Putin-Trump Meeting Yields No Agreement, Markets Focus on Powell's Jackson Hole Speech

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Summary:

Putin and Trump fail to reach an agreement; Powell to speak at Jackson Hole this week, a critical moment for bond market rate cut bets......

[Quick Facts]

1. Putin and Trump fail to reach an agreement.

2. Russian ambassador to the U.S.: Russia and the U.S. to further consult on normalizing relations soon.

3. Japan to approve first yen-denominated stablecoin JPYC.

4. Israeli military to review plan for Gaza City occupation, may conduct military exercises in Gaza City within weeks.

5. Europe considers sending Trump's preferred interlocutor to Washington alongside Zelenskyy.

6. Powell to speak at Jackson Hole this week, a critical moment for bond market rate cut bets.

7. Trump to meet Zelenskyy first, then discuss Russia-Ukraine conflict with European Leaders.

8. Putin proposes ceasefire conditions to Trump: Ukrainian troops withdraw from Donetsk in exchange for a halt in the southern battlefield.

[News Details]

Putin and Trump fail to reach an agreement

U.S. President Donald Trump stated at a joint press conference with Russian President Vladimir Putin that the two sides had made significant progress and reached consensus on many issues, with very few remaining problems. However, one important issue remained unresolved, and no agreement was reached on it. Trump said he would later call Ukrainian President Volodymyr Zelenskyy, NATO leaders, and others he deemed appropriate to brief them on the meeting. He expressed hope for good and productive future meetings between the U.S. and Russia, and anticipated meeting with Putin again soon. Putin noted that the next meeting might take place in Moscow.

Russian ambassador to the U.S.: Russia and the U.S. to further consult on normalizing relations soon

On the 15th local time, Russian Ambassador to the United States Alexander Darchiev stated that documents related to the resumption of air travel between Russia and the U.S. have been prepared and submitted to the U.S. side for review. Darchiev revealed that the next round of consultations between Russia and the U.S. on tense issues in bilateral relations and the normalization of ties is expected to take place soon, with hopes for concrete discussions at that time. After the meeting between the two heads of state, Dmitriev, CEO of the Russian Direct Investment Fund, said that the two sides had engaged in a positive and constructive dialogue. He emphasized that it was crucial that the U.S. president acknowledged the significant potential for economic cooperation between Moscow and Washington.

Japan to approve first yen-denominated stablecoin JPYC

According to a report by Nikkei, Japan's Financial Services Agency (FSA) is set to approve this month the country's first issuance of a yen-denominated stablecoin called JPYC. The FSA will register the fintech company JPYC Inc. as a remittance business operator, with sales expected to begin within weeks after registration. This digital currency will be backed by liquid assets such as government bonds to maintain its value at a stable rate of 1 JPYC = 1 Japanese yen.

Israeli military to review plan for Gaza City occupation, may conduct military exercises in Gaza City within weeks

Israel's Army Radio reported on the morning of the 17th that the Israeli military's Chief of Staff, Eyal Zamir, will convene a meeting that day to review the overall plan for the military occupation of Gaza City in the northern part of the Gaza Strip. The radio also cited sources as saying that the Israeli military plans to conduct military exercises within Gaza City within weeks. At the same time, some troops will be required to withdraw from certain positions in southern Gaza to vacate areas for relocating refugees displaced from Gaza City. Previously, the Israeli government had instructed the Israel Defense Forces (IDF) to prepare for a military offensive on Gaza City, after which the military began operations in areas on the outskirts of Gaza City, such as the Zeitoun neighborhood.

Europe considers sending Trump's preferred interlocutor to Washington alongside Zelenskyy

U.S. President Donald Trump's affinity toward Russian President Vladimir Putin last Friday has left European leaders deeply concerned that Ukrainian President Volodymyr Zelenskyy may not receive the same level of goodwill. In response, they are taking steps to improve Kyiv's chances. According to two European diplomats and one informed source, plans are underway to have one of Trump's preferred communication partners, Finnish President Alexander Stubb, accompany Zelenskyy during his trip to Washington on Monday for a meeting with Trump. The goal is for Stubb to help prevent any friction between Trump and Zelenskyy and to persuade the U.S. president to involve Europe in any subsequent negotiations. One source mentioned that NATO Secretary General Mark Rutte, who has developed a close relationship with Trump, might also travel to Washington. Trump stated that he would first meet with Zelenskyy on Monday and then consider holding a trilateral meeting between Putin and Zelenskyy.

Powell to speak at Jackson Hole this week, a critical moment for bond market rate cut bets

Bond traders heavily bet on an imminent interest rate cut by the Federal Reserve, and this week marks a pivotal moment for those expectations as Fed Chair Jerome Powell will have the opportunity to comment on the economy. The Federal Reserve's annual symposium in Jackson Hole, Wyoming, is about to begin, and Powell is scheduled to speak on Friday. This would be a highly significant event for the U.S. Treasury market. The bond market currently sees a 25-basis-point rate cut next month as almost a certainty, with at least one more cut expected before the end of the year. In recent years, Powell has used this platform to make market-moving policy statements, and this time the stakes may be especially high. Traders believe that weakness in the labor market opens the door for the Fed chair to adopt a more dovish tone, although surprisingly strong inflation data has left some economists hesitant. For now, investors expect Powell to avoid undermining bets on a rate cut next month. Instead, he would possibly remind the public that officials' policy decision on September 17th will depend on data reports leading up to the meeting to confirm that the labor market is cooling and inflation is under control.

Trump to meet Zelenskyy first, then discuss Russia-Ukraine conflict with European Leaders

On August 17th, according to a report by The Hill, U.S. President Donald Trump will first meet with Ukrainian President Volodymyr Zelenskyy on the afternoon of August 18th Eastern Time, with U.S. Vice President J.D. Vance also in attendance. He will then hold a broader meeting with visiting European leaders to discuss the future of the Russia-Ukraine conflict. European participants will include European Commission President Ursula von der Leyen, German Chancellor Olaf Scholz, French President Emmanuel Macron, British Prime Minister Keir Starmer, Italian Prime Minister Giorgia Meloni, and NATO Secretary-General Mark Rutte. It is reported that a February meeting at the White House broke down after Trump and Vance criticized Zelenskyy, raising concerns in Europe that the U.S. might be leaning toward Russia. These concerns have resurfaced following Trump's meeting with Putin in Alaska on August 15th.

Putin proposes ceasefire conditions to Trump: Ukrainian troops withdraw from Donetsk in exchange for halt in the southern battlefield

Reuters, citing the UK's Financial Times on August 16th, reported that Russian President Vladimir Putin presented a specific plan to end the Russia-Ukraine conflict during his meeting with U.S. President Donald Trump. According to four informed sources, Putin explicitly demanded during the Alaska talks on August 15th that Ukrainian forces withdraw from the Donetsk region as a precondition for a ceasefire, and promised that if this condition is met, Russia would halt military operations on the southern fronts, including in Kherson and Zaporizhzhia. This proposal marks the first time since the outbreak of the conflict in 2022 that the Kremlin has conveyed clear negotiation terms to Kyiv through U.S. channels.

AFP also reported on the same day that Trump had shown a tentative inclination to support the Russian proposal. The plan requires Ukraine to recognize Russia's full control over the Donetsk and Luhansk regions and to maintain the current frontlines in the two other regions partially controlled by Russia. On August 16th, Trump urgently spoke with Ukrainian President Zelenskyy and several European leaders to coordinate positions, but faced a firm response from Kyiv. Zelenskyy cited constitutional provisions to emphasize that "Cession of Ukrainian territory to Russia is non-negotiable," though he did not completely rule out the possibility of a trilateral meeting. Analysts believe that Russia's strategy of decoupling the Donbas issue from other fronts aims to exploit divisions between the U.S. and Ukraine in pursuit of a phased breakthrough.

[Today's Focus]

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Gerik

Economic

Commodity

Crude Prices Dip on Pause in Geopolitical Pressure

At the start of the trading week, oil markets responded with moderate declines after diplomatic signals from the Trump-Putin meeting suggested no imminent disruption to Russian crude exports. Brent crude slipped by 26 cents, down 0.39%, to settle at $65.59 per barrel, while West Texas Intermediate (WTI) dropped 18 cents or 0.29%, to $62.62 per barrel. The pullback reflects a recalibration of investor expectations around geopolitical risks, particularly regarding U.S. policy toward Russia’s energy sector amid the ongoing war in Ukraine.

The meeting in Alaska on Friday between Trump and Putin marked a shift in tone, with both leaders showing alignment on negotiating a comprehensive peace agreement rather than pushing for an immediate ceasefire. This diplomatic posture suggests the U.S. is holding off on imposing new measures targeting Russian oil sales, especially secondary sanctions aimed at buyers like China and India.

Stabilization of Russian Supply Lowers Short-Term Risk Premium

Market sentiment had previously been influenced by speculation that Washington might escalate its sanctions regime, particularly through secondary tariffs on nations continuing to import Russian oil. However, Trump’s comments clarified that punitive measures are not an immediate priority and may only be considered “in two or three weeks,” if necessary.

RBC Capital’s Helima Croft emphasized that the status quo remains intact, noting that Trump’s restraint on imposing secondary tariffs especially toward China provides a temporary reprieve for global oil markets. As China and India remain the largest purchasers of Russian crude, the absence of added friction significantly reduces concerns over supply shocks in the near term.

However, the underlying political stalemate persists. Moscow continues to maintain its territorial claims, while Ukraine and several European leaders remain resistant to any potential land-for-peace compromise, leaving future negotiations vulnerable to derailment.

Macroeconomic Lens: Rate Policy in Focus

Beyond geopolitical developments, investor attention is also turning to macroeconomic signals from the U.S. Federal Reserve. Markets await comments from Fed Chair Jerome Powell at the upcoming Jackson Hole symposium, seeking insights into the central bank's direction on interest rates. Any indication of impending rate cuts could support risk assets, potentially boosting broader market sentiment and oil demand outlook.

However, analysts expect Powell to remain cautious and data-dependent, especially with key payroll and inflation data still to be released ahead of the September 17 Federal Open Market Committee (FOMC) meeting. As IG’s Tony Sycamore noted, this uncertainty could limit bullish momentum in commodities, including crude.

The softening in oil prices is directly tied to the easing of geopolitical tension rather than changes in physical supply. With the U.S. delaying additional sanctions on Russian oil exports and maintaining a diplomatic posture, markets have temporarily adjusted down the risk premium priced into crude. While the short-term threat to global supply has diminished, the long-term resolution remains fragile, dependent on unpredictable negotiations involving Ukraine, Russia, and Western allies. At the same time, macroeconomic forces particularly U.S. monetary policy continue to exert a parallel influence, shaping broader expectations for oil demand through their impact on financial markets and economic growth.

Source: Reuters

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ING

Economic

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Forex

Commodity

Energy

It’s unsurprising to see oil trading lower this morning following the Trump-Putin summit in Alaska. While talks failed to secure a ceasefire, the tone and the absence of “severe consequences” for the lack of a truce, reduce, or at least delay, the risks of stricter sanctions. In fact, following the meeting, President Trump said he would hold off on secondary tariffs against China for its purchases of Russian oil, citing progress made over the weekend with Putin.However, the next focus for the market will be talks today between Trump and President Zelensky, along with a number of European leaders. Ultimately, Russia still wants Ukraine to cede territory, something Ukraine will be very hesitant to do, particularly without very strong security guarantees from the US and Europe.

Furthermore, there’s been little progress regarding the secondary tariffs that the US imposed on India for its buying of Russian oil. These tariffs are set to come into effect on 27 August, so there is still time for India to try to negotiate ways to avoid them.Ultimately, the reduced risk of tougher sanctions and secondary tariffs should allow bearish oil fundamentals to become the dominant driver for oil prices moving forward.

Positioning data shows that speculators continued to sell oil over the last reporting week. The managed money net long in ICE Brent fell by 34,430 lots over the week to 206,547 lots as of last Tuesday. This was predominantly driven by fresh shorts entering the market. Meanwhile, NYMEX WTI also saw aggressive speculative selling, with the managed money net long declining by 29,562 lots to 49,264 lots. This is the smallest position that speculators have held in WTI since April 2009. Clearly, speculators are already focusing on the bearish outlook for the market.

Baker Hughes data shows that US producers increased the rig count for a second consecutive week, increasing by 1 to 412. While it’s a very marginal increase, it does at least suggest that drilling activity may be stabilising, after the rig count fell aggressively from March through to early August. But given the expectation that oil prices still have room to move lower, we may still see another leg lower in US drilling activity.

European natural gas prices came under further pressure over the last week ahead of the Trump-Putin summit, with the Title Transfer Facility (TTF) falling by more than 3%. This also left TTF settling at its lowest level since July 2024. Investment funds probably wanted to reduce risk heading into the weekend, given the uncertainty over how the talks could have unfolded. The weakness in TTF has seen the Japan Korea Marker (JKM) premium to European gas widening. This should see LNG cargoes diverted to Asia. However, with EU gas storage almost 74% full and still lagging both last year’s levels and the 5-year average, Europe will need to continue to see strong LNG inflows in order to get close to the 90% storage target.

Source: ING

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James Riley

Focus now turns to the Trump/Zelenskyy meeting in the Oval Office, where scenes from the prior meeting on 28 February – and Zelenskyy's roasting by JD Vance – won't have been forgotten. One suspects there will be some heat on Zelenskyy this time around to take whatever is put on the table. Talk of the US offering Ukraine security guarantees may form the centrepiece of discussions, with Zelenskyy required to cede control of up to five territories to move closer to a lasting peace agreement – a factor he has consistently said is not possible. Hence, market expectations for anything tangible that would constitute a positive surprise remain low. Long EU equity, RUB, and short Brent would be the cleanest expressions.

The key events to navigate in the week ahead

Outside of the geopolitical developments, at a topline level, the main events for traders to navigate will be the Jackson Hole Symposium, inflation readings from the UK, Japan, Mexico and Canada, while the RBNZ looks set to cut rates to 3% on Wednesday.

On the earnings side, in the US we get results from the retailers – Home Depot, Lowe's, TJX and Walmart. In Australia, BHP, Woodside, CSL, Santos and Goodman Group are the big names to report FY numbers, in what is the key week for company earnings. Earnings also ramp up in the HK50/H-share space, with Alibaba, Xiaomi, Baidu, AIA, and retail favourite Pop Mart all set to get attention.

Watching developments in DM bond markets - notably in the long-end of the curve

In markets, close focus for many falls on moves in bond markets, and notably on the slope of the yield curves – and not just in US Treasuries, but also in the long end of the German and UK curves, and possibly in Japan too. Notably, German 30-year bond yields have broken out to their highest levels since 2011. UK 30-year yields are pushing YTD highs, with 5.60% having been the level where buyers have previously stepped in – as such, a closing break of 5.60%/5.65% could draw significant attention.

The slope of the US Treasury curve will also be closely watched ahead of the week's most anticipated event, the Jackson Hole Symposium, culminating with Fed Chair Jay Powell's speech on Friday. Powell's guidance on policy will be seen as a key steer for markets, which currently price a 77% probability that the Fed cut in September, with the Fed expected to pull the rates trigger again in December.

The US 2s vs 30s yield curve sits at 116bp, pressing the top of its YTD range of 120bp, while the 5s vs 30s curve is at 108bp, the steepest since October 2015. The message from the US Treasury market is a complex one – within the Fed there are concerns that core PCE inflation, having lost its disinflationary momentum since April 2024, is progressively pulling even further from its 2% target. In fact, the upcoming core PCE print is expected to come in at least 90bp above target, close to its widest divergence from the Fed's goal since January 2024.

The rates/swaps market has priced in over 100bp of cuts from the Fed by Q2 2026. While there are concerns shared by rates traders that inflation may rise in the short term, this is expected to be temporary, with slowing growth and labour market dynamics the primary influence for rates traders that will force the Fed's hand even if inflation stays ahead of target.

The long end of the US Treasury curve (10s and 30s) and the bear steepening underway sees that argument through a different lens and therefore offers a disconnect to rates pricing, and a message the Fed should not be too hasty in cutting rates. Powell's guidance at Jackson Hole will therefore be important in showing how he balances the focus on inflation versus growth and labour markets.

A flatter Treasury curve will see USD upside and bring out equity sellers

In essence, if the outcome from Powell's speech results in some of the implied rate cuts being priced out, and the curve flattening, then the USD will likely push higher, and equity sold. There is a clear relationship between EURUSD and the US 2s vs 30s curve – the steeper the curve, the more buying support for EURUSD has been observed.

The slope of the curve also hints that implied policy settings may be too loose, raising questions about Fed's credibility through independence. Meanwhile, corporate credit spreads remain extremely tight. The effects are visible in equity and volatility markets, with high short-interest plays outperforming, lower-quality names finding form, and “alt season” gaining traction in crypto.

The disconnect between what rates traders are focused on, and what the long end of bond markets is signalling, is complex – but it suggests frothy markets may soon make a move. The US Labour Day holiday (1 September) looks like a key marker, with September historically a weak period for bond returns and could be stage for an increasingly probable pickup in cross-asset volatility.

Source: Pepperstone

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Samantha Luan

Economic

Forex

Political

Cryptocurrency

In the dynamic world of cryptocurrency, understanding macroeconomic trends is absolutely crucial. While digital assets often carve their own path, external economic events frequently create ripples across all financial markets, including crypto. Staying informed about upcoming financial calendar highlights can give you a significant edge, helping you anticipate potential volatility and make more informed decisions. Let us explore the key happenings this week that could influence your portfolio.

Understanding the Broader Market Impact: What’s Ahead?

This week brings a series of significant announcements and speeches that could steer market sentiment. From central bank insights to labor market data, each event offers a piece of the puzzle regarding the global economic outlook. For cryptocurrency investors, these moments can present both opportunities and challenges, influencing price action and overall market liquidity.

Tuesday’s Insight: What Will FOMC Member Bowman’s Speech Reveal About Fed Policy?

Tuesday, August 19 (18:10 UTC): U.S. FOMC Member Bowman Speaks

● Significance: Michelle Bowman, a member of the Federal Open Market Committee (FOMC), will deliver a speech. FOMC members are key figures in shaping U.S. monetary policy. Their public remarks often provide valuable insights into the Federal Reserve’s current thinking on interest rates, inflation, and economic growth.

● Potential Impact: Markets will closely scrutinize her words for any hints regarding the future direction of Fed policy. Any hawkish (favoring higher rates) or dovish (favoring lower rates) commentary could trigger immediate reactions across equities, bonds, and subsequently, cryptocurrencies.

Wednesday’s Watch: How Will China’s PBoC Loan Prime Rate and FOMC Minutes Shape the Market?

Wednesday, August 20 (01:15 UTC): China PBoC Loan Prime Rate

● Significance: The People’s Bank of China (PBoC) sets this benchmark lending rate. It reflects the cost of borrowing for Chinese banks and businesses. A cut indicates an effort to stimulate economic growth, while a hike suggests tightening.

● Global Ripple: Given China’s role in the global economy, changes here can have a significant market impact far beyond its borders, affecting commodity prices and global trade, which in turn can influence broader financial stability.

Wednesday, August 20 (18:00 UTC): U.S. FOMC Meeting Minutes

● Significance: These minutes offer a detailed record of the Federal Reserve’s most recent policy meeting. They provide deeper context into the discussions, concerns, and dissenting opinions among FOMC members regarding economic conditions and future monetary decisions.

● Market Insight: Traders often pore over the FOMC minutes to gauge the Fed’s stance on inflation, employment, and the path of interest rates. Any unexpected nuances can lead to significant market adjustments as investors refine their expectations for future Fed policy moves.

Thursday & Friday’s Forecast: What’s the Significance of Jobless Claims and Jackson Hole?

Thursday, August 21 (12:30 UTC): U.S. Initial Jobless Claims

● Significance: This weekly report indicates the number of Americans filing for unemployment benefits for the first time. It serves as a real-time gauge of the health of the U.S. labor market.

● Economic Health Indicator: A sustained increase in jobless claims suggests a weakening economy, potentially leading to a more dovish stance from the Fed. Conversely, low claims indicate a strong labor market, which might support continued hawkishness.

Friday, August 22 (00:00 UTC): U.S. Jackson Hole Symposium

● Significance: This annual economic policy symposium, hosted by the Federal Reserve Bank of Kansas City, gathers central bankers, finance ministers, academics, and financial market participants from around the world. It is a highly anticipated event for major policy announcements and discussions on global economic events.

● Keynote Moment: The symposium is renowned for setting the stage for significant policy shifts and often features speeches that provide critical direction for future monetary policy.

Friday, August 22 (14:00 UTC): U.S. Fed Chair Powell Speaks

● Significance: Federal Reserve Chair Jerome Powell’s speech at Jackson Hole is arguably the week’s most anticipated event. His remarks often carry immense weight, influencing global financial markets instantly.

● Direct Market Impact: Investors will be listening intently for any signals regarding interest rate hikes or cuts, the Fed’s inflation outlook, or changes in its overall monetary strategy. His words can directly cause volatility and significant price movements across all asset classes, including the cryptocurrency market.

Navigating the Week’s Economic Events: Actionable Insights

As these critical economic events unfold, smart traders and investors remain vigilant. Here are some actionable tips:

● Stay Informed: Regularly check reliable financial news sources for real-time updates and expert analysis.

● Practice Risk Management: Given potential volatility, consider using stop-loss orders and avoid over-leveraging your positions, especially around major announcements.

● Observe Market Reactions: Don’t just note the data; pay close attention to how markets react immediately after the announcements. This often provides more insight than the raw numbers alone.

● Understand Correlations: While crypto can be independent, it often correlates with broader financial markets during periods of significant macroeconomic news.

This week promises to be eventful for global financial markets. From central bank pronouncements to crucial economic data releases, these economic events will undoubtedly shape investor sentiment and influence asset prices. By staying informed and understanding the potential market impact of each announcement, you can better navigate the complexities of the financial landscape and make more strategic decisions for your crypto investments.

Frequently Asked Questions (FAQs)

What is the FOMC?

The Federal Open Market Committee (FOMC) is the monetary policymaking body of the Federal Reserve System in the United States. It sets the federal funds rate target, influencing interest rates and the money supply.

Why are FOMC meeting minutes important?

FOMC meeting minutes provide a detailed summary of the discussions and decisions made at the most recent Federal Reserve policy meeting. They offer valuable insights into the Fed’s economic outlook, concerns, and the rationale behind their policy choices, helping investors anticipate future actions.

What is the Jackson Hole Symposium?

The Jackson Hole Economic Policy Symposium is an annual gathering of central bankers, finance ministers, academics, and financial market participants from around the world. It is a significant event where major policy ideas are often discussed and sometimes unveiled, particularly regarding global economic events and monetary policy.

How do these economic events affect cryptocurrency prices?

These economic events can influence cryptocurrency prices indirectly. For example, changes in interest rate expectations (due to Fed policy) can impact the dollar’s strength, investor risk appetite, and the overall liquidity in financial markets, all of which can spill over into crypto valuations.

What is the PBoC Loan Prime Rate?

The PBoC Loan Prime Rate (LPR) is a benchmark lending rate set by the People’s Bank of China. It reflects the interest rates that commercial banks charge their best customers. Changes to the LPR indicate shifts in China’s monetary policy, aiming to stimulate or cool down its economy.

Source: CryptoSlate

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Samantha Luan

Economic

Stocks

Forex

Political

There was no deal when U.S. President Donald Trump met his Russian counterpart Vladimir Putin on Friday.That was not unexpected. The summit, which was initially arranged to discuss a ceasefire to Moscow's war in Ukraine, was on Tuesday reframed by White House Spokesperson Karoline Leavitt as a "listening exercise" that allowed Trump to get a "better understanding of how we can hopefully bring this war to an end."Prior to the summit, analysts were already casting doubt on the talks advancing any real ceasefire in Ukraine.

"Let's be clear, Putin does not take Trump seriously," Tina Fordham, founder of Fordham Global Foresight, told CNBC.And the fact that the summit was scheduled — and Putin invited to Alaska, the first time he stepped on U.S. soil in about a decade — was already a "big win" for the Kremlin leader, according to a comment by Richard Portes, head of the economics faculty at the London Business School, before the meeting took place.While no agreement was reached, Trump on Friday described the meeting as "very productive" — and announced the next day that he would be pursuing a "peace agreement" rather than a ceasefire between Russia and Ukraine.

But peace means very different things to the Ukraine, Russia and America. To one, it could be the complete halt of armed warfare and the retreat of foreign troops from its soil. To another, it might seem like acquiring annexed territory. And for some, it might look like a shiny golden coin engraved with the profile of Alfred Nobel, regardless of the prerequisites.

What you need to know today

Trump-Putin summit yields no ceasefire agreement. On Saturday, Trump said he would be pursuing a "peace agreement" between Ukraine and Russia. Putin has agreed that the U.S. and European nations could give Ukraine "Article 5-like" security guarantees, the White House said Sunday.

OpenAI in share sales talk that would value it at $500 billion. The shares would be sold by current and former employees to investors including SoftBank, Dragoneer Investment Group and Thrive Capital, according to a source.

The Dow Jones Industrial Average outperforms. Major stock indexes ended Friday mixed, with the Dow Jones Industrial Average rising a fractional 0.08%. Europe's Stoxx 600 index ticked down marginally and closed near the flatline.

A trip by U.S. trade officials to India has been called off. The visit, which was expected to take place between Aug. 25 and Aug. 29, will likely be rescheduled, according to Indian news broadcaster NDTV Profit.

Fedspeak to parse for the week. Minutes for the U.S. Federal Reserve's August meeting come out Wednesday, while Fed Chair Jerome Powell will speak at Jackson Hole, a symposium of economic policy, on Friday. They may give clues on policy path.

Tech IPOs are roaring after 'years of Prohibition' — it may be too good

The Bullish IPO last week took on added significance, perhaps because of the company name.When shares of the Peter Thiel-backed cryptocurrency exchange more than doubled out of the gate on Wednesday before finishing the day up 84%, it was the latest sign that the tech IPO bulls are back in business.But Lise Buyer, founder of IPO advisory firm Class V Group, warns that tech markets have a history of overheating.

Source: CNBC

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Liam Peterson

The dollar dithered on Monday ahead of a key meeting between U.S. President Donald Trump and his Ukrainian counterpart Volodymyr Zelenskiy, while investors also looked ahead to the Federal Reserve's Jackson Hole symposium for more policy clues.

Currency moves were largely subdued in the early Asia session, though the dollar steadied after last week's fall as traders further pared back bets of a jumbo Fed cut next month.

The euro was little changed at $1.1705, while sterling edged up 0.07% to $1.3557.

Against a basket of currencies, the dollar advanced slightly to 97.85, after losing 0.4% last week.

Markets are now pricing in an 84% chance the Fed would ease rates by a quarter point next month, down from 98% last week, after a raft of data including a jump in U.S. wholesale prices last month and a solid increase in July's retail sales figures dimmed the prospect of an oversized 50-basis-point cut.

"While the data don't all point in the same direction, the U.S. economy looks to be in okay shape in the third quarter," said Bill Adams, chief economist at Comerica Bank.

"The Fed is likely to cut interest rates by year-end, either in September, when markets now price in a cut, or a few months later, when Comerica forecasts a cut."

The main event for investors on Monday is a meeting between Trump and Zelenskiy, who will be joined by some European leaders, as Washington presses Ukraine to accept a quick peace deal to end Europe's deadliest war in 80 years.

Trump is leaning on Zelenskiy to strike an agreement after he met Kremlin chief Vladimir Putin in Alaska and emerged more aligned with Moscow on seeking a peace deal instead of a ceasefire first.

Also key for markets this week will be the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Fed Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework.

"I think (Powell) will also talk about the current economic conditions in the U.S., and that will be more policy relevant, that will be more interesting to markets," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia.

"Given market pricing is very high for a rate cut in September, I think the risk is that Powell is hawkish, or is perceived to be hawkish, if he gives a balanced view of the U.S. economy."

In other currencies, the dollar rose 0.11% against the yen to 147.34, after falling roughly 0.4% last week.

Japan's government on Friday brushed aside rare and explicit comments from U.S. Treasury Secretary Scott Bessent who said the Bank of Japan was "behind the curve" on policy, which appeared to be aimed at pressuring the country's central bank into raising interest rates.