Asian stocks and crude oil prices weakened as caution grew ahead of the upcoming meeting between Donald Trump and Ukrainian President Volodymyr Zelenskiy.

In regional markets, Japanese shares edged higher, while Australian and South Korean equities slipped. S&P 500 futures added 0.1%. Brent crude fell 0.3% after the U.S.-Russia summit on Friday ended without geopolitical escalation, easing concerns over supply disruptions. Meanwhile, the U.S. dollar index moved little.

Investors are now turning their attention to the Trump-Zelenskiy talks in Washington for signals on the next market direction, following the U.S.-Russia meeting which concluded without fresh sanctions on Moscow or its crude buyers.

Market participants also remain cautious ahead of the Federal Reserve’s annual Jackson Hole retreat, where Chair Jerome Powell’s speech is awaited as a clue on a potential rate cut in September after the latest U.S. economic data release.

According to Jordan Rochester, Head of EMEA Macro Strategy at Mizuho Corp, expectations for the Trump-Putin summit were low, so market reaction may remain subdued. “However, hope is a powerful driver, and this outcome will keep higher risk sentiment alive and healthy,” he said.

Zelenskiy and his European allies arrived in Washington on Monday, anxious to learn what Trump promised in his meeting with Putin and worried he may pressure Kyiv into making unfavorable concessions.

While the U.S. is expected to emphasize Russia’s demands for territorial concessions, Ukraine will seek as much security assurance as possible, according to people familiar with the matter.

Helima Croft, Head of Commodity Strategy at RBC Capital Markets LLC, said the Friday summit’s outcome was not significantly different, with stakeholders now looking for the next steps to resolve the crisis. She added that attention may soon shift back to India and China as the U.S. seeks new ways to tighten pressure on Kremlin’s oil revenues. “Trump appears to be holding off on additional sanctions or secondary tariffs on the energy sector,” Croft noted.

On Wall Street, stocks retreated from record highs on Friday, after data showed mixed signals about how confident American consumers feel about the economy.

This week, investors will also monitor Japan’s inflation data for indications of whether the Bank of Japan will raise rates again this year. Meanwhile, China’s benchmark lending rate will be in focus amid expectations of further stimulus from Beijing to counter Trump’s trade war.

Market Snapshot:

📊 Stocks

• S&P 500 futures rose 0.1% as of 9:23 a.m. Tokyo time

• Japan’s Topix index advanced 0.3%

• Australia’s S&P/ASX 200 was little changed

• Euro Stoxx 50 futures gained 0.5%

💱 Currencies

• Bloomberg Dollar Spot Index steady

• Euro flat at US$1.1710

• Japanese yen little changed at 147.32 per dollar

• Offshore yuan stable at 7.1875 per dollar

🪙 Cryptocurrencies

• Bitcoin fell 0.1% to US$117,522.48

• Ether flat at US$4,468.21

📉 Bonds

• 10-year U.S. Treasury yield steady at 4.31%

• Japan’s 10-year government bond yield rose 1 bps to 1.585%

• Australia’s 10-year government bond yield climbed 4 bps to 4.27%

âš¡ Commodities

• WTI crude declined 0.2% to US$62.65 a barrel

• Spot gold rose 0.2% to US$3,342.15 an ounce