tens of billions of dollars<\/strong> in agricultural products annually for the next three years. This aggregate deal extends beyond soybeans to include a broad basket of commodities, aimed at supporting the U.S. farm belt.<\/p>\n<p>Simultaneously, <strong>Mexican President Claudia Sheinbaum<\/strong> reported an &quot;excellent talk&quot; with <strong>Trump<\/strong> regarding safety and regional trade. The conversation focused on the upcoming <strong>USMCA review<\/strong> and security coordination against cartels. <strong>Trump<\/strong> collaborators are expected to visit Mexico shortly to formalize these discussions, suggesting a cooling of recent tariff threats in exchange for increased border cooperation.<\/p>\n<h2>Energy Markets: Oil Prices Surge Toward $106<\/h2>\n<p>Energy markets reacted sharply to ongoing instability, with <strong>U.S. Oil (WTI)<\/strong> reaching an intraday peak near <strong>$105.50 per barrel<\/strong>. The rally is driven by a combination of stalled peace talks in the Middle East and a sea blockade affecting the <strong>Strait of Hormuz<\/strong>. Analysts warn that global supply remains &quot;severely undersupplied,&quot; which could keep prices elevated through the third quarter.<\/p>\n<p><strong>President Trump<\/strong> indicated that he and <strong>President Xi<\/strong> could meet three more times this year to further stabilize global energy flows. The White House emphasized that both leaders agree on the necessity of keeping critical shipping lanes open. However, the &quot;war premium&quot; remains high as traders weigh the risk of further vessel seizures in the Gulf.<\/p>\n<h2>UK Politics: Andy Burnham\u2019s Westminster Return<\/h2>\n<p>In a move that has sent shockwaves through the <strong>Labour Party<\/strong>, the <strong>National Executive Committee (NEC)<\/strong> has formally approved <strong>Andy Burnham\u2019s<\/strong> bid to stand in the <strong>Makerfield by-election<\/strong>. The vote is scheduled for <strong>Thursday, June 18<\/strong>, following the resignation of Josh Simons. Burnham, often dubbed the &quot;King of the North,&quot; is widely viewed as a potential challenger to <strong>Prime Minister Keir Starmer<\/strong> for the party leadership.<\/p>\n<p>The <strong>NEC&#39;s<\/strong> decision was approved by a majority of officers without a formal full-body vote, according to party sources. While the <strong>Labour Party<\/strong> spokesperson framed the move as a standard selection process, political analysts suggest the return of such a high-profile figure to Parliament creates immediate internal pressure on the current leadership.<\/p>\n<h2>Financials and Corporate Moves: Amex Metrics and Tech Rebalancing<\/h2>\n<p><strong>American Express (<a href=\"\/stock\/AXP\">AXP<\/a>)<\/strong> released its credit performance data for April, showing resilient consumer health despite inflationary pressures. The <strong>U.S. Consumer Card<\/strong> segment saw 30-day past due loans at <strong>1.2%<\/strong>, while the <strong>Small Business<\/strong> segment reported a slightly higher delinquency rate of <strong>1.5%<\/strong>. Net write-off rates for both segments remained manageable at <strong>2.1%<\/strong> and <strong>2.4%<\/strong> respectively, suggesting that the premium consumer base continues to navigate the high-interest-rate environment effectively.<\/p>\n<p>In the broader market, institutional and high-profile disclosures revealed a shift in tech sentiment. <strong>Financial Times<\/strong> reports that <strong>Trump\u2019s<\/strong> Q1 disclosures showed hundreds of millions in trades, including significant sales of Microsoft (<a href=\"\/stock\/MSFT\">MSFT<\/a>) and Meta (<a href=\"\/stock\/META\">META<\/a>), while establishing new positions in Nvidia (<a href=\"\/stock\/NVDA\">NVDA<\/a>). Separately, notable portfolio updates across the street highlighted a &quot;sell Google (<a href=\"\/stock\/GOOGL\">GOOGL<\/a>), buy Microsoft (<a href=\"\/stock\/MSFT\">MSFT<\/a>)&quot; trend, reflecting shifting confidence in the ongoing AI infrastructure race.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways U.S. Trade Representative Jamieson Greer confirms a landmark agreement for double-digit billion-dollar annual agricultural purchases by China over 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