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The Trump-Putin Alaska summit ended without any breakthrough on Ukraine, though both leaders cited progress on unspecified issues. Markets reacted calmly, with analysts noting no sanctions impact and limited geopolitical influence on investor sentiment.
The dollar weakened on Friday. This happened after a week filled with economic data. The possibility of a Federal Reserve interest rate cut in September remains. Traders are closely watching the meeting between Donald Trump and Vladimir Putin regarding Ukraine. Markets are also awaiting the Jackson Hole symposium for further clues on the Fed's next move.
Global stock markets remained stable near record highs on Friday. Donald Trump and Vladimir Putin met in Alaska to discuss Ukraine. US Treasury bond prices declined amid expectations of a Federal Reserve rate cut. The Dow reached a new intraday high. European shares saw a slight pullback after nearing a five-month high.
European shares experienced a slight dip, influenced by declines in tech and financial sectors, even as investors eyed the U.S.-Russia summit. While miners and healthcare showed gains, corporate earnings painted a mixed picture. Pandora's significant fall due to weakening sales and Standard Chartered's probe call impacted market sentiment.
The Dow Jones closed higher, hitting a record high, propelled by UnitedHealth's surge after Berkshire Hathaway increased its stake. Other indexes slipped amid mixed economic data impacting Federal Reserve's policy decisions. Investors are anticipating a potential rate cut in September. Trump and Putin's meeting in Alaska raised hopes for resolving the Ukraine conflict and influencing crude prices.
India's foreign exchange reserves increased by $4.7 billion, reaching $693.6 billion in the week ending August 8, according to RBI data. This rise was primarily driven by revaluation gains from a weaker dollar and higher gold prices, partially offset by the RBI's market intervention, including $5 billion in FX swaps.
Donald Trump and Vladimir Putin met to discuss the Russia-Ukraine conflict. Trump stated the meeting was productive, with both leaders aiming to reduce casualties. They agreed on several points, but some key issues remain unresolved. Trump plans to consult with NATO and Volodymyr Zelenskyy. He praised the efforts of officials from both countries.
Russian President Vladimir Putin met with Donald Trump in Alaska, stating that the Russia-Ukraine conflict might not have occurred if Trump were president in 2022. Putin recalled warning the previous US administration about escalating tensions and emphasized the constructive atmosphere of their negotiations.
