Hong Kong (AFP) – Stock markets traded in a narrow range Tuesday and oil prices dipped after US President Donald Trump held what he called “very good” talks with Ukrainian and European leaders on ending the war. Hopes for a breakthrough rose after Trump said he spoke by phone with Russian counterpart Vladimir Putin after hosting Ukrainian President Volodymyr Zelensky, German Chancellor Friedrich Merz, and others at the White House.
“At the conclusion of the meetings, I called President Putin and began the arrangements for a meeting, at a location to be determined, between President Putin and President Zelensky,” Trump said. 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.
Oil prices, which have been volatile for several days — Russia is a major crude producer — fell back after gains on Monday. In Asia and Europe, equity investors largely stayed on the sidelines after Wall Street treaded water on Monday. 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. In Europe, London and Paris inched up, while Frankfurt was modestly lower.
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. Fresh impetus for investors could come from a speech this week by US Federal Reserve chief Jerome Powell at the annual retreat of global central bankers in Jackson Hole. Markets hope Powell will provide more clues about Fed plans for interest rates when it meets next month after data last week provided a mixed picture about inflation.
“Even a nod to easing (by Powell) could be enough to trigger profit-taking, and a hint of caution could set off a scramble for the exits,” Stephen Innes at SPI Asset Management said.
– Key figures at around 0830 GMT –
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)
London – FTSE 100: UP 0.1 percent at 9,166.54
Euro/dollar: UP at $1.1678 from $1.1666 on Monday
Pound/dollar: UP at $1.3521 from $1.3503
Dollar/yen: DOWN at 147.65 yen from 147.89 yen
Euro/pound: DOWN at 86.37 pence from 86.40 pence
West Texas Intermediate: DOWN 0.6 percent at $63.02 per barrel
Brent North Sea Crude: DOWN 0.7 percent at $66.12 per barrel
© 2024 AFP
