TOKYO: Asian stocks climbed higher on Monday as oil prices declined ahead of crucial talks between former US President Donald Trump, Ukrainian leader Volodymyr Zelensky, and European officials in Washington.
Trump’s recent meeting with Russian President Vladimir Putin in Alaska ended without progress on a Ukraine ceasefire, leaving markets cautious.
Zelensky described a US proposal for Ukrainian security guarantees as “historic” ahead of his Washington visit alongside European leaders.
“Trump and Putin walked away without a ceasefire, without even the illusion of one,” said SPI Asset Management’s Stephen Innes.
“What they did offer was theatre: enough ‘progress’ for Trump to declare victory and quietly holster his double-barreled threat — tariffs on Beijing for buying Russian barrels and sanctions on Moscow’s crude,” Innes added.
US stocks had fluctuated on Friday following mixed economic signals, including rising retail sales but weaker industrial output and consumer sentiment.
Oil prices extended losses on Monday after recent volatility, with Russia’s role as a major crude producer keeping markets on edge.
Japan’s Nikkei hit a fresh record high, buoyed by stronger-than-expected economic growth figures.
Hong Kong, Shanghai, and Sydney markets also advanced, while Taipei retreated slightly.
Investors are now focused on potential US interest rate signals from the Federal Reserve’s Jackson Hole symposium this week.
Tokyo’s Nikkei 225 rose 0.7% to 43,678.12, while Hong Kong’s Hang Seng edged up 0.1% to 25,293.34.
Shanghai’s Composite Index gained 0.2% to 3,704.76, and the Dow Jones closed 0.1% higher at 44,946.12.
London’s FTSE 100 dropped 0.4% to 9,138.90, and Brent crude fell 0.3% to $65.65 per barrel.
The dollar strengthened to 147.47 yen, while the euro dipped slightly to $1.1699. – AFP