Markets climb, oil slips, Bitcoin nears record

Futures for U.S. and European stock indexes climbed, while oil prices declined amid growing speculation that an upcoming meeting between the U.S. president and his Russian counterpart could boost prospects for ending the war in Ukraine and increasing global crude supplies.

European stock futures and the S&P 500 index each rose 0.2%, while oil slipped 0.5%, marking its seventh drop in eight sessions. Gold prices also fell as preparations advanced for Friday’s meeting between U.S. President Donald Trump and Russian President Vladimir Putin. Asian equities gained 0.3%, while the dollar index eased 0.2%. U.S. Treasuries saw no spot trading in Asia due to a holiday in Japan.

Bitcoin surged 3.2% to over $122,000, nearing a record high, with Asian lithium shares advancing and most semiconductor stocks retreating.

The anticipated U.S.-Russia summit is fueling optimism in global markets. Hopes are rising for significant progress in negotiations, with a potential deal viewed as a possible turning point in the three-year conflict. A resolution could also lift sanctions on Russian oil, easing supply constraints and reshaping market dynamics.

Financial markets are buoyed by a weekend of intensive diplomatic engagement. European leaders have been coordinating with the U.S. ahead of the Alaska meeting, while Moscow has been in direct contact with key global figures, including India’s prime minister. National security advisers from Europe, Ukraine, and the U.S. met in the UK and reported tangible steps toward ending hostilities, following high-level talks between Ukraine’s president and several European leaders.

Brent crude traded near $66 a barrel after a 4.4% drop last week, while West Texas Intermediate held above $63. A peace agreement with Ukraine could lift sanctions on Russian energy exports, potentially contributing to an oversupply later in the year.

Investors are also watching for major economic releases, including U.S. inflation data and China’s retail sales and industrial production figures. Weakness in China’s recent consumer and producer price data underscores concerns about demand. Additionally, markets are awaiting confirmation of an expected 90-day extension to the U.S.-China tariff truce ahead of the August 12 deadline.

In the cryptocurrency space, Ethereum led a broad weekend rally in digital assets, buoyed by rising institutional and corporate demand.