[MARKET UPDATE] Mixed start to Asia-Pac trade ahead of this week's key meetings in the US including the Trump-Xi summit, while there are also thinned conditions with the closure of Japanese markets through to Wednesday

The transmission channel in past episodes of this kind has run first through the China-sensitive complex, the Australian dollar, offshore yuan, copper and the regional equity exporters, with haven pairs and gold taking the other side on disappointment. The closure of Japanese cash markets compounds the usual pre-event torpor; with Tokyo absent, Treasury futures and yen pairs trade on reduced depth, and episodes of this kind have tended to exaggerate moves on marginal news until the venue reopens. The distinction worth drawing is between substance and choreography at the summit: agreements on purchases or tariff truces have historically faded within sessions, while shifts in the strategic framing have proved stickier for the yuan fixing and regional risk. The follow-ons are the pre-meeting briefings from both sides and any change in the daily fix as a signal of intent. As a session preview rather than a data point, the note carries no signal beyond positioning and liquidity.