European equity indices rose, with Stoxx 600 up 0.8%, DAX 0.6%, CAC 40 0.4%, FTSE 100 0.6%.
President Donald Trump traveled to China for a summit with Xi Jinping to discuss trade, Taiwan, and broader US‑China issues.
The US‑Iran stalemate kept the Strait of Hormuz closed, pushing oil prices above pre‑war levels and adding inflation pressure.
US consumer price index showed another brisk rise in April, following a notable increase in March.