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Asia-Pacific stocks mixed as Trump meets Xi in Beijing
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Key Points
- Asia markets traded mixed ahead of closely watched Trump-Xi summit.
- Trump arrived in Beijing alongside tech chiefs including Elon Musk and Jensen Huang.
- Goldman Sachs expected talks to focus on tariffs and export controls.
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Follow your favorite stocksCREATE FREE ACCOUNTU.S. President Donald Trump is welcomed after arriving in Beijing to kick off a landmark state visit in China on May 13, 2026. Anadolu | Anadolu | Getty ImagesAsia-Pacific markets traded mixed Thursday as investors look to a high-stakes meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping for clues on the future of U.S.-China ties and global trade.
Trump landed in Beijing Wednesday for the closely watched summit, accompanied by a group of U.S. executives, including Tesla CEO Elon Musk and Nvidia boss Jensen Huang.
Japan's Nikkei 225 rose 0.27%, while the Topix slid 0.23%. South Korea's Kospi added 0.38%, while the small-cap Kosdaq climbed 1.31%.
In Australia, the S&P/ASX 200 declined 0.16%.
Hong Kong Hang Seng index futures were at 26,799, higher than the index's last close of 26,388.44.
Analysts at Goldman Sachs said they expect the Trump-Xi meeting to focus narrowly on trade and export controls, including tariffs, restrictions on rare earths and semiconductors, rather than producing a sweeping reset in bilateral ties.
The investment bank said China could agree to step up purchases of U.S. farm goods, energy and aircraft in exchange for avoiding further tariff hikes.
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"While unlikely to be a game changer for US-China relations, we think the meeting could act as a tactical catalyst for strength in the Chinese yuan and Chinese equities," Goldman's analysts wrote in a note late Wednesday.
The bank maintained a positive view on China assets, citing the country's export competitiveness and what it described as an "undervalued" currency, while reiterating an overweight call on Chinese equities, particularly mainland A-shares over Hong Kong-listed H-shares.
Read more Trump-Xi meeting coverage
- Five things to watch in Asia as Trump prepares to meet China's Xi this week
- For Chinese exporters, Iran worries eclipse tariff woes as Trump, Xi prepare to meet
- Trump is going to China hoping to talk trade. Iran may steal the show
- Trump puts Taiwan arms sales, Hong Kong jailed activist Lai on agenda ahead of meeting with Xi
- From Singapore to Brussels, world leaders eye Trump-Xi summit from afar
- Jensen Huang joins Trump's China trip after the U.S. president called the Nvidia CEO
- Trump in China: Traders predict a tariff truce extension and Boeing aircraft purchases
In the U.S., futures were little changed. S&P futures and Nasdaq 100 futures climbed 0.1% and 0.4%, respectively. Futures tied to the Dow Jones Industrial Average rose by 111 points, or nearly 0.3%.
Overnight on Wall Street, the S&P 500 rose to a new all-time high as traders' enthusiasm for the technology trade overshadowed yet another hotter-than-expected inflation report.
The broad market index rose 0.58% to 7,444.25, and the tech-heavy Nasdaq added 1.2% to end at 26,402.34. Both hit fresh intraday and closing records. The Dow Jones Industrial Average shed 67.36 points, or 0.14%, ending at 49,693.20.
— CNBC's Lisa Kailai Han and Sean Conlon_ contributed to this report.