Asian stocks rise as investors track Ukraine war after Trump-Putin summit

Business Standard

13 hours ago

Asian shares were mostly higher Monday after US stocks edged back from their record levels on Friday.
US futures were little changed as investors watched for developments in the Ukraine crisis following a summit between President Donald Trump and Russian President Vladimir Putin that brought no breakthroughs.
Japan's Nikkei 225 gained 0.9 per cent to 43.776.38, while the Hang Seng in Hong Kong added 0.3 per cent to 25,344.48.
The Shanghai Composite index jumped 1.2 per cent to 3,740.50.
Australia's S&P/ASX 200 was virtually unchanged, while the Kospi in South Korea declined 1.3 per cent to 3,184.17.
Trump was preparing to meet later Monday with Ukrainian President Volodymyr Zelenskyy and other European leaders in Washington.
The European vanguard were not included in Trump's summit with Russian President Vladimir Putin last Friday. They are seeking to present a united front in safeguarding Ukraine and the continent from any widening aggression from Moscow.
An annual meeting in Jackson Hole, Wyoming, of top central bankers later this week is also drawing attention. Federal Reserve chair Jerome Powell is due to speak Friday at the economic policy conference.
Expectations have been building that the Fed will cut interest rates at its next meeting in September, though mixed reports on the US economy have undercut those bets somewhat.
One report Friday said shoppers boosted their spending at US retailers last month, while another said manufacturing in New York state unexpectedly grew.
A third said industrial production across the country shrank last month, when economists were looking for modest growth.
Yet another report suggested sentiment among US consumers is worsening because of worries about inflation, when economists expected to see a slight improvement.
On Wall Street, UnitedHealth Group jumped 12 per cent on Friday after famed investor Warren Buffett's Berkshire Hathaway said it bought nearly 5 million shares of the insurer during the spring, valued at $1.57 billion.
Buffett is known for trying to buy good stocks at affordable prices, and UnitedHealth's halved for the year by the end of July because of a run of struggles.
Berkshire Hathaway's own stock slipped 0.4 per cent.
Applied Materials helped lead Wall Street lower with a decline of 14.1 per cent even though it reported better results for the latest quarter than analysts expected. The focus was on the company's forecast for a drop in revenue during the current quarter.
Its products help manufacture semiconductors and advanced displays, and CEO Gary Dickerson pointed to a dynamic macroeconomic and policy environment, which is creating increased uncertainty and lower visibility in the near term, including for our China business.
Sandisk fell 4.6 per cent despite reporting a profit for the latest quarter that blew past analysts' expectations. Investors focused instead on the data storage company's forecast for profit in the current quarter, which came up short of Wall Street's.
On Friday, the S&P 500 fell 0.3 per cent to 6,449.80. The Dow Jones Industrial Average edged 0.1 per cent higher, to 44,946.12. The Nasdaq composite sank 0.4 per cent to 21,622.98.
In other dealings early Monday, US benchmark crude oil shed 2 cents to $62.82 per barrel, while Brent crude, the international standard, gave up 6 cents to $65.79 per barrel.
The US dollar rose to 147.38 Japanese yen from 147.18 yen. The euro was unchanged at $1.1703.
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