The government of the People's Republic of China and the government of the Kingdom of Thailand on Saturday issued a joint statement on advancing the comprehensive strategic cooperative partnership and building a China-Thailand community with a shared future for enhanced stability, prosperity, and sustainability through a forward-looking and people-centered vision.
Thai Prime Minister Paetongtarn Shinawatra has concluded an official visit to China. The visit marked the start of the 50th Anniversary of diplomatic relations between the two countries, under the theme of "The Golden Jubilee of China-Thailand Friendship."
In the statement, both sides reaffirmed that China and Thailand are close neighbors, trusted partners and committed to mutual respect, assistance and a shared vision for the future. They pledged to continue promoting cooperation on economic resilience, high-quality development, clean energy, the digital economy and green development.
Both countries will expedite Phase 1 of the China-Thailand high-speed railway and work toward finalizing the cooperation mode to launch Phase 2 at an early date. As co-chairs of the Lancang-Mekong Cooperation, China and Thailand also agreed to strengthen efforts to combat trans-boundary crimes, including human trafficking, online scams, drug trafficking and illegal online gambling.
China, Thailand issue joint statement on advancing comprehensive strategic cooperative partnership
U.S. stocks sank on Thursday as an escalating conflict in the Middle East and a renewed surge in oil prices weighed heavily on Wall Street.
The Dow Jones Industrial Average fell 1.61 percent to 47,954.74. The S and P 500 sank 0.56 percent to 6,830.71. The Nasdaq Composite Index shed 0.26 percent to 22,748.99.
Eight of the 11 primary S and P 500 sectors ended in the red, with consumer staples and materials leading the laggards by dropping 2.43 percent and 2.27 percent, respectively. Energy and technology led the gainers by adding 0.59 percent and 0.39 percent, respectively.
Oil prices jumped significantly after Iran announced it had struck an oil tanker with a missile. U.S. benchmark West Texas Intermediate crude futures for April delivery surged 8.51 percent to settle over 81 U.S. dollars per barrel, reaching their highest level since July 2024. International benchmark Brent crude futures for May delivery advanced 4.93 percent, trading above 85 dollars per barrel. These sharp upward movements in energy markets drove major swings across equities throughout the trading session.
As Iran is the fourth-largest producer in the Organization of the Petroleum Exporting Countries, concerns are mounting that the conflict's impact on production capabilities could have wide-ranging effects across global commodities. The soaring energy prices have also sparked fears among investors that persistent inflationary pressures might force the Federal Reserve to re-evaluate its anticipated interest rate cuts in an already volatile market environment.
In the bond market, the yield on the benchmark 10-year U.S. Treasury note climbed to near 4.14 percent, up from Wednesday's close of approximately 4.1 percent. The yield, which heavily influences consumer borrowing costs across the broader economy, has risen consecutively every day this week after ending the previous week at 3.95 percent.
In corporate developments, Advanced Micro Devices lost 1.3 percent following a report that the U.S. government drafted rules restricting AI chip shipments without its approval.
Conversely, telecommunications equipment provider Ciena dropped 12.88 percent, and StubHub retreated 12.39 percent. Costco Wholesale, which is scheduled to report its quarterly results after the market closes, fell 2.4 percent during regular trading hours.
On the economic calendar, Friday features a highly anticipated monthly jobs report, offering investors another read on the labor market's health.
U.S. stocks sink as Middle East tensions trigger oil price surge
