G20 Summit: No big deal, we guess

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CIO View

• G20 summit to be one more event for which first market reactions could be misleading, as we expect a quick fix, but no sustainable solution.
• Markets are likely to concentrate on any tariff ceasefire. But we believe tariffs are just one means for the United States to pursue its real goal: to contain China's rise.
• Short-term market reactions are hard to predict. Any kind of quick-fix deal would be a weak basis for a year-end rally in equities.