London (AFP) – US and European shares largely dipped on Monday, ahead of Ukraine’s President Volodymyr Zelensky and European leaders meeting with US President Donald Trump in Washington. In New York, the broad-based S&P 500 and tech-heavy Nasdaq fell slightly, while the blue-chip Dow was flat. European indices also lost ground, except London’s FTSE, which ticked up modestly.
Oil prices nudged higher as traders weighed the impact of the talks and what they could mean for sanctions-hit Russia, a major producer of crude oil. The Washington gathering is a follow-up to Trump’s summit last week with Russian President Vladimir Putin in Alaska, which failed to produce a ceasefire in the Ukraine war. Zelensky, under pressure from Trump to give up Crimea and abandon Ukraine’s NATO ambitions, said ahead of the gathering that Russia “should not be rewarded” for its war. He also stated that US security guarantees were “the most important” thing.
“Friday’s US-Russia meeting turned out to be a non-event, although financial markets are trading as if there might still be a path — however uncertain — towards an eventual peace,” said Fawad Razaqzada, market analyst for trading platform FOREX.com. Investors are also focused on a speech this week by US Federal Reserve chief Jerome Powell at the annual retreat of global central bankers in Jackson Hole, Wyoming. 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. Consumer inflation remained steady last month, but producer prices accelerated.
“The lack of progress at Friday’s Alaska summit, the upcoming Zelensky-Trump meeting in Washington, and the Jackson Hole Economic Symposium all remain potential catalysts for market swings,” said David Morrison, senior market analyst at Trade Nation.
In Asia, Shanghai, Sydney, and Taipei were higher Monday, while Hong Kong, Seoul, and Jakarta fell back. Japan’s Nikkei ended up, posting a new record high and adding to gains on Friday after better-than-expected economic growth data.
– Key figures at around 1535 GMT –
New York – Dow: FLAT at 44,932.61 points
New York – S&P 500: DOWN 0.1 percent at 6,443.34
New York – Nasdaq: DOWN 0.2 percent at 21,579.61
London – FTSE 100: UP 0.1 percent at 9,151.13 (close)
Paris – CAC 40: DOWN 0.6 percent at 7,878.99 (close)
Frankfurt – DAX: DOWN 0.2 percent at 24,302.27 (close)
Tokyo – Nikkei 225: UP 0.8 percent at 43,714.31 (close)
Hong Kong – Hang Seng Index: DOWN 0.4 percent at 25,176.85 (close)
Shanghai – Composite: UP 0.9 percent at 3,728.03 (close)
Euro/dollar: DOWN at $1.1670 from $1.1704 on Friday
Pound/dollar: DOWN $1.3519 from $1.3557
Dollar/yen: UP at 147.88 yen from 146.85 yen
Euro/pound: DOWN at 86.32 pence from 86.34 pence
Brent North Sea Crude: UP 0.4 percent at $66.13 per barrel
West Texas Intermediate: UP 0.5 percent at $62.27 per barrel
© 2024 AFP
