Asia: Stocks up, oil down before Trump-Zelensky talks
US President Trump met Russian President Vladimir Putin in Alaska on Friday, but the summit failed to yield any breakthrough on a ceasefire in Ukraine.
Zelensky, who will be joined in Washington by European leaders, however called a US offer of security guarantees to Ukraine 'historic'.
'Trump and Putin walked away without a ceasefire, without even the illusion of one,' said Stephen Innes at SPI Asset Management.
'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 said.
Before the Alaska talks, US stocks wavered on Friday after mixed economic data, with retail sales up but an industrial production index and a consumer survey both down.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
Oil prices, which have been volatile for several days - Russia is a major crude producer - fell back on Monday, adding to a drop on Friday.
Japan's Nikkei was up, posting a new record high and adding to gains on Friday after better-than-expected economic growth data.
The Hang Seng, Shanghai, and Sydney were also higher while Taipei fell back.
This week investor eyes will be on any clues on US interest rates at the Federal Reserve's annual retreat at Jackson Hole. AFP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
9 minutes ago
- CNA
CNA938 Rewind - A Letter to Myself: How motherhood made Efasha Kamarudin a stronger boxer
US Special Envoy Steve Witkoff says Russian President Vladimir Putin has agreed to allow the US and Europe to give NATO-style security guarantees to Ukraine. This comes after a highly anticipated summit between Mr Putin and his American counterpart Donald Trump on Friday (Aug 15) yielded no agreement to resolve or pause Moscow's war in Ukraine. All eyes are now on Volodymyr Zelensky's meeting at the White House. Andrea Heng and Susan Ng gets an analysis of the situation with Dr Sonia Mycak, Research Fellow, ANU Centre for European Studies
Straits Times
9 minutes ago
- Straits Times
Former Hong Kong lawmaker says Australian asylum grant shows territory infringed rights
Sign up now: Get ST's newsletters delivered to your inbox SYDNEY - Exiled former Hong Kong lawmaker Ted Hui hailed on Monday Australia's grant of asylum status as a key acknowledgement of the territory's human rights infringements since its authorities quelled massive pro-democracy protests in 2019. Hui, who also urged support for businessman Jimmy Lai now being tried on national security charges, received asylum on Friday, more than four years after leaving Hong Kong, which has offered a bounty for him on criminal charges over the protests. "It is recognition by the Australian government that human rights infringements and erosion of democracy and freedom actually happened and justified granting asylum to people like me ... being persecuted because of the protests," Hui said. "I believe this is good for Australia to have that recognition and I am grateful for the country, which has given me so much," he told Reuters in an interview. Australian visa data reviewed by Reuters showed it had approved no asylum claims by citizens of the Asian financial hub since January 2021, and rejected five in 2023. Hui, who is working as a lawyer in South Australia, said the good news for his family came in a week during which he was concerned over Hong Kong's trial of his friend, the pro-democracy businessman Lai, on national security charges. "Jimmy Lai is very iconic of Hong Kong's resistance because he actually had the ability to leave Hong Kong but he decided to stay," he said. "That is very noble of him." Before his arrest, Lai had described himself to Hui as being "like a captain of a ship" in support of democratic values and would "sink with the ship". Hui added, "He deserves democracy's help in rescuing him when he is in a deep plight and he is not well." Lai, 77, received medication and a heart monitor for the start of the trial's final submissions, prompted by health concerns aroused by heart palpitations. Australia's Foreign Minister Penny Wong raised concerns with her Chinese counterpart Wang Yi in a meeting last month about anonymous letters circulated in South Australia offering rewards for information about Hui and his family. The Australian Federal Police were investigating the matter, Hui said. "They call me to check on my safety and that of my family...," he said. "I can say the AFP is putting in a lot of effort." A police spokesman declined to comment. After Hui and his family arrived in 2021, 123 Hong Kong citizens have made asylum claims in Australia. Many more have taken up skilled visas under a program launched in 2021 for Hong Kong citizens to stay permanently, data shows. The home affairs department did not immediately respond to a request for comment. In a statement, the government of the former British colony said it was "against the harbouring of criminals in any form by any country". REUTERS
Business Times
9 minutes ago
- Business Times
‘Ulu' no more: What to know about the rejuvenation of Woodlands, Kranji and Sembawang
[SINGAPORE] Singapore's northern region is set to be rejuvenated into a vibrant precinct with business and industrial districts alongside nature, housing and transport amenities. Prime Minister Lawrence Wong at the National Day Rally on Sunday (Aug 17) elaborated on plans of the Urban Redevelopment Authority (URA) to redevelop Singapore's northern areas of Woodlands, Kranji and Sembawang – which some consider to be 'remote' or 'ulu'. He spoke about the URA Draft Master Plan 2025 – released in June – which outlines land use plans for the next 10 to 15 years. Here is what to know about the URA's plan for Singapore's northern neighbourhoods: Woodlands: Northern gateway to Malaysia Woodlands, which houses the Woodlands Regional Centre, will provide a northern gateway to Malaysia – with connectivity to be enhanced between the economic hub and parts of Singapore and Johor Bahru. Noting that the growth potential offered by the Johor-Singapore Special Economic Zone (JS-SEZ) can be maximised with improved cross-border connectivity, PM Wong reiterated plans for the expansion of Woodlands Checkpoint, which have been previously announced . The checkpoint's redevelopment is set to take place in phases over the next decade or so, with the first phase expected to be fully operational from 2032. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The expanded Woodlands Checkpoint would be five times bigger than its current size, reducing average travel times for motor vehicles, shortening waiting times and easing traffic congestion. The first phase of redevelopment works will extend the Old Woodlands Town Centre and build 21 bidirectional cargo lanes and 78 arrival car lanes – boosting cargo clearance capacity by 30 per cent and arrival car clearance capacity by 95 per cent. Land around the centre has been acquired for the project, with plans to reclaim more. The 78 arrival car lanes may be converted to 156 arrival motorcycle lanes, providing flexibility to manage traffic during peak periods. The Bukit Timah Expressway (BKE) will be lengthened to create a direct route for vehicles exiting Woodlands Checkpoint to ease traffic congestion, while surrounding road networks will also be upgraded to improve traffic flow. Construction at Old Woodlands Town Centre and the BKE extension are expected to be completed progressively from 2028. Subsequently, the old Woodlands Checkpoint will be demolished, redeveloped, and integrated with the redeveloped Old Woodlands Town Centre, which is to be fully operational from 2032. Woodlands will be the location of the Singapore station of the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link. Set to begin passenger service by December 2026 , it will be directly connected to Woodlands North MRT station on the Thomson-East Coast Line. This will make cross-border travel more convenient with connectivity between the RTS and the MRT. Passengers will be able to clear both Singapore's and Malaysia's customs upon departure. A new multi-modal transport hub in Woodlands will connect the RTS Link to MRT and bus services. It is expected to be completed in the mid-2030s. As part of a 7-hectare integrated development designated for 'business-white' use, the hub will have office, industrial and retail spaces for businesses and the community. 'Business-white' zones allow industrial developments to have a greater proportion of non-industrial uses. The URA said that complementary developments like co-working spaces, alongside hotels and housing, may be considered as well. Flexible industrial spaces will be built around the RTS Link station to support businesses taking advantage of the JS-SEZ. There are also plans to build new homes, including 4,000 flats near Admiralty Park and more homes along Woodlands waterfront. The Gali Batu site in Woodlands is being studied for potential construction aggregate storage, as the government is exploring underground developments as part of efforts to optimise land use and free up surface land. Kranji: New housing estate around nature The former Kranji racecourse presents a 'rare opportunity for major transformation', as it has the key ingredients to be developed for housing, such as good connectivity, ample space and nature, said PM Wong. Comprising some 130 hectares or around 200 football fields, the former Kranji racecourse will site a new public housing estate with some 14,000 new public and private homes. Set to be ready in around 10 years, the estate will combine urban living with nature and will be supported by new amenities – including a new neighbourhood centre that will be built near Kranji MRT station. As the industrial estate of Sungei Kadut is progressively rejuvenated to better meet industrial needs of the future, the area will get a new MRT station and interchange that will improve connectivity to the Kranji Area. Slated to open in 2035, the interchange will link the North-South and Downtown MRT lines and will be one stop away from the existing Kranji MRT station. Sungei Kadut will be upgraded into a place for emerging industries such as agri-tech, environmental technology and built environment – with four new precincts to make up the Sungei Kadut Eco-District, according to URA's and JTC's websites. The former Kranji racecourse site will also be surrounded by green spaces, such as a new nature park. These include the Mandai Wildlife Reserve, the Rail Corridor and the Sungei Mandai waterway, as well as upcoming spaces set to open in 2028 – the Mandai Mangrove and Mudflat Nature Park. Sembawang: Vibrant waterfront with maritime heritage preserved The Sembawang Shipyard – a former British naval base before its conversion into a shipyard that opened in 1971 – will be transformed into a vibrant waterfront destination that incorporates its maritime heritage. The coastal area, which is around three times the size of Ang Mo Kio Town Centre, will feature housing and a promenade with dining, shopping and community spaces. The shipyard's 'rich maritime character' will be preserved, including its dry dock – which was the largest globally when it opened in 1938, measuring 305 metres long and 40 m wide, the size of around 10 Olympic swimming pools. This could be converted into a space for sports, concerts, performances, events or social gatherings. Former naval workshops and other similar buildings with high-ceilinged spaces could be suitable as spaces for media production, start-ups, artists, a mall and co-working spaces, the URA's website indicated. The former Sembawang Fire Station at the shipyard's entrance, which closed in 2005, may be transformed into a community and lifestyle hub, according to URA's website. Its Art Deco-Modern building is known for its prominent tower where fire hoses once hung. The URA is collaborating with the Singapore Institute of Architects and the Singapore Institute of Planners for the shipyard's redevelopment.
