Boeing shares rose in late-morning trading in New York afterCNBCreported that CEO Kelly Ortberg will join President Trump on his trip to Beijing next week for talks with President Xi Jinping.
Boeing shares climbed a little more than 2% on the news as traders began to price in the possibility of a Chinese aircraft order, potentially covering both narrow-body and wide-body jets from the U.S.-based aircraft manufacturer.
Senator Steve Daines, who is leading the bipartisan delegation to China, has called for stability and peaceful cooperation between the U.S. and China.
"I strongly believe that we want to de-escalate, not decouple. We want stability; we want mutual respect," Daines said in opening remarks at a meeting with Chinese Foreign Minister Wang Yi on Thursday, according to Reuters.
Daines also released a statement:
Readout of Daines' Congressional Delegation Trip to China
U.S. Senators Steve Daines (R-MT), Maria Cantwell (D-WA), Jerry Moran (R-KS), and Deb Fischer (R-NE) today conducted three official meetings in Beijing with Premier of China Li Qiang, Chairman of the National People's Congress Zhao Leji, and Director of the Office of the Central Foreign Affairs Commission and Foreign Minister Wang Yi.
The bipartisan delegation discussed the importance of direct and open communication between the leadership of the two countries as well as issues of international and local importance. Topics of discussion included cooperation to stop the flow of fentanyl precursors, Iran and the Strait of Hormuz, and supply chain security. The Senators discussed the importance of reciprocal trade and opening up China's markets to sustained agriculture trade across beef, wheat, pulse crops, potatoes, apples, cherries, soybeans, grain sorghum, seafood, and other industries. The delegation also discussed the importance of China's relationship with Boeing and the proposed aircraft purchase currently under consideration. The Senators expressed their hope for an impactful and successful summit between President Trump and President Xi next week.
Semafor speculates that the Trump team will invite "CEOs from Nvidia, Apple, Exxon, Boeing, and other big companies."
Given Beijing's history of using large commercial aircraft purchases as goodwill gestures, Ortberg's inclusion on the trip raises the likelihood that Boeing could benefit and suggests tensions are cooling between the two superpowers, despite ongoing energy and trade turmoil in the Gulf region.
Ahead of tomorrow's jobs report which is expected to show a substantial slowdown from last month's 178K surge, moments ago we got another reminder that the stagflationary iceberg remains front and center ahead of the US, after the NY Fed's latest monthly survey of consumer expectations reported that Inflation expectations at the one-year horizon rose again to 3.64% in April from the previous month’s 3.42%, the highest since September 2023. Inflation expectations were unchanged at 3.15% for the three-year-ahead horizon and also unchanged at 3.01% at the five-year-ahead horizon in April.
The jump in year-ahead expectations took place even though 1 year gas inflation expectations tumbled sharply in April to 5.11% from 9.42% in April, which had been the highest reading since March 2022.
Other commodity price change expectations also rose, but to a more limited degree: food prices are now expected to rise 5.2%, down from 6%; medical costs to rise 9.6%, also a bit lower than the 9.7% in March; the price of a college education to rise 8.8% (down from 9%); and rent prices should drop from 7.1% to 6.0%.
Turning to the labor market, sentiment has continued to deteriorate fast with respondents saying that the mean probability the US unemployment rate will be higher next year rose another 0.4% (after the 3.6% jump a month ago) to 43.9%; highest reading since April 2025
On the other end, median one-year-ahead earnings growth expectations rose by 0.3% to 2.7% in March, tied for the highest since April 2025.
More bad news: the mean perceived probability of losing one’s job in the next 12 months increased again, this time by 0.2% to 14.6%, tied with the series’ 12-month trailing average of 14.6%. The mean probability of leaving one’s job voluntarily, or the expected quit rate, in the next 12 months declined by 0.1% to 18.2%.
A silver lining: the mean perceived probability of finding a job if one’s current job was increased modestly by 0.1% to 46.0%, while remaining below its 12-month trailing average of 47.5%. The increase was broad-based across age, education, and income groups.
Perceptions about households’ current financial situations also deteriorated compared to a year ago, with a larger share of households reporting a worse financial situation and a smaller share reporting a better financial situation. Year-ahead expectations about households’ financial situations also worsened, with the share of households expecting a worse financial situation at its highest level since April 2025, and a smaller share of households expecting a better financial situation in one year from now.
Perceptions of credit access compared to a year ago also deteriorated, with a higher share of households reporting it is harder to get credit and a smaller share of households reporting it is easier to get credit. Expectations for future credit availability deteriorated, with the net share of respondents expecting it will be harder to obtain credit in the year ahead increasing.
There was a glimmer of good news when it comes to household debt: the average perceived probability of missing a minimum debt payment over the next three months decreased by 0.9% to 11.4% the lowest reading in more than two years and below the 12-month trailing average of 13.2%.
But the most concerning data was that expectations for household income dropped again, for a 5th straight months, sliding to just 2.8%, the lowest since Oct 2025...
... while spending growth expectations jumped to 5.4% - after all those inflation-adjusted prices aren't going down without a recession - the highest since July 2023.
And some more Household Finance observations:
The median expectation regarding a year-ahead change in taxes at current income level increased by 0.3 percentage point to 3.4%.
Median year-ahead expected growth in government debt increased by 0.2 percentage point to 10.0%, its highest reading since June 2023.
The mean perceived probability that the average interest rate on saving accounts will be higher in 12 months increased to 26.7%, its highest reading since November 2024.
The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 2.1 percentage points to 38.4%
Iran national security commission 'red line': No uranium has left the country; The right to enrich uranium, the complete lifting of sanctions, and the release of the country's assets are non-negotiable red lines.
Sentiment in early morning trade was lifted after Al Arabiya reported that "the coming hours will witness a breakthrough for the situation of the ships stuck in the strait".
Pakistani sources said Trump has demanded Iran's "immediate response" to Washington's peace proposal.
White House on Wednesday had said it expects a response to the latest offer within 48 hours.
French nuclear-powered carrier steams through Suez Canal in support mission as Europe seeks diplomatic influence over Hormuz outcome.
First Chinese tanker reportedly attacked: shipping industry source told Caixin that this was the first time a Chinese tanker was hit in the three-month-long war, calling it "psychologically very hard to accept."
Iran Reiterates Uranium 'Red Line' - Pushes Oil Up
While this is nothing 'new' - the timing is key, given the US is still awaiting Tehran's response to the latest peace deal proposal, at a moment reports say the President Trump wants to wrap this up.
Iran Secretary of the National Security Commission of the Parliament told Nour News: No uranium has left the country; The right to enrich uranium, the complete lifting of sanctions, and the release of the country's assets are non-negotiable red lines. Further he said that "Trump's claim about the withdrawal of 400 kilograms of uranium from Iran is a "political bluff and a pure lie." No uranium has left the country."
The return of such firm rhetoric, and the likelihood that this signals a rejection of current Washington demands, sent oil climbing back up...
Oil Slides on Reports of 'Breakthrough' Coming for Stuck Ships
A very optimistic but unconfirmed early Thursday report: Sentiment in early morning trade was lifted after Al Arabiya reported that "the coming hours will witness a breakthrough for the situation of the ships stuck in the strait".
"The American naval blockade in the Strait of Hormuz is likely to be lifted after Washington and Tehran reportedly reached an agreement in this regard," the Saudi media report says. "The agreement between both the sides on lifting the naval blockade was reached upon on Thursday (may 7) after US agreed for a gradual reopening of the Strait of Hormuz."
President Donald Trump’s constant belittling of Iranian leaders is alarming some Arab and U.S. officials familiar with the Middle East who worry that such insults could prove a major obstacle to truly ending a war that has strained the world economy. At the core of their concern is whether Trump is willing to show Tehran’s Islamist leaders enough respect to let them claim some level of victory, even if they agree to U.S. demands that leave them militarily weaker.
“He badly wants this to end,” a senior Gulf Arab official familiar with the peace talks said of Trump. “But the Iranians are so far refusing to give him what he needs to save face and leave. And he does not seem to understand that they need to save face, too.”
French Nuclear-Powered Carrier to Enter Red Sea, Gulf of Aden
France and Britain could be poised to very belatedly join the US military in Middle East regional waters, according to movements of warships as well as fresh statements. Egypt and France on Wednesday oversaw the transit of the French aircraft carrier Charles de Gaulle through the Suez Canal as part of a southbound convoy, the Suez Canal Authority announced.
The French Ministry of the Armed Forces has announced the nuclear-powered carrier is deploying to the Red Sea and Gulf of Aden as part of a multinational effort to restore navigation through the Strait of Hormuz, according to a fresh statement. So it's clear the convoy will remain largely in a background support role when compared to the US naval blockade in the Gulf of Oman region. Paris and London have also made clear their ships would only directly join Persian Gulf operations only once the war ended.
(Reuters) - Iran’s President Masoud Pezeshkian said he met recently with Supreme Leader Mojtaba Khamenei, state media reported on Thursday, offering a first public account of him meeting Khamenei after the latter suffered severe wounds at the start of the U.S.-Israeli war on…
On a technical level, the White House has just this week sought to pronounce that Operation Epic Fury has ended, and Project Freedom has begun. It's unclear whether the European allies buy this designation, however. Marcon has sought to make clear that France is not a party to the conflict, but Europe is seeking a diplomatic voice at the table after spending the last two months largely on the sidelines.
Two Key Gulf Allies Reportedly Suspended Base, Airspace Access For US
President Trump abruptly halted plans to support commercial shipping through the Strait of Hormuz after Saudi Arabia suspended US military access to its bases and airspace for the operation, two US officials told NBC. Kuwait is reported to have imposed similar restrictions in wake of being on the receiving end of Iranian missiles.
According to the officials, Trump caught Gulf allies off guard when he announced Project Freedom on Truth Social, triggering anger in Riyadh. Saudi Arabia is said to have responded by informing Washington that US forces would not be permitted to operate aircraft from Prince Sultan Air Base southeast of Riyadh or transit Saudi airspace in support of the mission. Other Gulf allies were also reportedly surprised by the development, with Drop Site News also reporting Kuwait has made a similar move to cut or restrict base access.
But here is how Trump framed the pause at the time in a Truth Social post: "Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally"... and he also said it was necessary "to see whether or not the Agreement can be finalized and signed." By the following day it became clear that the two sides were no closer to getting to the negotiating table, much less actually inking an agreement to end the war.
President Trump has laid out a clear choice for Iran: Reach a deal, or the bombing resumes. pic.twitter.com/isThSrLwo9
The White House is meanwhile denying the main content of the NBC report, with one official insisting that "regional allies were briefed in advance."
First Chinese Tanker Attacked Near Hormuz As Beijing Urges Waterway Reopened
There have certainly been escalating tensions in the Strait of Hormuz this week amid a wave of Iranian attacks on commercial ships after a U.S. military effort to escort merchant vessels through the maritime chokepoint. By midweek, tensions had simmered, and Iran is still reviewing a 14-point U.S. proposal to end the war, with Tehran expected to send its response to Pakistani mediators later today.
President Trump said talks with Iran have been "very good" and suggested a deal remains possible. Iran's Foreign Ministry confirmed the U.S. proposal is still under review. But when chaos erupted on the world's most critical waterway at the beginning of the week, a new report said that a large refined-products tanker owned by a Chinese shipowner was attacked off the UAE's Al Jeer port on Monday, according to Reuters.
Beijing-based business media outlet Caixin reported that the vessel's deck erupted in flames after the attack. The outlet noted the vessel was marked "CHINA OWNER & CREW." A shipping industry source told Caixin that this was the first time a Chinese tanker was hit in the three-month-long war, calling it "psychologically very hard to accept."
Shortly after the Chinese tanker was attacked, it became clear why, two days later on Wednesday, China's Foreign Minister Wang Yi called for the swift reopening of the Hormuz chokepoint. "The international community shares a common concern for the restoration of normal and safe passage of the strait," Foreign Minister Wang Yi told Iran's Abbas Araghchi, according to an official Chinese statement. "China hopes that the parties concerned will respond to the strong appeal of the international community as soon as possible."
China's urgency to resolve the highly disrupted Hormuz chokepoint comes just over a week before President Trump flies to Beijing to meet with President Xi Jinping. The big question is whether China will cooperate with the U.S. to end the conflict and reopen the Strait, as much of the tanker flow through this critical waterway is destined for Asia, and the disruption has led to fuel shortages and soaring prices of crude oil and related products in the region.
"China likes to present itself as a great stabilizing force in the world, but imagine if they had a genuine diplomatic achievement, such as brokering the opening of the Strait of Hormuz, as proof of that," Richard McGregor, senior fellow at the Lowy Institute, told Bloomberg. He noted that some in Beijing would advocate for using the moment to "squeeze some concessions out of the US" on issues such as Taiwan. The first Chinese tanker attacked in the U.S.-Iran conflict, as well as the upcoming Trump-Xi summit, might be the catalysts for the international community to pressure Iran into a peace deal with the U.S. Meanwhile, a French aircraft carrier is transiting through the southern part of the Suez Canal and into the Red Sea, preparing to restore Hormuz tanker flows.
More Regional Developments
via Newsquawk
Al Arabiya reported that "the coming hours will witness a breakthrough for the situation of the ships stuck in the strait", spurring pressure in the crude complex.
Iran is expected to provide its reply to the US proposal for ending the war to mediators on Thursday, according to CNN, citing a regional source.
US President Trump could turn to military action without an agreement with Iran ahead of the China trip, according to Axios, citing US officials.
Iran is expected to provide its reply to mediators on Thursday, CNN reported citing a regional source.
"Arabic sources: Reaching understandings regarding easing the siege in exchange for the gradual opening of the Strait of Hormuz ", Al Arabiya reported; "The coming hours will witness a breakthrough for the situation of the ships stuck in the strait".
Pakistani Foreign Ministry spokesperson said, "We do not talk about war and instead talk about dialogue and diplomacy. However, if any aggression similar to what we saw last year, we will respond; Pakistan will respond just as it did", Mallick posted.
Pakistani Foreign Ministry Spokesperson said "We have not yet received a response from Iran regarding the US amendments", Al Jazeera reported.
"Pakistani source to Al Arabiya said Iran may hand over its response to the US proposal to the Pakistani mediator today", Al Arabiya.
"No arrangements for any direct meetings between the Iranians and the Americans so far.".
"Contacts with the Iranians are ongoing and there are no obstacles hindering continued".
"Discussions are ongoing regarding the status of the Strait of Hormuz, and reaching understandings is still possible".
Pakistani Foreign Ministry said "We expect an urgent agreement between Iran and the United States", Al Araby reported.
"Israel was informed that Iran has agreed to transfer its stockpile of 60% enriched uranium to a third country that remains unknown", Sky News Arabia reported citing Israeli Channel 12.
Pakistani Foreign Ministry spokesperson, on US-Iran agreement, said "we would expect an agreement sooner rather than later", Pakistani journalist Mallick posted.
"We will welcome any settlement wherever that takes place, if it takes place in Islamabad, it would be an honour and privilege.”.
The proposed agreement between the US and Iran may limit the IDF's action in Lebanon, Israeli press reported citing an Israeli official.
US President Trump, on Iran, said it will all work out very quickly.
IDF said it has intercepted suspicious aerial target launched from Lebanon towards Israel following sirens that sounded in Manara, Margaliot and Kiryat Shmona.
Lebanon's PM Salam said it is not seeking normalisation with Israel and it is too early to discuss any possible meeting with Israeli PM Netanyahu.
Iran has issued a message to commercial vessels in the Strait of Hormuz, saying Iran's port is fully prepared to provide general maritime services and support to the vessels, IRNA reported.
US President Trump could turn to military action without an Iran agreement ahead of the China trip, Axios reported citing US officials.
US President Trump's reversal on his plan to help ships go through the Strait of Hormuz came after Saudi Arabia suspended the US's ability to use its bases and airspace to carry out Project Freedom, NBC reported citing US officials.
IRGC Navy Political Affairs Official said we will impose our control over the Strait of Hormuz, and any attack will be met with a plan beyond the enemy's calculations, Al Jazeera reported.
Moderna (NASDAQ:MRNA) shares climbed 10% on Thursday as concerns mounted over a hantavirus outbreak connected to a cruise ship.
The World Health Organization reported Thursday that eight hantavirus cases have been identified among people linked to the cruise ship MV Hondius. The cases include three confirmed infections and five suspected cases. Health authorities in multiple countries are working to trace and contain the outbreak.
The vessel is traveling toward Spain’s Canary Islands with remaining passengers on board. Two passengers in serious condition were evacuated from the ship and arrived in the Netherlands for treatment, according to vessel operator Oceanwide Expeditions. A third evacuee, not currently showing symptoms, is also receiving medical care there.
The evacuated passengers include a British national, a 65-year-old German and a 41-year-old Dutch crew member. The MV Hondius, carrying nearly 150 people, is expected to dock in Tenerife within three days, according to Spain’s Health Minister Monica Garcia. She added that those still on board were not presenting symptoms.
The ship departed from Argentina last month. Three deaths have been reported, with officials confirming one of the deceased had the virus. The other two deaths remain under investigation.
An international team of scientists from the University of Bath, the United States and South Africa is working on a hantavirus vaccine. The virus is typically spread by rodents. The origin of the outbreak remains unknown and it is unclear if people other than ship passengers have been infected.
Moderna shares also gained after the company announced publication in the New England Journal of Medicine of positive Phase 3 study results for mRNA-1010, its seasonal influenza vaccine candidate. The peer-reviewed article presents safety and efficacy data from the Phase 3 study evaluating the vaccine in adults aged 50 years and older compared to a licensed standard-dose seasonal influenza vaccine.
The efficacy of flu shots is not always the same and it’s not always optimal. Some years, they can reduce the risk of illness by as little as 20% to 30%.
Messenger RNA technology, or mRNA, is widely seen as a promising way to improve the effectiveness of flu shots, partly because it can be updated more quickly to match circulating strains.
New results published Wednesday in the New England Journal of Medicine found Moderna’s mRNA flu vaccine gave more protection against illness than the standard flu shot in a Phase 3 clinical trial.
The results — which showed the mRNA shot performed about 27% better — could help bolster the vaccine’s chances of approval after the Food and Drug Administration rejected Moderna’s original submission earlier this year.
No mRNA-based flu vaccine has been approved anywhere in the world. Moderna’s flu and Covid shots share the same mRNA technology.
“These are strong results, and would likely make it hard for the FDA to refuse in a way that withstands arbitrary and capricious review,” said Dorit Reiss, a vaccine policy expert at the University of California Law San Francisco.
The trial, funded by Moderna, included more than 40,000 adults ages 50 and up who were randomly assigned to get the mRNA vaccine or one of four standard flu shots during the 2024–2025 flu season. With the exception of very young children, older adults are generally at greater risk of severe complications from the flu than younger groups. The trial involved 301 sites across 11 countries, including the U.S.
The results found that fewer people got sick in the mRNA flu vaccine group — about 2%, compared with 2.8% in the standard flu shot group.
Side effects such as fatigue, headache and arm pain were more common in the mRNA group, but were mild and short-lived. People often have similar reactions after getting a traditional flu shot.
An mRNA flu shot could make a huge difference in flu prevention. Because it takes months to make a traditional flu shot, global health officials pick the strains up to 12 months before peak flu season. That time lag may result in mismatched strains. For example, last summer a strain called H3N2 subclade K emerged, making changes on the surface protein of the virus, raising concerns about the effectiveness of the flu shot, which was targeted to H1N1 and H3N2 (flu type A) and a Victoria virus (flu type B).
Developing an mRNA shot is typically faster, which could allow officials to make decisions later in the year — and give drugmakers more flexibility to pivot if the circulating strain changes.
“The ability to make vaccine in shorter time periods may help better match new vaccines to emerging influenza viruses,” said Dr. Jesse Goodman, an infectious disease specialist at Georgetown University Medical Center and former FDA chief scientist.
In February, the FDA said it denied Moderna’s application because the company failed to test its vaccine against the best available treatment for adults 65 and older. Instead of using a higher-dose flu shot typically recommended for that age group, Moderna tested its vaccine against a standard flu shot — a move, one FDA official said at the time, that could make the drugmaker’s vaccine appear more effective. (In response, Moderna said it ran the trial the way regulators had discussed and agreed to.)
According to trial results, the mRNA shot performed similarly in adults 65 and up: about 1.9% got sick, compared with 2.6% for the standard shot.
