Trump Lands in Beijing for Xi Summit as Asia Markets Trade Mixed

CNBC reported Thursday that Asia-Pacific equity markets traded without clear direction as President Donald Trump touched down in Beijing for a closely watched state visit with Chinese President Xi Jinping. The summit is expected to center on tariffs, semiconductor restrictions, and rare earth export controls.

Tech Chiefs Touch Down Alongside Trump

Trump arrived in the Chinese capital on Wednesday accompanied by a roster of prominent American executives. Among them were Tesla and SpaceX chief Elon Musk and Nvidia CEO Jensen Huang, whose presence underscored the deep technology dimension running through the bilateral talks. Huang’s inclusion is notable given Nvidia’s ongoing exposure to U.S. chip export restrictions targeting China.

Markets Hold a Cautious Posture

Regional index moves were modest and uneven across the session. Japan’s Nikkei 225 edged up roughly 0.27%, while the broader Topix slipped slightly. South Korea’s Kospi gained around 0.38%, and the small-cap Kosdaq outperformed with a climb above 1.3%. Australia’s benchmark S&P/ASX 200 dipped fractionally. Hong Kong’s Hang Seng index futures pointed higher, trading above 26,799 against a prior close near 26,388. U.S. futures were also modestly positive ahead of the open.

What Goldman Sachs Expects From the Talks

Analysts at Goldman Sachs released a note flagging measured expectations for the summit. The bank does not anticipate a sweeping diplomatic reset. Instead, it sees a narrower conversation around tariff levels, semiconductor export controls, and rare earth access. Goldman suggested Beijing could offer to expand purchases of American agricultural goods, energy, and aircraft in exchange for a pause on additional U.S. tariff escalation. The bank told clients the meeting could still act as a short-term catalyst for Chinese equities and the yuan, even without a broader breakthrough. Goldman maintained an overweight position on Chinese stocks, with a preference for mainland A-shares over Hong Kong-listed H-shares, citing competitive export pricing and what it characterized as an undervalued yuan.

Wall Street Already at Record Highs

The backdrop entering the summit is constructive for risk assets. The S&P 500 closed at a fresh all-time high on Wednesday, rising nearly 0.6% to 7,444.25. The Nasdaq Composite added 1.2%, also notching a record close at 26,402.34. Both indexes logged new intraday and closing peaks. The Dow Jones Industrial Average lagged, shedding about 67 points. Gains came despite a hotter-than-expected inflation reading, as investor appetite for technology shares proved resilient.

Any concrete agreement on trade volumes or a tariff truce extension could further fuel the rally. Markets will be watching for a joint statement before Trump departs Beijing.

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