BANGKOK – Asian stock markets were largely on the upswing Monday, following a small dip in the S&P 500 and Nasdaq composite from their peak levels, while the Dow Jones managed a slight rise to achieve a new record.
Meanwhile, U.S. stock futures showed minimal movement as investors remained attentive to the unfolding situation in Ukraine, post-summit between President Donald Trump and Russia’s President Vladimir Putin, which yielded no significant advances.
Japan’s Nikkei 225 gained 0.8% to 43.714.31, while the Hang Seng in Hong Kong added 0.1% to 25,291.42.
The Shanghai Composite index jumped 1% to 3,732.44.
Australia’s S&P/ASX 200 picked up 0.2% to 8,959.30.
In South Korea, the Kospi index dropped by 1.5% to 3,177.28 due to substantial sell-offs among semiconductor manufacturers such as Samsung Electronics, which saw a 2.2% decline, and SK Hynix, which decreased by 3.3%, as anxiety grew over potential U.S. tariffs targeting computer chips.
Trump was preparing to meet later Monday with Ukrainian President Volodymyr Zelenskyy and other European leaders in Washington.
The European leaders were excluded from Trump’s recent meeting with President Putin last Friday. They are striving to maintain a cohesive stance in protecting Ukraine and the wider continent from potential escalation by Moscow.
This week, a significant gathering of leading central bankers in Jackson Hole, Wyoming, will be closely observed, particularly for any indications of interest rate cuts from Federal Reserve Chair Jerome Powell, who is set to deliver a speech at the economic policy event on Friday.
“Although labor markets are the official focus, investors are closely analyzing any suggestions about the policy approach for September, especially in light of last week’s mixed inflation figures,” commented Ipek Ozkardeskaya of Swissquote. She further noted that “any advancement in Ukraine peace negotiations could propel global stock markets even higher.”
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%. The Dow Jones Industrial Average edged 0.1% higher. The Nasdaq composite sank 0.4%.
In other dealings early Monday, U.S. benchmark crude oil rose 24 cents to $63.04 per barrel, while Brent crude, the international standard, climbed 16 cents to $66.01 per barrel.
The U.S. dollar rose to 147.41 Japanese yen from 147.18 yen. The euro inched up to $1.1705 from $1.1703.
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