Giant panda Bao Li chews on bamboo during an open house at the Smithsonian National Zoo in Washington, USA, on January 24, 2025.
Kevin Lamarque | Reuters
Hello, my name is Hui Jie from Singapore. Welcome to another edition of CNBC’s Daily Open.
As the state dinner between President Trump and President Xi draws to a close, analysts are looking for signs of what the summit actually accomplished.
The clearest and cutest artifact was black and white. Chinese President Xi Jinping has confirmed that two giant pandas will soon arrive at Zoo Atlanta, reviving one of Beijing’s longest-running soft power measures.
However, the market was facing an even harsher reality.
What you need to know today
“Americans may not like China, but they definitely like pandas,” said Wu Xinbo, director of Fudan University’s Center for American Studies.
DreamWorks’ four Kung Fu Panda movies exemplify this point in a way.
No wonder, then, that Chinese President Xi Jinping arrived at a high-profile summit with President Donald Trump promising the United States two giant pandas.
The pair will be the first pandas at Zoo Atlanta since the previous four returned to China in November 2024, when the zoo became the last U.S. zoo to lose a bear.
This move is commonly known as “panda diplomacy” and is considered a barometer of diplomatic relations.
However, more appropriate topics were on the agenda between the two leaders. Mr. Xi told President Trump that there are more opportunities for cooperation than competition when it comes to artificial intelligence, as the U.S. government restricts China’s imports of advanced chips.
“The two countries can continue AI dialogue, exchange views on risks and benefits, and jointly protect against misuse and malicious use of AI,” Xi said in Chinese, according to a CNBC translation of a readout from state media.
He noted that AI is important to both the United States and China. “There is competition on both sides, much less cooperation,” he said.
Asian market is mixed
Markets were mixed in Asia as traders reacted to falling U.S. Treasury yields and oil prices, which have hit multi-decade highs.
The 10-year Treasury yield rose to 5.225% late Thursday, its highest level since 2007, while the 30-year yield hit 5.502%.
Oil fell on Friday after reports that U.S. and Iranian negotiators in New York were discussing a phased deal to end the standoff in the Persian Gulf.
Japan’s Nikkei Stock Average rose 1.06%, but markets in Australia and Hong Kong were in negative territory. Markets in mainland China and South Korea are closed for public holidays.
A notable move in Asia was Oracle’s Japanese subsidiary, which reported record first-quarter sales and profits.
Oracle Japan’s stock rose more than 7%, compared with a more than 3% drop in U.S.-listed Oracle shares overnight after the company issued a “force majeure” notice related to a data center project in New Mexico.
Iranian Senate vote fails
The Senate on Thursday narrowly rejected a bill calling for an end to the war between the United States and Iran, with the resolution defeated 49-50.
All but four Republicans voted against the bill, despite concerns that Republican candidates would face the aftermath of the war’s economic costs in the November midterm elections.
One Democrat, Sen. John Fetterman of Pennsylvania, was the only Democrat to vote against the bill.
A vote in favor of the bill, known as the War Powers Resolution, would direct President Trump to withdraw U.S. troops from hostilities in Iran unless Congress explicitly authorizes war.
And finally…
The CEO who posted a photo of himself wearing a Lake America sweatshirt has already left the company.
The former CEO of US-based credit union Family First has left the company days after posting a photo of his family wearing “Lake America” sweatshirts that was allegedly edited with AI.
A statement posted on the company’s website Wednesday said Jane Smith will be stepping down from Family First “immediately” and Chief Operating Officer Jason Acosta will serve as interim CEO. It was signed by Maurice Patterson, Chairman of the Family First Credit Union Board of Directors, and Mr. Acosta.
Smith posted a photo on Facebook on Sept. 11 with the caption, “Do you like our sweatshirts? I don’t know if Canada would do that. LOL.”
— Lim Huijie
