Stock markets mostly retreated Thursday as traders digested a high-stakes meeting between the US and Chinese presidents, mixed company earnings and uncertainty over further US interest rate cuts.

US President Donald Trump described his meeting in South Korea with Chinese counterpart Xi Jinping — their first since 2019, during Trump’s first term — as “amazing”.

The two leaders agreed to calm the US-China trade war that has roiled global markets, with Washington cutting some tariffs and Beijing committing to keep supplies of critical rare earths flowing.

But stock markets turned mostly lower after having hit new records in the run-up to the meeting and earnings reports by tech giants.

“Doubts over the possible returns on investments planned for artificial general intelligence, the Fed’s

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