Stocks waver as US-Russia summit looms ~ EconomyLens.com

London (AFP) – Stock markets wavered on Friday as investors digested mixed US economic data and awaited a landmark US-Russia summit aimed at ending the war in Ukraine. US President Donald Trump, setting off for the Alaska meeting with Vladimir Putin, described his Russian counterpart as a “smart guy” and hailed a “good respect level” on both sides. The possibility of an end to a conflict that Putin began in 2022 had put the markets in an optimistic mood, analysts said, although oil prices had been volatile owing to Russia’s status as a major producer and uncertainty over the outcome of the Alaska meeting.

Wall Street opened on a mixed note as data showed US retail sales rose in July in line with analyst expectations. Investors have been tracking US economic data for signs about the impact of Trump’s tariffs. The report comes as surveys point to a partial recovery in consumer sentiment compared with the spring when tariff worries were more acute. Bret Kenwell, US investment analyst at eToro trading platform, said “the conversation around the consumer remains upbeat and healthy,” adding that “consumers are still out there spending.”

Separate data showed industrial production unexpectedly fell in July, though only slightly. Trump continued his tariff campaign on Friday, saying he would soon announce massive import duties on semiconductors. Shares in chip giants Nvidia and AMD were down following the news. Markets were also waiting for the Trump-Putin meeting, with Russia’s foreign minister saying his country would not make guesses on the outcome. “We never make any predictions ahead of time,” Russian Foreign Minister Sergei Lavrov told Russian state TV after landing in Alaska.

Putin steps onto Western soil for the first time since he ordered the invasion of Ukraine in February 2022, a war that has killed tens of thousands of people. Every word and gesture will be closely watched by European leaders and Ukrainian President Volodymyr Zelensky, who was not invited and has publicly refused pressure from Trump to surrender territory seized by Russia. After climbing Thursday, crude oil futures were lower Friday. “Oil prices have been somewhat volatile ahead of the summit as traders seek to work out if Russian exports to Western countries might resume,” said AJ Bell, investment director Russ Mould.

Elsewhere, Tokyo’s main stocks index extended a record run higher following Japanese economic growth data that beat expectations. Weak Chinese economic figures resulted in a mixed showing for Chinese stocks.