Asia Monday Morning Espresso - Trump-Xi summit: Stabilization, not transformation

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Asia Monday Morning Espresso - Trump-Xi summit: Stabilization, not transformation

Global Markets Research

17 May 2026Asia Monday Morning Espresso

EQUITY: EQUITY STRATEGY

Trump-Xi summit: Stabilization, not transformation Research Analysts

Asia ex-Japan Equity Strategy

Nonetheless, summit outcome should keep geopolitical Chetan Seth, CFA - NSL

chetan.seth1@nomura.comrisk premium in check for HK/China equities

+65 6433 6986

We think the Trump-Xi summit is broadly neutral for HK/China equities Research Associates

We believe the Trump-Xi summit is broadly neutral for HK/China stocks, with the Asia ex-Japan Equity Strategyoutcome representing a stabilization of relations rather than any transformational

Siddharth Sarma - NSFSPLchange. From a market perspective, these developments should keep any

geopolitical risk premium on HK/China stocks in check and, if anything, help Prem Gajare - NSFSPL

further dissipate lingering concerns around the un-investability of HK/China

equities. Details at the time of writing remain limited, but based on various news reports

and official comments, the main outcomes include: (a) Agricultural purchases: China

will potentially make purchases of US agricultural products, according to PresidentTrump

and USTradeRepresentativeGreer; (b) Aircraft purchases: Chinatopurchase

roughly200aircraft (below pre-market expectations of 500), with a US guarantee on the

supply of jet engines and components; (c) New dialogue mechanisms: Establishment of

newtradeandinvestmentdialogueframeworks called the “Boards”; while thetwosides

willcontinuetoimplementtheconsensusreachedinpriorconsultations; (d) Tariff

reductions: Although details are lacking, USTreasurySecy.ScottBessent’scomments

suggest reductions may include Chinese goods worth ~USD30bn (slight positive