Stubbornly high producer prices, driven by the ongoing war with Iran, are dashing hopes for Fed rate cuts, setting a tense economic backdrop for the president's high-stakes summit in Beijing with Chinese President Xi Jinping. In corporate news, the AI boom continues unabated, as cloud provider Nebius Group reports massive revenue growth while AI-startup Anthropic seeks new funding that could value it at nearly a trillion dollars. Meanwhile, traditional retail giants face significant challenges, with Walmart cutting 1,000 corporate roles and Nike's business in China flailing against the rise of nationalistic local competitors.  

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