U.S. and European stock index futures rose ahead of Trump’s summit with Ukrainian President Volodymyr Zelensky without any escalation of geopolitical tensions.
European futures contracts rose 0.2%, while S&P 500 index contracts climbed 0.1%, following a 0.4% increase in Asian stocks. An index of the Shanghai Stock Exchange is expected to record its highest closing price in a decade, while the Indian stock market has posted its biggest gain in more than three months due to plans to lower the consumption tax.
U.S. Treasuries rose slightly, with the yield on the 10-year Treasury note dropping 1 basis point to 4.30%. Gold rose by 0.4%, while cryptocurrencies fell. Crude oil prices have fluctuated as concerns over supply disruptions have eased.
After the meeting between Trump and Zelensky on Monday, the summit between Russia and Putin did not impose any new sanctions on Russia and its crude oil buyers. Investors will be watching Monday’s meeting to look for clues about the next move of the market. Ahead of the Federal Reserve’s Jackson Hole annual meeting, traders also remained cautious. Chair Jerome Powell’s speech has drawn much attention as he will provide guidance for a rate cut in September based on recent US economic data.
Jordan Rochester, the head of macro strategy for Mizuho in Europe, the Middle East and Africa, said that as expectations for the Trump and Putin summit are already very low, the market reaction may also be relatively mild, “because to a large extent it still depends on whether Ukraine is willing to accept Russia’s terms.” But the power of hope is strong, and the outcome of this summit will keep the slowly rising risk sentiment strong.
Zelensky and his European Allies attended talks on Monday afternoon. They were eager to know what commitments President Trump made at the summit with Putin and were worried that he would force Kyiv to make unacceptable concessions. After arriving in Washington, the Ukrainian president said that Russia must end this war.
According to informed sources, although the United States is expected to focus on the territorial concessions demanded by Russia, Kyiv will seek to determine possible security guarantees.
Helima Croft, head of commodities strategy at Royal Bank of Canada Capital Markets LLC, said that the final outcome of Friday’s summit was largely the same, and all stakeholders are discussing the next steps to address the crisis. As the United States attempts to find further ways to cut the Kremlin’s oil revenues, attention may now shift back to India and China.
Technical analysis
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Gold: The US-Russia talks have concluded, and Putin has made concessions on the issue of the US providing security protection for Ukraine. Next, let’s see how Trump persuaded Zelensky and the EU to accept the “ceding territory for peace” agreement. If the EU and Ukraine accept the agreement, gold may face downward pressure in the short term. Conversely, it may continue to fluctuate and rise. Therefore, we suggest that we wait and see for the time being. For detailed locations, please consult the plugin.
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Nasdaq: This morning, the price opened higher with a gap, and market sentiment leans towards optimism. Trump should actively try to “persuade” Europe to accept the agreement. We are making a two-position preparation for the Nasdaq’s movement. After breaking through 23,870, we will buy when it rebounds. And the rebound signal after a low scan of liquidity below 23,600. For detailed locations, please consult the plugin.
(Nasdaq 15-minute chart
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Crude oil: It is recommended to remain on the sidelines and wait for the risk of whether Trump will persuade Europe to accept the outcome of the ceasefire agreement negotiations to be released. For detailed locations, please consult the plugin.
(Crude oil 15-minute chart
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Key financial data and events to focus on today:
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