Biden holds the aces in the summit with Xi
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US priority: re-open military communication in context of 'managed competition', ie ongoing friction but with guardrails
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China priorities: lower tariffs, tech access, end high-level US-Taiwan visits in context of losing out in US friction
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This summit likely does not provide a catalyst for Chinese equities, which remain among the cheapest vs history in EM
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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