Summit in the Spotlight on Powell’s Last Day

Modest hopes for summit diplomacy as equities hit another record high.

Key Takeaways

• Trump-Xi Summit in Focus: All eyes are turned to Beijing today as the Trump-Xi summit continues. There is little expectation of a major breakthrough, but hopes are high for a stabilizing meeting and some tactical wins. President Trump will push for higher Chinese purchases of goods from vital U.S. industries, including soybeans and aircraft parts. Also on the table are artificial intelligence (a possible loosening of U.S. export restrictions on chips) and an extension of the trade truce agreed to in October that halted tariff escalations. U.S. equity futures are pointing to an open in the green, while European markets are showing some verve, and Asia is mixed.