Monday, September 21, opened on a note of optimism, with Asian markets higher, European stocks up more than a percentage point, and oil retreating, as Washington and Beijing move closer to the week’s most closely watched event: on Thursday, September 24, Chinese President Xi Jinping will be received at the White House by Donald Trump, the first such meeting since Trump’s visit to Beijing in May.

Asia higher, Tokyo closed for holiday

The main Asian markets closed the session in positive territory: Seoul +1.65%, Shenzhen +0.77%, Shanghai +0.71%, Hong Kong +0.67%, Mumbai +0.68%. Tokyo remained closed, with the derivatives market shut until September 23 for a local holiday.

Europe: broad gains at midday

The upbeat mood carried over into European markets. As of 1:25 p.m. local time, Frankfurt’s Dax was up 1.21% at 25,601.44 points, Paris’s Cac 40 gained 0.99% to 8,144.88, and Madrid’s Ibex 35 rose 1.14% to 19,736.99. The Euro Stoxx 50, which tracks the eurozone’s leading companies, climbed 1.35% to 6,320.15 points.

Outside the eurozone, London’s Ftse 100 advanced 1.04% to 10,769.97 points and Zurich’s Smi gained 1.24% to 13,957. In Milan, bank stocks led the gains on Piazza Affari (Milan’s stock exchange), on the day Technoprobe made its debut on the FTSE MIB, the city’s blue-chip index.

On currency markets, the euro was steady at $1.1485, while gold slipped 0.77% to $4,390.87 an ounce, a move consistent with softer safe-haven demand on a day of risk appetite.

The New York talks that set up the summit

The positive mood follows an eight-hour negotiation over the weekend at JPMorgan Chase’s New York headquarters, between US Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer, Chinese Vice Premier He Lifeng, and Chinese trade official Li Chenggang. Bessent said: «We just concluded a very successful meeting with the Chinese». On the table: a new “US-China dialogue on AI” that would include a mutual-notification mechanism for incidents and threats, rare earth and critical mineral supplies, and verification of China’s commitments on US agricultural purchases.

Days earlier, Bessent had already opened the door on that front: «The United States remains the leader in AI. And we are open to discussions to avoid shared risks and to avoid a fork between our two systems».

Thursday’s summit agenda

Talks in Washington are expected to cover a tariff truce set to expire on November 10, possible reciprocal tariff cuts, Chinese agricultural purchases, and a potential large Boeing order. The Taiwan question remains unresolved, with Beijing pressing Washington to publicly oppose the island’s independence, as does the war in Iran, of which China is the largest oil buyer. Trump had already confirmed the date: «President Xi is arriving on September 24».

On Tuesday, on the sidelines of the UN General Assembly, Trump is set to meet with leaders of the Gulf states, with the war in Iran among the top topics — in the same vein as Bessent’s economic diplomacy, which included a joint US-Japan intervention on the yen back in August.

What to expect now

The calmer mood, combined with a rise in Saudi exports, is weighing on oil: in the morning, WTI crude fell to $98.45 (-1.84%) and Brent to $102.09 (-1.71%). The BTP-Bund spread opened lower at 89 basis points, down from 91 on Friday, with the 10-year BTP yield at 4.36%, down from 4.43%.

A positive outcome at the summit would ease a tail risk that has weighed on global markets for months and that also touches Milan’s stock exchange; lower oil prices would relieve pressure on imported inflation, ahead of Wednesday’s flash PMI readings and this week’s expected review of Italy’s sovereign credit rating.

Some caution is warranted, though: so far, only the US side has given an account of the New York talks, and according to ISPI (the Italian Institute for International Political Studies, a Milan-based think tank), previous Trump-Xi summits have been marked by «plenty of cracks, few expectations». The Taiwan issue — a $14 billion US arms package to Taipei remains stalled — and the war in Iran remain factors that could still reverse the market’s direction today.

Disclaimer

The information and analysis in this article should not be used as the sole or primary basis for investment decisions. Readers retain full discretion over their own investment choices and full responsibility for them, as only they know their own risk tolerance and time horizon. The information in this article is provided for informational purposes only and its publication does not constitute, and should not be considered, an offer or solicitation to the investing public.

Editor’s note

This article was originally published in Italian on money.it by Ufficio Studi Money.it on September 21, 2026 as «Cosa muove i mercati oggi? La settimana del vertice Trump-Xi comincia con ottimismo in Europa e petrolio in calo». It has been translated and adapted for an international audience by the Money.it International desk.