Marc Filippino

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This has been your daily FT News briefing.

Check back tomorrow for the latest business news.

Good morning from the Financial Times.

Today is Tuesday, May 12th, and this is your FT News Briefing.

All eyes are on this week's U.S.-China summit, and prospects for peace in Iran are looking worse by the minute.

Plus, business in the Gulf was booming, but the war in the Middle East is forcing bankers to slow things down.

I'm Mark Filippino, and here's the news you need to start your day.

The month-long ceasefire between the U.S.

and Iran is hanging by a thread, or as U.S.

He spoke from the Oval Office yesterday after he rejected Tehran's counter-proposal to end the war.

Washington and Tehran have bounced peace deals back and forth since the temporary ceasefire came into effect in early April.

But the two sides haven't been able to agree on what happens to Iran's stockpile of highly enriched uranium.

The leaders of two global superpowers and geopolitical foes will sit down together later this week.

Donald Trump arrives in China tomorrow and he'll hold a summit with President Xi Jinping.

The two countries are locked in a bitter trade war.

So can they find common ground?