Chinese Leasing Companies Face Heavy Losses After Planes Detained in Russia
A wave of legal developments was set off by a landmark UK High Court ruling in June that favored aircraft lessors. These incidents have reignited concerns about the long-term impact on Chinese lessors and their ability to recoup value from aircraft still trapped in Russia.
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Geopolitics dominates, before Fed takes the stage
A look at the day ahead in European and global markets from Wayne Cole. You know it's crazy times, when speculation Putin sent his body double to Alaska doesn't sound so outlandish. What does seem clear is that President Trump has shifted back to echoing Moscow's line, tweeting Kremlin talking points about Crimea and Zelenskiy. Putin's position seems to be that Ukraine should give up all the land Russia has taken, and much that it has failed to take in more than three years of fighting. This has been repeatedly ruled out by Zelenskiy and European leaders, and it's notable they will be by his side in Washington when he meets Trump later today. Markets have judged there is a diminished threat of further U.S. sanctions or tariffs on Russian oil exports, and oil prices are down modestly with Brent off 0.3%. Share markets are mostly firmer as Japan and Taiwan make more records, and Chinese blue chips scale a 10-month top. European stock futures are up 0.2% or so, as are Wall St futures. Valuations have been underpinned by a solid earnings season as Goldman notes S&P 500 EPS grew 11% on the year and 58% of companies raised their full-year guidance. This week's results will provide some colour on the health of consumer spending with Home Depot, Target, Lowe's and Walmart all reporting. For monetary policy the main event will be the Federal Reserve's Jackson Hole jamboree where Chair Powell speaks on the economic outlook and the Fed's policy framework on Friday, though there doesn't seem to be a Q&A as yet. ECB President Christine Lagarde and Bank of England Governor Andrew Bailey are on panel discussions. Futures are about 85% priced for a Fed rate cut in September so anything less than dovish from Powell would be a setback for debt markets. While Fed expectations are anchoring short-term yields, the long end continues to fret about inflation, budget deficit and the politicisation of monetary policy, so steepening the yield curve. European bond yields have also been on the rise, perhaps in part on a realisation of how much governments are going to have to borrow to cover increased defence spending. Key developments that could influence markets on Monday: - EU trade figures for June, US NAHB housing survey (By Wayne Cole; Editing by Jacqueline Wong) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Asian shares mostly gain as eyes turn to meetings at the White House and Jackson Hole
BANGKOK (AP) — Asian shares were mostly higher Monday after U.S. stocks edged back from their record levels on Friday. U.S. 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% to 43.776.38, while the Hang Seng in Hong Kong added 0.3% to 25,344.48. The Shanghai Composite index jumped 1.2% to 3,740.50. Australia's S&P/ASX 200 was virtually unchanged, while the Kospi in South Korea declined 1.3% 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 U.S. economy have undercut those bets somewhat. One report Friday said shoppers boosted their spending at U.S. 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 U.S. consumers is worsening because of worries about inflation, when economists expected to see a slight improvement. On Wall Street, UnitedHealth Group jumped 12% 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%. Applied Materials helped lead Wall Street lower with a decline of 14.1% 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% 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% to 6,449.80. The Dow Jones Industrial Average edged 0.1% higher, to 44,946.12. The Nasdaq composite sank 0.4% to 21,622.98. In other dealings early Monday, U.S. 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 U.S. dollar rose to 147.38 Japanese yen from 147.18 yen. The euro was unchanged at $1.1703.
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Zelenskyy brings Europe's top leaders with him to meet Trump on ending Russia's war
WASHINGTON (AP) — Ukraine's future could hinge on a hastily assembled meeting Monday at the White House as Ukrainian President Volodymyr Zelenskyy brings with him an extraordinary cadre of European leaders to show U.S. President Donald Trump a united front against Russia. The European political heavy-hitters were left out of Trump's summit with Russian President Vladimir Putin last Friday, and they look to safeguard Ukraine and the continent from any widening aggression from Moscow. By arriving as a group, they hope to avoid any debacles like Zelenskyy's February meeting in the Oval Office, where Trump chastised him for not showing enough gratitude for American military aid. The meeting also is a test of America's relationship with its closest allies after the European Union and United Kingdom accepted Trump's tariff hikes partly because they wanted his support on Ukraine. Monday's showing is a sign both of the progress and the possible distress coming out of the Alaska meeting as many of Europe's leaders are descending on Washington with the explicit goal of protecting Ukraine's interests, a rare and sweeping show of diplomatic force. 'It's important that America agrees to work with Europe to provide security guarantees for Ukraine, and therefore for all of Europe,' Zelenskyy said on X. The night before the meeting, however, Trump seemed to put the onus on Zelenskyy to agree to concessions and suggested that Ukraine could not regain Crimea, which Russia annexed in 2014, setting off an armed conflict that led to its broader 2022 invasion. "President Zelenskyy of Ukraine can end the war with Russia almost immediately, if he wants to, or he can continue to fight," he wrote Sunday night on social media. 'Remember how it started. No getting back Obama given Crimea (12 years ago, without a shot being fired!), and NO GOING INTO NATO BY UKRAINE. Some things never change!!!' Zelenskyy appeared to respond with his own post late Sunday, saying, 'We all share a strong desire to end this war quickly and reliably.' He went on to say that 'peace must be lasting,' not as it was after Russia seized Crimea and part of the Donbas in eastern Ukraine eight years ago, and 'Putin simply used it as a springboard for a new attack.' The sitdown in Alaska yielded the possible contours for stopping the war in Ukraine, though it was unclear whether the terms discussed would ultimately be acceptable to Zelenskyy or Putin. The European heavyweights coming to Washington Planning to join Zelenskyy in America's capital are European Commission President Ursula von der Leyen, French President Emmanuel Macron, British Prime Minister Keir Starmer, German Chancellor Friedrich Merz, Italian Premier Giorgia Meloni, Finnish President Alexander Stubb and NATO Secretary-General Mark Rutte. On the table for discussion are possible NATO-like security guarantees that Ukraine would need for any peace with Russia to be durable. Putin opposes Ukraine joining NATO outright, yet Trump's team claims the Russian leader is open to allies agreeing to defend Ukraine if it comes under attack. Trump briefed Zelenskyy and European allies shortly after the Putin meeting, and details from the discussions emerged in a scattershot way that seemed to rankle the U.S. president, who had chosen not to outline any terms when appearing afterward with Putin. 'BIG PROGRESS ON RUSSIA,' Trump posted Sunday on social media. The president also bemoaned media coverage of his summit with Putin and said on Truth Social: "I had a great meeting in Alaska." Following the Alaska summit, Trump declared that a ceasefire was not necessary for peace talks to proceed, a sudden shift to a position favored by Putin. Secretary of State Marco Rubio said Sunday that a ceasefire was still possible but that 'the best way to end this conflict is through a full peace deal." The issues on the table for the European allies European officials confirmed that Trump told them Putin is still seeking control of the entire Donbas region, even though Ukraine controls a meaningful share of it. And Trump's special envoy, Steve Witkoff, said the U.S. and its allies could offer Ukraine a NATO-like commitment to defend the country if it came under attack as the possible security guarantee. "How that's constructed, what we call it, how it's built, what guarantees are built into it that are enforceable, that's what we'll be talking about over the next few days with our partners who are coming in from overseas,' Rubio told NBC's 'Meet the Press.' Rubio said on Fox News' 'Sunday Morning Futures' that such a commitment 'would be a very big move" by Trump. He expects the delegations will 'spend six, seven hours talking about these things, maybe more, and try to get to a point where we have something more concrete.' Monday's meeting will likely be very tough for Zelenskyy, an official close to the ongoing talks said. That official spoke on condition of anonymity to speak openly about thinking within Ukraine and between allies. Zelenskyy needs to prevent a scenario in which he gets blamed for blocking peace talks by rejecting Putin's maximalist demand on the Donbas, the official said. It is a demand Zelenskyy has said many times he will never accept because it is unconstitutional and could create a launching pad for future Russian attacks. If confronted with pressure to accept Putin's demands, Zelenskyy would likely have to revert to a skill he has demonstrated time and again: diplomatic tact. Ukrainian leadership is seeking a trilateral meeting with Zelenskyy, Trump and Putin to discuss sensitive matters, including territorial issues. Zelenskyy is looking to avoid another Oval Office blowup After enduring a public tirade by Trump and Vice President JD Vance in February, Zelenskyy worked to repair relations with the U.S. Constant diplomatic communication and a 15-minute meeting at the Vatican in April on the sidelines of Pope Francis' funeral helped turn the tide. Trump appeared at the time to be swayed by Zelenskyy's conditions for peace. But Trump says he cares primarily about ending the war, an ambition that led him after his meeting with Putin to discard the need for a ceasefire. European allies also have worked with Trump, reaching a deal in July for NATO allies to buy weapons from the U.S. for Ukraine. Ahead of Monday's meeting, France's Macron stressed the importance of building up Ukraine's military and the need to show Putin that Europe interprets his moves as a threat to other nations. 'If we are weak with Russia today, we'll be preparing the conflicts of tomorrow and they will impact the Ukrainians and — make no mistake — they can impact us, too,' Macron said. ___ Kullab reported from Kyiv, Ukraine. Associated Press writer John Leicester contributed from Le Pecq, France.
