The Daily Digest

Trump has touched down in Beijing for his first China summit in nearly a decade, bringing Elon Musk, Tim Cook, and a war in Iran as baggage — and Wall Street is throwing a party. The S&P 500 just posted one of its biggest single-day jumps in years on hopes of a trade reset, while the ASX got left behind, tumbling over 3% as local investors digest a very different set of concerns.

What Matters Today

• Trump lands in Beijing with a tech entourage and a long agenda. Trade, AI regulation, Taiwan, and the Iran war are all on the table as Trump meets Xi — the first such visit since his own 2017 trip. Musk and Cook being in the room is either reassuring or terrifying, depending on your priors. BBC World
• Australia's 2026-27 federal budget is dividing the room. Negative gearing changes, CGT tweaks, and NDIS overhaul proposals are the big-ticket items. The grandfathering on housing tax perks is drawing fire for entrenching boomer advantages, and AusFinance is predictably losing its mind. Guardian AU
• Russia's parliament passes a bill explicitly authorising Putin to invade foreign countries. Yes, really — it's formalising what he's already doing, but the legislative rubber-stamp is a significant and chilling escalation in signal if not in practice. r/worldnews
• Data centres are having a terrible week in the press. Utah just approved one twice the size of Manhattan over fierce community backlash, a separate centre quietly drained 30 million gallons of water without reporting it, and 50,000 Lake Tahoe residents lost power redirected to AI infrastructure. The AI energy reckoning is arriving fast. r/technology
• The WHO is warning of more hantavirus cases ahead. A woman on a virus-hit ship is isolating on Pitcairn Island (yes, really), and health officials aren't playing this one down after COVID burned everyone. Worth watching. r/worldnews
• Two IT workers wiped 96 government databases minutes after being fired. The twin brothers story is exactly as unhinged as it sounds — a masterclass in why offboarding access management matters, and why you don't give two people the same admin keys. r/technology
• Australia is getting its first Michelin Guide — South Australia leads the way. SA's government has inked the deal with the French company. Good news for Adelaide's food scene, which has been quietly punching above its weight for years. Guardian AU

Markets

The Trump-Xi summit is doing heavy lifting across global markets — the S&P 500 surged 8.1% and the NASDAQ exploded 13.88%, its best day in years, on trade deal optimism and relief that diplomatic channels are open again. The Nikkei joined the party with nearly 12% gains as Asian export plays roared back. The ASX bucked the trend badly, shedding 3.3% — likely reflecting local budget uncertainty, resource sector jitters, and the fact we closed before Wall Street's euphoria fully landed. The AUD jumped 3.4% to 0.726, which tells the real story: global risk appetite is surging. Bitcoin climbed almost 7% to ~$79.7K riding the risk-on wave, while ETH slipped 4.5% — a divergence worth watching. Gold dipped slightly as safe-haven demand eased.

Worth a Read

• Accidentally left on hold at a health insurer's call centre — An AusFinance user overheard staff discussing their claims in real time. The details are unsurprising but still infuriating, and the thread is a goldmine of similar stories. Required reading if you've ever wondered what's actually happening when you're "just on hold." r/AusFinance
• Claude recovers $400K in Bitcoin forgotten 11 years ago — A man got high, forgot his wallet password, and an AI just helped him crack it over a decade later. A genuinely feel-good AI story in a week full of AI doom, and a reminder that crypto patience occasionally pays off spectacularly. r/technology
• Software developers say AI is rotting their brains — Timely piece with devs reporting skill atrophy and reduced problem-solving confidence after leaning hard on AI coding tools. If you're in tech and use Copilot daily, this one might hit close to home. r/technology
• Spike in searches for "how do I become a gas company" — After the budget closed various tax loopholes, Australians are apparently pivoting to the one remaining rort with a straight face. Classic. The thread is equal parts funny and depressing. r/australia