Trump-Xi summit summary: photo-op dud (from Goldman) *Trade truce extended for 2 months mentioned by Bessent. Xinhua news mentioned Xi said both sides agreed on a new joint arrangement on trade. *Xinhua news mentioned Xi hope US to insist "oppose Taiwan independence" stance, and deal with Taiwan issue with prudence. (note current official US stance is "do not support Taiwan independence" instead of "oppose") *On AI, Xi mentioned US and China should not set up defences against each other, and should have dialogue, prevent AI being abused and ensure human control of AI. *Chinese news mentioned Xi supports US and Iran to return to MOU and maintain talks. *Both leaders support APEC (Nov in Shenzhen) and G20 (Dec in Miami) meetings, indicating Xi and Trump may meet two more times this year. One-Liner: So far nothing major market moving. We wait for official statement/readout. Still, the important area to watch is related to Iran (and any efforts from China to mediate talks