Investors react to US-Russia summit reaching no agreement
During a brief appearance before the media following the nearly three-hour talks, the two leaders said they had made progress on unspecified issues. But they offered no details and took no questions, with the normally loquacious Trump ignoring shouted questions from reporters.
"There were many, many points that we agreed on. I would say a couple of big ones that we haven't quite got there, but we've made some headway," Trump said, standing in front of a backdrop that read, "Pursuing Peace."
COMMENTS:
HELIMA CROFT, GLOBAL HEAD OF COMMODITY STRATEGY AT RBC CAPITAL MARKETS, NEW YORK:
"It seems to be the scenario that we anticipated in our note. Soundbites signaling diplomatic progress but few concrete deal specifics. We will watching to see whether the 'too be continued' outcome is enough to table the secondary sanctions on India for continuing to import Russian oil. Certainly will fall short of anything that will convince the Europeans to consider vacating their Russian energy sanctions."
CAROL SCHLEIF, CHIEF MARKET STRATEGIST, BMO PRIVATE WEALTH, MINNEAPOLIS:
"The only news was absolutely no news out of it. Not sure there will be any market impactful portions - geopolitical issues in general do not tend to preoccupy market attention for very long if at all."
"Markets are at new highs despite this conflict going on for three years. Markets care more about consumers, inflation and commentary from Wyoming next week."
ERIC TEAL, CHIEF INVESTMENT OFFICER, COMERICA, CHARLOTTE, NORTH CAROLINA:
"The fact that there were no economic sanctions is a positive and markets should breathe a sigh of relief, but it doesn't appear as though a deal is in hand."
"If anything, we see opportunity in the energy sector, as oil prices are at pretty low levels here and the prospect of sanctions on oil did not bear out. There could be a relief rally and that would be an opportunity to invest in energy as we head into higher seasonal demands and economic growth beginning to re-accelerate."
"Gold and precious metals are likely to sell off because of being an asset class good for safety. Given concerns about inflation, they are a good buying point as well if any weakness."
EUGENE EPSTEIN, HEAD OF TRADING AND STRUCTURED PRODUCTS, NORTH AMERICA, MONEYCORP, NEW JERSEY:
"I don't think anybody expected it to be particularly specific or substantive. It's essentially a first step towards potentially something more. They both kind of said everything diplomatically. But it's more about the significance of the meeting as a whole, as opposed to the content of what they're saying."
"Again, I don't think anybody really expected them to suddenly within a couple of hours come up with a very specific set of plans or any kind of blueprint to something. It basically was just showing their willingness to have continued talks to arrive at a conclusion that is beneficial for all parties. And I think this is just the first steps, and many more to come."
"Basically, President Trump needs to go back to the European Union and relay what Putin has said. And then he's got to negotiate with Zelenskiy. For the most part, I think they've laid the groundwork for a deal. And my feeling is that it will probably get done, but there's probably a couple more steps. I'm thinking one of those steps will be Trump, Putin and Zelinski all meeting in the next month."
"They will probably reach a deal in 30 days. I was kind of surprised that they didn't take any questions. So there's a little bit of disappointment in that, but until a deal is done, you can't really take any questions."
"Overall, the markets will like it marginally because I think they've made some progress. But I don't think we will be up 400 points in Dow futures on Sunday night."
MICHAEL ASHLEY SCHULMAN, CHIEF INVESTMENT OFFICER, RUNNING POINT, EL SEGUNDO, CALIFORNIA:
"At this point, it has been three years into the war, so it really shouldn't have much effect. I think markets will take it as status quo, but I think there's only upside from here."
JAMIE COX, MANAGING PARTNER, HARRIS FINANCIAL GROUP, RICHMOND, VIRGINIA:
"Without Ukraine at the table, there was little chance for a peace accord. That Putin attended at all was significant, but he can't be seen ending the conflict while on American soil meeting with Trump."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
24 minutes ago
- Reuters
Texas Democrats end walkout as Republicans try to pass redrawn map
Aug 18 (Reuters) - Democratic lawmakers in Texas returned to the state on Monday, ending a walkout that broke quorum and blocked Republican efforts to redraw congressional maps at the behest of U.S. President Donald Trump. Texas House of Representatives Minority Leader Gene Wu, chairperson of the Texas House Democratic Caucus, said in a statement that Democrats had returned and had "rallied Democrats nationwide to join this existential fight for fair representation." But Texas Governor Greg Abbott on Friday already called a second special legislation session in another attempt to rework the state's congressional maps in an effort to give Republicans another five seats in Congress. Trump believes redistricting would help maintain Republicans' slim control of Congress in midterm elections next year, but the plan has many vocal naysayers with Democrats threatening retaliation. Gavin Newsom, California's Democratic Governor, on Thursday unveiled his own redistricting plan that he said would give Democrats there five more congressional seats. Texas House Democrats left the state earlier this month to deny Republicans the quorum needed to vote on redistricting legislation - a tactic taken several times, mostly without success.
Reuters
24 minutes ago
- Reuters
Air Canada cabin crews strike for third day as dispute strands passengers
MONTREAL, Aug 18 (Reuters) - Hundreds of thousands of Air Canada ( opens new tab passengers were grounded at the height of summer travel season on Monday amid a standoff between striking cabin crews and a government board that said the stoppage was unlawful. The Canadian Union of Public Employees said the strike would continue until the carrier negotiates on wages and unpaid work, even after the Canada Industrial Relations Board (CIRB) declared the strike unlawful and Prime Minister Mark Carney pleaded for a resolution. "We are in a situation where literally hundreds of thousands of Canadians and visitors to our country are being disrupted by this action," Carney told reporters in Ottawa. "I urge both parties to resolve this as quickly as possible." The third day of a strike by more than 10,000 flight attendants has stranded passengers and led Air Canada to suspend its third-quarter and full-year 2025 guidance, sending shares down about 1%. The carrier, which normally carries 130,000 people daily and is part of the global Star Alliance of airlines, had planned to start ramping up operations on Sunday evening, after CIRB ordered the union to return to work and start binding arbitration. In a message to cabin crew on Sunday seen by Reuters, an Air Canada executive told workers they would be accountable for defying the board's order and not returning to work. "What your union has not explained is that by not returning to work, you are personally accountable for that decision," said Andrew Yiu, vice president, in-flight service, for Air Canada's mainline and low-cost Rouge service. "To be clear, there is no lockout in place, and the continued strike is illegal." The flight attendants, who are pushing for a negotiated contract, are striking for wages similar to those earned by cabin crews at Canadian carrier Air Transat ( opens new tab, and to be fully paid for work on the ground, such as boarding passengers. Michael Lynk, professor emeritus of law at Western University in London, Ontario, said there are provisions in the Canada Labour Code that give the board and the court the right to issue fines and sanctions against the union and against individual workers. The CIRB gave the flight attendants a noon EDT (1600 GMT) deadline to issue a public notice withdrawing the strike. Crew are mostly paid when planes are moving, sparking demands by unions in the U.S. and Canada to change the model, and generating some vocal support from passengers on social media. While passengers have largely expressed support for the flight attendants, some are growing weary of the uncertainty. Danna Wu, 35, said she and her husband will have no choice but to drive from Winnipeg to Vancouver if the strike persists for a visa appointment she said she cannot afford to miss. Although she believes Air Canada should pay its attendants more, the master's student at the University of Manitoba added, 'it's not responsible to strike and leave thousands of passengers in such chaos.' Air Canada's demands on unpaid work follow gains recently won by flight attendants in the United States. New labor agreements at American Airlines (AAL.O), opens new tab and Alaska Airlines (ALK.N), opens new tab legally require carriers to start the clock for paying flight attendants when passengers are boarding. American's flight attendants are also compensated for some hours between flights. United Airlines' <UAL.O cabin crews, who voted down a tentative contract deal last month, want a similar provision. The government's options to force an end to the strike include asking courts to enforce the order to return to work and seeking an expedited hearing. The minority government could also try to pass legislation that would need the support of political rivals and approval in both houses of parliament, which are on break until September 15, but has so far been cautious. "The government will be very reticent to be too heavy-handed because in Canada the Supreme Court has ruled that governments have to be very careful when they take away the right to strike, even for public sector workers that may be deemed essential," said Dionne Pohler, professor of dispute resolution at Cornell University's Industrial and Labor Relations School. Another option is to encourage bargaining, Pohler said. On Saturday, Carney's Liberal government moved to end the strike by asking the board to order binding arbitration. The CIRB issued the order, which Air Canada had sought, and unionized flight attendants opposed. The previous government, under former Prime Minister Justin Trudeau, intervened last year to head off rail and dock strikes that threatened to cripple the economy, but it is highly unusual for a union to defy a CIRB order. CUPE said its rejection was unprecedented when such an order was made according to rules, known as Section 107, that the government invoked in this case.
Reuters
26 minutes ago
- Reuters
Senator Schiff asks FCC to disclose if Trump sought content changes in Paramount merger review
WASHINGTON, Aug 18 (Reuters) - Democratic Senator Adam Schiff asked the Federal Communications Commission whether President Donald Trump sought programming or media coverage commitments as part of the approval of CBS-parent Paramount Global's merger with Skydance Media. Schiff on Monday sought details from FCC Chair Brendan Carr on potential political influence by Trump on the review, citing the $16 million settlement paid by Paramount (PSKY.O), opens new tab to Trump weeks before the merger's approval and a series of meetings the FCC held with company executives. The senator also asked if the FCC had talks with the companies concerning specific programs, including 'The Late Show with Stephen Colbert" during the merger review. CBS announced in July the Late Show would be canceled next year. Schiff said the sequence of events "raises significant questions and alarm that the FCC – an independent regulatory agency – has become a vehicle for President Trump to exact personal retribution and undermine the freedom of the press." Paramount, the White House and the FCC did not immediately respond to requests for comment. Democratic Senator Richard Blumenthal, who last month also sought answers on the review, suggested that the FCC's goal was "government censorship" in approving the deal. "The FCC is engaged in an unprecedented and illegal campaign to chill free speech and independent news reporting protected by the First Amendment," Blumenthal wrote. The FCC voted 2-1 to approve the $8.4 billion merger after Skydance agreed to ensure CBS news and entertainment programming is free of bias, hire an ombudsman for at least two years to review complaints and end diversity programs. Trump has repeatedly attacked broadcast networks for what he perceives as biased news coverage and called on Carr to rescind their licenses. Democratic FCC Commissioner Anna Gomez accused Paramount of "cowardly capitulation" to the Trump administration. She also said the FCC was imposing "never-before-seen controls over newsroom decisions and editorial judgment, in direct violation of the First Amendment and the law." Paramount agreed to pay $16 million to settle a $20 billion lawsuit filed by Trump, claiming CBS News' "60 Minutes" deceptively edited an interview with former Vice President Kamala Harris. Paramount did not admit wrongdoing.
