1. Asia-Pacific markets close mostly higher as investors await U.S.-Ukraine talks: Markets Wrap
Asia-Pacific markets mostly rose Monday as investors awaited talks between U.S. President Donald Trump and his Ukrainian counterpart, Volodymyr Zelenskyy. The U.S.-Russia summit on ending the conflict between Kyiv and Moscow concluded without a ceasefire deal on Friday. Japan’s Nikkei 225 benchmark climbed 0.77% to end the day at an all-time high of 43,714.31, with gains led by the consumer cyclicals, healthcare and industrials sectors. Mainland China’s CSI 300 rose 0.88% to end the day at 4,239.41, its highest level since October 2024, while Hong Kong’s Hang Seng Index fell 0.37% to 25,176.85. Over in India, the benchmark Nifty 50 advanced 1.21%, while the BSE Sensex index added 1.06%.
2. Stocks end Monday little changed as investors look ahead to Powell speech, retail earnings
The major averages ended Monday near flat after posting a winning week. Traders awaited key retail earnings and Federal Reserve Chair Jerome Powell’s annual speech at the central bank’s Jackson Hole summit. The Dow Jones Industrial Average dropped 34.30 points, or 0.08%, to close at 44,911.82. The S&P 500 closed down 0.01% and ended at 6,449.15, while the Nasdaq Composite inched up 0.03% to settle at 21,629.77. The three major averages are coming off of their second straight positive week, which also marked the fourth week of gains out of the last five for the S&P 500 and the Nasdaq. Small-cap stocks outperformed last week as investors bet on forthcoming rate cuts.
3. Gold prices steady as investors assess Trump–Zelenskyy meeting
Gold prices were largely steady on Monday, as investors focused on U.S. President Donald Trump’s meeting with Ukrainian and European leaders, and the Federal Reserve’s annual symposium in Jackson Hole this week. Spot gold was marginally down at $3,333.32 per ounce, after hitting its lowest level since August 1 earlier in the session. U.S. gold futures for December delivery settled 0.1% lower at $3,378. The U.S. dollar gained 0.3%, making greenback-priced bullion more expensive for other currency holders. Trump said the U.S. would “help out” Europe in providing security for Ukraine as part of any deal to end Russia’s war in Ukraine, as he and President Volodymyr Zelenskyy began a hastily arranged White House meeting to discuss a path to peace.
4. Oil prices rise after Trump-Zelenskiy meeting
Oil prices rose on Monday, after the U.S. and Ukrainian presidents held talks in Washington in the wake of an inconclusive U.S.-Russia summit in Alaska on Friday Brent crude futures rose 75 cents, or 1.14%, to close at $66.60 a barrel. U.S. West Texas Intermediate crude gained 62 cents, or 0.99%, to settle at $63.42 a barrel. Last week Brent eased by 1.1% while WTI dropped 1.7%. U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy met as they attempt to reach a peace deal to end Europe’s deadliest war in 80 years. Investors are watching for clues on potential ramifications for global oil supply, with potential for either a tightening of sanctions or steps toward reconciliation.
5. Dollar gains as Trump hosts Ukraine talks
The dollar gained on Monday as U.S. President Donald Trump hosted talks on ending Russia’s war in Ukraine, and traders pared bets on a September rate cut before a speech on Friday by Federal Reserve Chair Jerome Powell. Trump met with Ukrainian President Volodymyr Zelenskyy on Monday before holding talks with the leaders of Britain, Germany, France, Italy, Finland, the European Union and NATO. Trump said that the United States would “help out” Europe in providing security for Ukraine as part of any deal to end the war in Ukraine and expressed hope that Monday’s summit could eventually lead to a trilateral meeting with Russian President Vladimir Putin, adding that he believes Putin wants the war to end. Traders are also focused on Powell’s appearance later this week at the U.S. central bank’s annual economic policy symposium in Jackson Hole, Wyoming, for any new indications on whether a rate cut is likely next month.
6. Trump, Zelenskyy wrap meeting with European leaders, but talks continue
President Donald Trump met with Ukrainian President Volodymyr Zelenskyy and European leaders at the White House. Trump says negotiations to obtain peace in the years-long war prompted by Russia’s invasion of Ukraine can take place while both countries are still fighting, dropping his earlier calls for a ceasefire. Trump said he planned to speak to Russian President Vladimir Putin later today. Trump has suggested that Ukraine formally cede its Crimea region to Russia to achieve peace. Trump’s meeting with Zelenskyy and European leaders concluded, but they are continuing discussions in the Oval Office, Zelenskyy spokesperson Serhii Nikiforov told reporters. “After a break, talks resumed in the Oval Office in a ‘leaders only’ format,” according to Nikiforov. It is not immediately clear how long the additional discussions could last.
7. Modi gives tax boon to India’s economy amid Trump tariff tensions
Indian markets rallied on Monday as Prime Minister Narendra Modi’s recently revealed tax cuts extended a gift to a domestic economy that still faces the teeth of U.S. tariffs. The Nifty 50 index advanced 1%, with the BSE Sensex adding 0.84%. In currencies, the U.S. dollar surrendered 0.18% against the rupee. In an extensive Independence Day speech on Friday, Prime Minister Narendra Modi made a concerted push for self-reliance and proposed a spate of financial reforms. New Delhi now plans a two-rate structure of 5% and 18% under wide-spanning changes to the goods and services tax (GST) regime, and plans to abolish the previous 12% and 28% levies imposed on some items, Reuters cited a government official as saying on Friday. The news was also reported by local media. Auto sector stocks saw increases during the Monday session, as Maruti Suzuki India adding 8.75%, while Hyundai Motor India rose by 8.15%.
8. Bitcoin sinks to $115,000 after hitting its newest record, as macro concerns spark liquidation wave
The crypto market tumbled to begin the week as heightened macro concerns triggered more than $500 million in forced selling of long positions. The price of bitcoin was last lower by 1.1% at $116,394.87, after touching a new all-time high last week – its fourth one this year – at $124,496. At one point, it fell as low as $114,706. Ether slid 2.5% to $4,354.00 after coming within spitting distance of its roughly $4,800 record last week. Both coins rolled over after higher-than-expected July wholesale inflation data raised questions over a Federal Reserve rate cut in September. Investors’ profit-taking triggered a wave of liquidations across the crypto market.
9. Palo Alto Networks reports earnings beat, says founder Nir Zuk retiring from company
Palo Alto Networks reported better-than-expected quarterly results and issued upbeat guidance for the current period. The cybersecurity software vendor said Nir Zuk, who founded the company in 2005, is retiring from his role as chief technology officer. The company also issued upbeat guidance for the fiscal first quarter. Earnings per share will be between 88 cents and 90 cents, Palo Alto said, topping an 85-cents estimate. For the full year, Palo Alto said revenue will range from $10.48 billion to $10.53 billion on adjusted earnings of $3.75 to $3.85 per share. Both estimates exceeded Wall Street’s projections. Palo Alto said that for the fiscal first quarter, remaining purchase obligations, which tracks backlog, will range between $15.4 billion and $15.5 billion, surpassing a $15.07 billion estimate. Last month, the company announced plans to buy Israeli identity security provider CyberArk for $25 billion. It’s the largest deal Palo Alto has made since its founding, and most ambitious in an acquiring spree that ramped up after CEO Nikesh Arora took the helm of the company in 2018.
10. Tesla says Model Y L is ’coming soon’
Tesla’s Model Y L is “coming soon”, the electric car company said on Chinese social media platform Weibo on Monday, having previously registered plans to introduce the new model in China. The Model Y L is a six-seat version of its best-selling Model Y with a longer wheelbase. Tesla also shared a video of the new model in its Weibo post. Tesla is refreshing its line-up in the face of growing competition that includes Xiaomi’s recently launched YU7. Elon Musk’s Tesla registered an 8.4% fall in July sales of its China-made electric vehicles as Chinese competitors continue to offer lower-priced EVs against the backdrop of a price war that has bruised automakers, suppliers and dealerships. A longer-range, rear-wheel drive Model 3 is also coming to the Chinese market, according to filing information published on China’s industry ministry website in July.
11. Foxconn and SoftBank to make data centre equipment in Ohio for Stargate project
Foxconn said on Monday it plans to manufacture data centre equipment with Japan’s SoftBank at the Taiwanese firm’s former electric vehicle factory in Ohio, part of the Stargate project to advance U.S. artificial intelligence infrastructure. Softbank has purchased the Lordstown site, Foxconn Chairman Young Liu told reporters, adding that Foxconn will continue operating the site via a venture the two companies will set up. Foxconn said earlier this month it had struck a deal to sell the factory and its machinery for $375 million, without naming the buyer. Stargate is a joint venture between SoftBank, ChatGPT’s creator OpenAI and Oracle.
12. Eli Lilly’s 170% UK price hike for Mounjaro is just the start as pharma firms bow to Trump’s pressures
Eli Lilly’s move to raise the U.K. list price of its blockbuster diabetes drug Mounjaro marks the start of prices hikes across Europe, analysts say, as pharmaceutical firms respond to U.S. President Donald Trump’s drug pricing demands. Lilly said Thursday that it had reached an agreement with the U.K. government to raise the list price of its weekly injection from Sept. 1, while maintaining access for patients covered by the publicly funded National Health Service (NHS). The U.S. pharma giant said it is now working with some other governments to adjust prices by the start of next month, without providing details of the specific countries involved. Analysts expect other firms to follow suit.