CNBC Daily Open: Trump’s China trip ends, but uncertainty remains

Hello, this is Katie Foley writing to you from London. This morning in the newsroom, we've been watching the final few hours of U.S. President Donald Trump's trip to China — which included a bilateral meeting with President Xi Jinping over tea and a working lunch at Zhongnanhai garden, adjacent to the Forbidden City. 

Diplomatically and symbolically, the trip looks like a success. On the substance of the issues, though, it's too early to tell. And upon the president's return to the White House tonight, one key issue persists — namely, Iran. 

Trump said Chinese leader Xi Jinping is "all business, no games," in a pre-recorded interview with Fox News that aired Thursday evening stateside. Trump also said China has agreed to buy American oil, to help with Iran negotiations and not to supply military equipment to Tehran, adding that the Chinese leader would like to see the Strait of Hormuz open and free of tolls. On the corporate front, Trump said China has agreed to buy 200 Boeing jets.

Here in London, we'll be closely watching the gilt and stock market open after some key developments in U.K. politics. Greater Manchester Mayor Andy Burnham is one step closer to challenging Prime Minister Keir Starmer for the leadership, after former minister Josh Simons announced he would stand down as an MP to make way for a by-election that could return Burnham to Parliament.

Another key contender, Wes Streeting, bit the bullet and resigned as Health Secretary on Thursday, after days of briefings and speculation. He hit out at Starmer in his resignation letter, saying the Labour Party needs "vision" but instead has "vacuum," and where it needs "direction," it has "drift." Sterling fell to a one-month low.

We've seen big shifts in Asian stocks this morning. In a matter of hours, the South Korean Kospi swung from a fresh record high, above the 8,000 milestone, to a 6% loss. The rest of the region is solidly in the red, with European and U.S. futures also echoing those losses.

On Wall Street, Cerebras Systems soared 68% in its Nasdaq debut, closing at $311.07 after selling shares at $185, well above the company's expected range. That values the chipmaker at about $95 billion, narrowly missing joining Facebook-parent Meta and Alibaba as one of the few companies to have ended its first day trading on Wall Street with a market cap of over $100 billion. The listing minted two new members of the tech billionaires club, with Andrew Feldman, the company's CEO, and technology chief Sean Lie, owning stakes worth $3.2 billion and $1.7 billion, respectively.

In other headlines, SpaceX's IPO prospectus could drop as soon as next week in what's expected to be a record share sale, sources told CNBC.

— Katie Foley

Chinese parts are already in U.S. cars as lawmakers warn Trump against China auto deal

As President Donald Trump meets Chinese President Xi Jinping this week, lawmakers in both parties are warning the White House not to use the U.S. auto market as a bargaining chip in any deal with Beijing.

The warning stems in part from Trump's January suggestion that he could welcome Chinese automakers if they built vehicles in the U.S. with American workers — remarks that were later walked back but still rattled auto-state lawmakers, unions and industry groups.

"While the Administration is always seeking more investment into America's industrial resurgence, any notion that we would ever compromise our national security is baseless and false," White House spokesperson Kush Desai said in an email.

— Luke Fountain