For Trump’s state visit to China (May 13–May 15)


Don’t go fantasizing about any “big reconciliation” just yet.
At this level, the most realistic impact on the market isn’t immediate world peace—it’s:
Giving global risk assets a “softening expectation”
Giving Chinese assets an expectation of a “temporary easing of external pressure”
Giving U.S. stocks a chance to catch their breath—so that China and the U.S. won’t immediately fall out and tear each other apart
Giving gold and crude oil a window for short-term re-pricing
But remember:
The visit itself isn’t the outcome. The outcome is the joint statement, orders, tone, and follow-up arrangements.
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