US-China Summit Looms Amid Ongoing Trade Tensions
The US and China are set to hold a key summit on Wednesday, where the leaders of both countries will discuss crucial economic issues, including tariffs, critical minerals, artificial intelligence, and more.
US Treasury Secretary Scott Bessent is also expected to meet Chinese Vice Premier He Lifeng ahead of the visit. Top technology CEOs, such as Microsoft's Satya Nadella and Nvidia's Jensen Huang, are reportedly set to attend the White House state dinner for Chinese President Xi Jinping on September 24.
The summit comes at a time when tensions between the two countries remain high, particularly in the wake of Iran-backed Houthis' attack on Saudi Arabia with missiles and drones over the weekend. However, according to Josh Gilbert, lead Asia Pacific analyst for eToro, 'don't expect too many fireworks' as the focus is likely to be an extension of the existing trade truce rather than anything groundbreaking.
US stock futures traded higher in the overnight session late Sunday ahead of the summit, with Dow futures climbing 0.27%, the S&P 500 gaining 0.34%, and the Nasdaq-100 edging 0.54% higher at 10:03 PM EDT.