London (AFP) – Global stock markets traded cautiously and oil prices fell on Tuesday as investors eyed signs of progress in talks to end Russia’s war in Ukraine. Hopes for a breakthrough rose after US President Donald Trump said he spoke by phone with Russian counterpart Vladimir Putin after hosting Ukrainian President Volodymyr Zelensky and European leaders at the White House. Zelensky said he was ready for what would be his first face-to-face talks with Putin since Russia’s invasion nearly three and a half years ago.
London, Paris, and Frankfurt stocks all advanced, following a lackluster session for Asian stock markets. European defense stocks, however, fell on optimism for a breakthrough in peace talks. Investors were also eagerly awaiting a speech later this week by US Federal Reserve chief Jerome Powell at the annual retreat of global central bankers in Jackson Hole, Wyoming. Traders hope Powell will provide more clues about a possible Fed interest-rate cut when it meets next month, after data last week provided a mixed picture about inflation.
“Markets seem to be exercising some caution ahead of the Jackson Hole meeting later this week and as talks over a peace agreement between Russia and Ukraine remain inconclusive,” said AJ Bell head of financial analysis Danni Hewson. Oil prices, which have been volatile for several days—Russia is a major crude producer—fell around one percent after gains on Monday. “Oil prices have dropped a little as a deal edges closer, given that it’s likely to lead to an easing of sanctions on Russia energy imports, increasing supplies on global markets,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
Japan’s Nikkei briefly hit a fresh intraday record before retreating to close down 0.4 percent. Shanghai ended flat, while Hong Kong, Sydney, and Seoul retreated, and Singapore, Bangkok, and Mumbai edged up. SoftBank shares fell four percent after the Japan-based tech investment giant said it would invest $2 billion in Intel, as the US government reportedly considers taking a 10-percent stake in the troubled US chip giant.
– Key figures at around 1040 GMT –
London – FTSE 100: UP 0.2 percent at 9,178.27 points
Paris – CAC 40: UP 0.7 percent at 7,940.33
Frankfurt – DAX: UP 0.2 percent at 24,368.64
Tokyo – Nikkei 225: DOWN 0.4 percent at 43,546.29 (close)
Hong Kong – Hang Seng Index: DOWN 0.2 percent at 25,122.90 (close)
Shanghai – Composite: FLAT at 3,727.29 (close)
New York – Dow: UP 0.1 percent at 44,946.12 (close)
Euro/dollar: UP at $1.1688 from $1.1666 on Monday
Pound/dollar: UP at $1.3525 from $1.3503
Dollar/yen: DOWN at 147.68 yen from 147.89 yen
Euro/pound: UP at 86.41 pence from 86.40 pence
West Texas Intermediate: DOWN 1.3 percent at $62.62 per barrel
Brent North Sea Crude: DOWN 1.1 percent at $65.84 per barrel
© 2024 AFP
