ANZ ON GOLD: LOWERS YEAR-END TARGET TO $5,600/OZ FROM $5,800/OZ

US-China/Trump-Xi Meeting - Chinese President Xi Jinping meets with U.S. President Donald Trump in Beijing. - Xi to Trump: “Pleasure to meet you in Beijing. This is your first visit to China in nine years.” - Trump: Relationship with China is “going to be better than ever.” - Xi: Both trade teams reached “generally balanced, positive results.” - Xi: China and the U.S. should build “constructive, strategic and stable relations.” - Trump invites Xi to visit the U.S. on Sept. 24. - White House: Trump had a “good meeting” with Xi. - White House: Both sides highlighted fentanyl precursor controls and increased Chinese purchases of U.S. agricultural products. - White House: Both countries agreed Iran can never have a nuclear weapon. - Rubio: U.S. policy on Taiwan “has not changed”; China taking Taiwan would be "a mistake." - Russia says it seeks direct contacts with Xi independent of Trump’s China visit. China/Trade/Economy - China renews export licenses for more than 400 U.S. beef plants. - Sources: U.S. approved around 10 Chinese companies to purchase Nvidia H200 chips, including Alibaba, ByteDance, Tencent, and JD.com. - China’s Shanghai Composite falls 1.5%, biggest one-day drop since March 23. - China’s new yuan loans turned negative in April for the first time in nine months. - China April total social financing at 620B yuan versus 1.5T yuan forecast. - China to strengthen safety supervision and management of new-energy vehicles. - Bessent: “Soybeans are all taken care of.” - Bessent: Both sides can designate $30B for goods in non-critical areas. - Bessent: Unsure where reports of $1T Chinese investment in the U.S. originated. Iran/Middle East - Iran’s Fars News says transit of Chinese vessels through the Strait of Hormuz resumed following an understanding over Iran’s management protocols. - Trump says Xi told him China would not share military equipment with Iran. Technology/Corporate - Apple-OpenAI partnership frays, setting up possible legal fight. - Samsung Electronics union leader says strike will launch if management fails to respond to demands by Friday morning.

A senior U.S. Navy admiral stated that Iran's missile, naval, and drone industrial base has been weakened by 90%.