Tokyo (AFP) – Asian stocks were mostly higher Monday ahead of talks between Donald Trump, Ukrainian President Volodymyr Zelensky, and European leaders in Washington. US President Trump met Russian President Vladimir Putin in Alaska on Friday, but the summit failed to yield any breakthrough on a ceasefire in Ukraine. Zelensky, who will be joined in Washington by European leaders, however called a US offer of security guarantees to Ukraine “historic.”
“Trump and Putin walked away without a ceasefire, without even the illusion of one,” said Stephen Innes at SPI Asset Management. “What they did offer was theatre: enough ‘progress’ for Trump to declare victory and quietly holster his double-barreled threat — tariffs on Beijing for buying Russian barrels and sanctions on Moscow’s crude,” Innes said.
Before the Alaska talks, US stocks wavered on Friday after mixed economic data, with retail sales up but an industrial production index and a consumer survey both down. After a drop on Friday, oil prices, which have been volatile for several days — Russia is a major crude producer — were up Monday.
Japan’s Nikkei ended up, posting a new record high and adding to gains on Friday after better-than-expected economic growth data. Thailand’s economy also grew by 2.8 percent in the second quarter, the country’s economic planning agency said on Monday, boosted by strong exports ahead of US tariffs taking full effect.
But the National Economic and Social Development Council (NESDC) forecast overall growth for 2025 to fall between 1.8 and 2.3 percent. This is below the 2.5 percent seen in 2024, with the NESDC blaming the expected drop on the likely impact of US tariffs. Hong Kong, Shanghai, Sydney, and Taipei were higher Monday, while Seoul and Jakarta fell back.
In Europe, London saw early gains while Paris and Frankfurt fell slightly at the open. This week, investor eyes will be on any clues on US interest rates at the Federal Reserve’s annual retreat at Jackson Hole.
– Key figures at around 0700 GMT –
Tokyo – Nikkei 225: UP 0.8 percent at 43,714.31 (close)
Hong Kong – Hang Seng Index: UP 0.2 percent at 25,327.51
Shanghai – Composite: UP 0.9 percent at 3,728.03 (close)
New York – Dow: UP 0.1 percent at 44,946.12 (close)
London – FTSE 100: UP 0.3 percent at 9,164.54
Euro/dollar: DOWN at $1.1695 from $1.1704 on Friday
Pound/dollar: DOWN $1.3546 at from $1.3557
Dollar/yen: UP at 147.38 yen from 146.85 yen
Euro/pound: FLAT at 86.34 pence from 86.34 pence
West Texas Intermediate: UP 0.6 percent at $63.19 per barrel
Brent North Sea Crude: UP 0.5 percent at $66.16 per barrel
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© 2024 AFP
