Business and finance news from the Asia-Pacific.

Iranian President Masoud Pezeshkian said his country won't allow freedom of navigation through the Strait of Hormuz while sanctions and a US blockade remain in place, underscoring the difficulty in reaching a peace deal with Washington despite efforts to revive talks this week. Even so, oil fell as the US suggested that major volumes of crude are getting through the Strait of Hormuz despite risks to shipping. We speak to Stephen Stapczynski, Bloomberg's Asia Energy Team Leader.

And - Treasury Secretary Scott Bessent announced the US and China have sealed a two-month extension to their trade truce, as Xi Jinping landed in America for his first state visit in eleven years. Xi and his wife Peng Liyuan, a celebrated soprano, touched down at Joint Base Andrews outside Washington shortly before 6 p.m. local time on Wednesday. Donald Trump shook hands with the couple, becoming the first US president in six decades to receive a foreign counterpart at that airport, excluding visits by the Pope. Bloomberg's Stephen Engle speaks to AmCham Shanghai President Eric Zheng.

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Business and finance news from the Asia-Pacific.

Asian equities started the day stronger after a rally in US chipmakers drove the Nasdaq 100 Index to its first record since June. Meta Platforms Inc.'s new Muse AI agent was again in the spotlight, with Shopify Inc. shares jumping 7.1% after the companies struck a partnership. Meanwhile, concerns that AI could erode margins and fees at financial brokerages drove US financial stocks lower. We spoke to Sunny Bangia. He covers Asia Equities for Bloomberg.

And - President Trump is set to meet Chinese President Xi Jinping in Washington on Thursday. Trade will be a key focus. Both sides are seeking to extend their tariff truce reached last year. Ahead of the summit, US negotiators are signaling that rare earth flows and critical minerals remain a sticking point. Bloomberg's Shery Ahn spoke to Former US Department of Energy Deputy Director for Batteries and Critical Minerals Ashley Zumwalt-Forbes.

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Business and finance news from the Asia-Pacific.

Global AI stocks rallied as early signs of success for Meta Platforms Inc.'s new personal agent revived optimism over chip demand, bolstering the sector after a recent rough patch driven by calls for slower AI development. The rally followed Meta's Muse AI Agent climbing to the top of rankings on Apple Inc.'s free applications list after its launch earlier this month. Lower oil prices, amid hopes for diplomatic progress in the Iran war, further supported risk appetite. The moves are also offering reprieve for the hot AI trade, which had come under pressure from rich valuations and, more recently, concerns among tech leaders over the existential threat posed by advanced models. Muse's early traction is easing some of those fears by offering fresh evidence that AI demand remains robust. We speak to Bloomberg's MLIV Strategist Mark Cranfield

And - US and Chinese officials offered upbeat assessments of their talks on artificial intelligence, trade and investment, signaling a mutual desire to steady ties ahead of this week's summit between leaders Donald Trump and Xi Jinping. China's top trade negotiator, Li Chenggang, said the talks were held in a "good atmosphere" as he left JPMorgan Chase & Co.'s headquarters in New York on Sunday, while US Treasury Secretary Scott Bessent lauded "very successful" discussions. China's official Xinhua News Agency called the exchange "candid, in-depth and constructive." Bloomberg's Haidi Stroud-Watts spoke to Geoff Raby, Former Australian Ambassador to China for a lookahead.

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