Tuesday's News Links

[CNBC] S&P 500 retreats from record after high inflation reading, drop in tech stocks: Live updates

[CNBC] Oil prices extend gains as Trump comments diminish hopes for a U.S.-Iran peace deal

[CNBC] Treasury yields push higher after CPI accelerates to highest in nearly three years

[Yahoo/Bloomberg] UK 30-Year Yields Top 1998 High as Political Crisis Deepens

[CNBC] Consumer prices rose 3.8% annually in April, the highest since May 2023

[AP] US consumer prices jump as Iran war sends energy prices rapidly higher

[AP] What to know about Trump-Xi summit with trade, Taiwan and Iran on the agenda

[Reuters] Iran now defines Strait of Hormuz as far larger zone, IRGC officer says

[AP] Shipping industry fears fuel shortages as Iran war squeezes bunker fuel supply

[Yahoo/Bloomberg] Amazon Kicks Off Swiss Franc Bond Sale in Record Six Parts

[AP] UK’s Starmer defiant as calls for his resignation grow and 2 ministers quit

[Yahoo/Bloomberg] Korea Roils Market by Floating ‘Citizen Dividend’ From AI

[Reuters] BOJ debated near‑term rate hike at April meeting, opening door to June move

[Reuters] Global fire outbreaks hit record high as 'unprecedented' heat extremes loom, scientists say

[Axios] Behind the Curtain: Scaling sin

[Yahoo/Fortune] Forget U.S. debt, China’s total borrowing is in ‘a league of its own’—much worse and deteriorating faster, analyst says

[Bloomberg] Trump to Meet Xi Thursday for High-Stakes US-China Summit

[Bloomberg] AI’s Big Guns Have a Serious Inflation Problem

[Bloomberg] Bond Market’s Warsh Trade Falls Apart as Oil Fans Inflation Risk

[Bloomberg] Supply-Chain Stress That Soared During Covid Heads Higher Again

[Bloomberg] Worst Start to Wildfire Season Raises Alarm as El Niño Threatens

[Bloomberg] PBOC Warns on Imported Inflation, Focuses on Policy Transmission

[Bloomberg] Central Banks Tap Most Yuan Swap Lines With PBOC in Two Years

[Bloomberg] China’s ‘Invoice Economy’ Crackdown Leaves Copper Trade Reeling

[NYT] Xi Poised to Press Trump on Arms Sales to Taiwan

[NYT] China Increasingly Views Trump’s America as an Empire in Decline

[NYT] China Seeks A.I. Independence, Weakening Trump’s Leverage

[WSJ] U.S. and Iran Are Locked in a Stalemate That’s Neither Peace Nor War

[WSJ] Trump Faces an Emboldened China in Return to Beijing

[FT] Trump loses his trade superpower

[FT] Kevin Warsh to face resurgent inflation and an impatient Donald Trump as chair of the Fed

[FT] UK borrowing costs surge as Starmer leadership crisis rattles bond markets

[FT] Japan says Scott Bessent offered ‘understanding’ on yen policy

[FT] Pimco vs Apollo: public aggro over private prices

[FT] We are living in the age of asymmetry