Bloomberg Daybreak: Asia Edition

Asian stocks edged up 0.4% to near their record as traders stayed bullish on the AI trade. Meantime, crude oil gained and bonds dropped after President Donald Trump cast doubts over the ceasefire with Iran, prolonging the closure of the Strait of Hormuz and keeping energy prices elevated. We heard from Colin Purdie, Manulife Investment Management Global CIO of Public Markets. He spoke to Bloomberg's Paul Allen and Avril Hong.
Plus - Australian Treasurer Jim Chalmers aims to deliver a budget that tackles inflation, revives productivity and reins in deficits, a tough challenge at a time when fuel prices are soaring. Bloomberg's Paul Allen speaks to ANU Associate Professor Jill Sheppard for a preview.
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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.
In the US – a look ahead to U.S CPI, PPI, and Retail sales data, along with a focus on 3 stocks for the week ahead.
In the UK – a look ahead to the annual Cannes film festival.
In Asia – a look ahead to US Treasury Secretary Scott Bessent's Trip to Japan.

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Business and finance news from the Asia-Pacific.
Expectations surrounding the upcoming summit between Chinese President Xi Jinping and US President Donald Trump are intensifying as it approaches. Yet, despite the heightened geopolitical stakes tied to the ongoing conflict in the Middle East, analysts and markets largely anticipate a non-event — assuming the meeting takes place at all. The two leaders are slated to meet in Beijing from May 14-15 for what is being framed as a high-stakes summit, which was already delayed once because of the war. Discussions are expected to focus on the topic of Iran as they attempt to navigate key friction points in the relationship between the world's two largest economies, including sanctions and trade barriers. For a preview, we speak to Jenni Marsh, Managing Editor for North Asia EcoGov for Bloomberg News.
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Business and finance news from the Asia-Pacific.
Asian equities climbed to a record, powered by a rally in Japanese stocks on their return from a break, as optimism grew that the US and Iran were nearing a deal to end the conflict that had rattled markets and clouded the economic outlook. Easing tensions in the Middle East have helped global equities erase war-driven losses and push to fresh highs, as falling oil prices eased inflation concerns and revived momentum in the artificial intelligence trade. For more on the outlook on oil, we spoke to Steven Stapczynski, Bloomberg's Asia Energy Team Leader.
Plus - The US and Iran were circling around a fresh proposal to end the war on Wednesday, as President Donald Trump searches for an exit from a conflict that has elevated energy prices and damaged his political standing. Washington has presented a one-page memorandum of understanding that would gradually reopen the Strait of Hormuz and lift the American blockade on Iranian ports, according to a person familiar with the measure, who asked not to be identified discussing sensitive information. Detailed negotiations over Iran's nuclear program would come later in the process, the person said, adding that nothing has yet been agreed upon. We heard from Barbara Leaf, Senior International Policy Advisor at Arnold and Porter speaking to Bloomberg's Haidi Stoud-Watts and Shery Ahn.
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Business and finance news from the Asia-Pacific.
Stocks climbed to a record after President Donald Trump signaled progress toward a final agreement with Iran, adding fresh momentum to markets already buoyed by a rally in technology shares. Crude oil declined. We spoke to David Finnerty, Bloomberg's FX and Rate Strategist.
President Donald Trump said he would pause a US-led effort to help stranded ships exit the Strait of Hormuz to see if an agreement with Iran to end the war could be reached. "Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," Trump said in a social media post on Tuesday. A US blockade of ships transiting to and from Iranian ports would "remain in full force and effect" despite the pause in the US-led effort to help stranded ships. For more analysis, we heard from Kirsten Fontenrose, Strategic Advisor at Systems Planning and Analysis. She spoke to Bloomberg's Shery Ahn and Haidi Stroud-Watts.
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