Asia-Pacific markets traded mixed on Monday after a call between US President Donald Trump and Chinese President Xi Jinping failed to deliver clear progress on key trade and economic issues.
Chinese stocks struggled to gain traction despite both sides describing the conversation as “productive,” leaving investors cautious about the outlook for US–China relations.
In the United States, lawmakers face a 30 September deadline to pass a funding bill and avoid a government shutdown. The Senate is not scheduled to return until 29 September, while the House will not reconvene until 7 October, raising concerns about a last-minute scramble to keep the government running.
Geopolitical tensions added to market uncertainty. Estonia triggered NATO Article 4 after three Russian MiG-31 fighter jets briefly entered its airspace on Friday. Over the weekend, Germany scrambled fighter jets to track a Russian plane over the Baltic Sea. NATO allies are set to meet early this week to discuss the incidents.
European equity futures signalled a flat start to the trading day, with Euro Stoxx 50 futures unchanged after the index ended Friday’s session flat. Investors are awaiting key economic data, including eurozone consumer confidence figures and Canadian producer prices, as well as speeches from central bank officials at the Federal Reserve, Bank of England, and Bank of Canada.
In the US, major stock indices closed higher on Friday, with the S&P 500 gaining 0.49% and the Nasdaq rising 0.70%, driven by strong performance in large-cap technology stocks. Attention now turns to upcoming Fed commentary and inflation data that could shape expectations for further interest rate cuts.
Oil prices firmed as geopolitical risks in Europe and the Middle East supported demand for safe-haven assets, while gold held near USD 3,700 per ounce. The US dollar traded in a narrow range as investors awaited this week’s economic reports and Fed speakers for further guidance.
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