Asian stocks advanced as investors awaited Donald Trump’s talks with Ukrainian President Volodymyr Zelenskiy, after the summit with Russia concluded without escalating geopolitical tensions. The MSCI Asia Pacific Index rose 0.4%, led by gains in China and Japan while South Korea lagged. Futures for European shares advanced 0.2% and those for the S&P 500 gained 0.1%. A gauge of Shanghai-listed stocks is set for its highest close in a decade. Indian shares jumped 1.5%, the most in more than three months, on plans to cut the consumption tax for the first time since it was introduced nearly a decade ago. Crude oil fluctuated as supply-disruption concerns eased. A gauge of the dollar was flat. Treasuries inched higher with the yield on the 10-year sliding one basis point to 4.30%. Gold rose 0.6% and cryptocurrencies fell. Investors will turn their attention to the Trump-Zelenskiy talks Monday for clues on where the markets head next after the summit with Vladimir Putin ended without any new sanctions on Russia or buyers of its crude. Traders are also staying cautious ahead of the Federal Reserve’s annual retreat at Jackson Hole with Chairman Jerome Powell’s speech keenly watched for guidance on a September interest-rate cut after recent US data. With expectations already low heading into the Trump-Putin summit, market reaction is likely to be mild “as a lot still rests on Ukraine’s willingness to accept the terms from Russia,” said Jordan Rochester, head of macro strategy for EMEA at Mizuho Corp. “But hope is a powerful thing and this outcome will keep the slow grind of higher risk sentiment alive and well.” Zelenskiy and his European allies head into the talks Monday afternoon, anxious to find out what Trump committed to at his summit with Putin and apprehensive that he’ll force Kyiv into making unpalatable concessions. After arriving in Washington, the Ukrainian president said Russia must end this war.
While the US is expected to focus on territorial concessions demanded by Russia, Kyiv will seek to pin down possible security guarantees, according to a person familiar with the matter. The end result from Friday’s summit is more of the same, as stakeholders look for next steps in resolving the crisis, said Helima Croft, head of commodity strategy at RBC Capital Markets LLC. Attention now may shift back to India and China as the US tries to look for ways to further crimp the Kremlin’s oil revenues. On Friday, Wall Street traders sent stocks down from all-time highs as data showed mixed indications on how American consumers are feeling about the economy. Treasuries also ended the week lower ahead of the Jackson Hole, Wyoming, meeting. Powell’s speech on Friday at the central bank’s annual gathering kicks off a make-or-break stretch for the Treasury market, which sees a quarter-point rate cut next month as virtually a lock, with at least one more by year-end. Meanwhile, foreign investor holdings of Treasuries climbed to a record high in June, showcasing sustained overseas demand for US government debt even as a slump in the dollar stoked concerns about sentiment toward American assets. This week, investors will also be watching Japanese inflation data for guidance on whether the Bank of Japan will hike rates again this year. China’s loan prime rates will also be in focus amid expectations of more stimulus from Beijing to weather Trump’s trade war.
Nikkei +0.88% Hang Seng +0.44% CSI +1.18% Shanghai +0.98% Shenzen +1.82%
Eur$ 1.1701 CNH 7.1838 CNY 7.1807 JPY 147.43 GBP 1.3560 CHF 0.8063 RUB 80.15 TRY 40.8949 WTI$ 62.91 +0.18% Gold 3,349 +0.39% BTC 115,487 -1.88% ETH 4,310 -3.61%
S&P +0.10% Nasdaq +0.19% EuroStoxx +0.16% FTSE +0.22% Dax +0.20% SMI +0.31%
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