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Headlines

Morning Bid: Suits and smiles define new Ukraine talks

Published by Global Banking and Finance Review

Posted on August 19, 2025

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A look at the day ahead in European and global markets from Rocky Swift

Volodymyr Zelenskiy dressed for success in his latest meeting with U.S. President Donald Trump at the White House.

Trump complimented Zelenskiy on his black suit in a briefing punctuated with smiles and laughter. It was a much different scene than their chilly meeting in February, when the Ukrainian president's military-style attire in the Oval Office drew ire.

Zelenskiy declared it "the best of our meetings," and Trump said the United States would help guarantee Ukraine's security in any deal to end Russia's hostility there.

Whether it was the suit or just growing desperation to end a war that has cast a shadow over the region for more than three years, enthusiasm was contagious.

NATO Secretary General Mark Rutte said Trump's meeting with Zelenskiy and other European and NATO partners was very successful. German Chancellor Friedrich Merz said his expectations for the gathering were "exceeded."

Even Russia joined in, with special envoy for investment and economic cooperation Kirill Dmitriev calling Monday an "important day of diplomacy."

On a largely directionless day in Asian markets, European equity futures traded higher. Pan-region Euro Stoxx 50 futures, German DAX futures, and FTSE contracts were all up about 0.2%.

While traders keep one eye on geopolitical developments, the other will be focused on the Federal Reserve's August 21-23 Jackson Hole symposium. Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework at the annual gathering.

Money markets reflect an 83.6% chance of a quarter-point rate cut at the Fed's meeting on September 17, according to CME FedWatch.

Fed Governor Michelle Bowman, one of two dissenting voices favouring a rate cut at last month's meeting, is due to speak today.

Key developments that could influence markets on Tuesday:

- Home Depot Q2 results

- U.S. housing starts, building permits for July

- Canada consumer price index for July

- Debt sales: German 5-year notes, British 10-year gilts

- Fed Vice Chair Michelle Bowman to speak at the Wyoming Blockchain Symposium 2025 - 1810 GMT.

- Riksbank monetary policy meeting

(Reporting by Rocky Swift; Editing by Jacqueline Wong)