Asia-Pacific markets traded mixed on Thursday as investors closely monitored a high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing, hoping for fresh signals on trade relations and economic cooperation between the world’s two largest economies.

Trump arrived in Beijing on Wednesday alongside several leading U.S. business executives, including Tesla CEO Elon Musk and Nvidia CEO Jensen Huang. Markets are watching the summit closely for developments surrounding tariffs, export controls, semiconductors, and rare earth supplies.

Japan’s Nikkei 225 rose 0.27% to 63,422.84, supported by gains in technology and export-related stocks, while the broader Topix index slipped 0.23%. In South Korea, the Kospi added 0.38%, and the small-cap Kosdaq climbed 1.31% as investor sentiment improved across semiconductor and growth sectors.

Australian markets moved lower, with the S&P/ASX 200 declining 0.16%. Meanwhile, Hong Kong Hang Seng futures pointed to a stronger open at 26,799, compared with the index’s previous close of 26,388.44.

Analysts expect the Trump-Xi meeting to focus mainly on trade negotiations and export restrictions rather than delivering a major reset in bilateral relations. Key topics are expected to include tariffs, semiconductor access, and critical mineral exports.

Goldman Sachs analysts said China could potentially increase purchases of U.S. agricultural products, energy, and aircraft in exchange for avoiding further tariff hikes. The bank also maintained a positive outlook on Chinese assets, citing strong export competitiveness and what it described as an undervalued yuan.

“While unlikely to completely reshape U.S.-China relations, the meeting could provide short-term support for the Chinese yuan and mainland equities,” analysts noted.

In the United States, stock futures edged slightly higher ahead of Thursday’s session. S&P 500 futures gained 0.1%, while Nasdaq 100 futures rose 0.4%. Futures linked to the Dow Jones Industrial Average advanced by 111 points, or nearly 0.3%.

Overnight on Wall Street, the S&P 500 climbed 0.58% to close at a fresh record high of 7,444.25, while the Nasdaq surged 1.2% to 26,402.34, also setting a new all-time high. The Dow Jones Industrial Average, however, slipped 67.36 points, or 0.14%, ending the session at 49,693.20.

Technology stocks continued to drive gains in U.S. markets despite stronger-than-expected inflation data, as investors remained optimistic about the long-term growth outlook for artificial intelligence and semiconductor sectors.

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