Asia Pacific Equity Derivatives Strategy Trump-Xi Summit: Subdued Market Expectations Leave Room For Positive Surprise — Key Trades To Position For It

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Asia Pacific Equity Derivatives Strategy Trump-Xi Summit: Subdued Market Expectations Leave Room For Positive Surprise — Key Trades To Position For It

J P M O R G A N Global Markets Strategy

12 May 2026

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Asia Pacific Equity Derivatives

Strategy

Trump-Xi Summit: Subdued Market Expectations Leave

Room For Positive Surprise — Key Trades To Position

For It

• Event Pricing Suggests Limited Expectations Are Priced In: President Global Equity Derivatives Strategy

AC Trump is scheduled to arrive in Beijing on May 13 for a state visit with Tony SK Lee

President Xi, ahead of the summit beginning on May 14. Despite the (852) 2800-8857

geopolitical significance of the summit, options markets are pricing in very tony.sk.lee@jpmorgan.com

limited event premium across major China equity indices. Implied moves in J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

the HSCEI and FXI are broadly in line with typical realized moves in May, the AC Haoshun Liu

volatility term structure remains upward sloping, and positioning points to (852) 2800-7736

muted near-dated hedging demand, with HSCEI dealer positioning back to haoshun.liu@jpmorgan.com

long gamma. Overall, markets do not appear positioned for a material shift in J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

expectations around the meeting, which leaves scope for an outsized reaction

Xipu Han AC if the talks prove more constructive than anticipated.

(852) 2800-1029