
Oil prices fell on Monday after Trump-Putin talks in Alaska didn’t escalate pressure on Russia regarding Ukraine. Trump agreed with Putin on pursuing peace over ceasefire and will meet Zelenskiy Monday to discuss ending the Russian-Ukrainian war. He postponed decisions on Russian oil tariffs for three weeks, reducing supply disruption fears.
West Texas Intermediate fell 1.6% today to $61.04 before bouncing up $1 to $62.04. Brent opened lower on Monday at $65.13, but managed to rise to $65.46 before London open.
Asia-Pacific markets mostly rose Monday ahead of Trump-Zelenskyy talks, following Friday’s inconclusive U.S.-Russia summit. Japan’s Nikkei 225 gained almost 1%%, Topix was up 0.7%. South Korea’s Kospi fell 1.17%.
Hong Kong’s Hang Seng rose 0.62%, China’s CSI 300 up 1.5% to highest since October 2024.
US Stock indices traded slightly higher early Monday after hopes for lower interest rates fueled a winning week on Wall Street.
Dow Jones Industrial Average futures edged up 0.13%. S&P 500 futures and the Nasdaq 100 futures were up 0.14% and 0.2%, respectively.
Last week, the three major averages had their second straight positive week. The Dow climbed 1.7%, while the S&P 500 and Nasdaq Composite rose 0.9% and 0.8%, respectively. Small-cap stocks outperformed last week, jumping more than 3% as investors bet on a September rate cuts from the Federal Reserve.
The Fed will continue to be in focus this week as central bank members meet in Jackson Hole, Wyoming, for the annual economic policy symposium. Investors will be monitoring the event for clues about the future path of rates. The market sees a 85% likelihood that the Fed cuts rates at its next policy meeting in September, according to CME’s FedWatch tool.
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