BoA / ML expect a truce but no deal at the Xi - Trump G20 meeting
G20 summit begins in Japan on June 28, and continues June 29.
Presidents Xi and Trump are expected to hold their their meeting on the 29th.
Bank of America / Merrill Lynch says the best we can hope for is truce, not a deal.
- a likely ceasefire, delays in tariffs agreed to on both sides
- given the scope of disagreement between the two side a major deal is unlikely
BoA says at a truce is at least a positive but will soon evolve into worry unless sides move towards a deal.