Ceasefire Hopes Lift Markets, Equities Hit New Highs

Market Overview

Last Friday, reports emerged that the U.S. and Russia are seeking to broker a Russia-Ukraine ceasefire, bolstering risk appetite. Combined with growing expectations of interest rate cuts, tech stocks once again propelled the Nasdaq to a fresh record high. Apple stood out, surging over 4% on the day and more than 13% for the week—its largest weekly gain in five years.

However, volatility remained elevated. Crude oil reversed early gains and ended lower on the ceasefire headlines, while gold spiked to an all-time high on tariff rumors before plunging sharply after a White House denial. Cryptocurrencies also saw swings, with Bitcoin and Ethereum retreating from weekend highs.

Hot Topics Ahead

• U.S. Semiconductor Tariff Revenue

• In exchange for export licenses to China, Nvidia and AMD have agreed to remit 15% of revenue from specific chip sales in China to the U.S. government. The deal covers Nvidia‘s H20 and AMD’s MI308 chips. Analysts estimate that Nvidias H20 alone could generate $23 billion in sales in 2025. Such a revenue-sharing arrangement in return for export approval is unprecedented for U.S. firms.

• Upcoming U.S.-Russia Leaders Meeting

• U.S. President Donald Trump will meet Russian President Vladimir Putin on the 15th in Alaska, drawing significant attention across Europe, with France stating that “Europe must be involved.” Analysts suggest Russia aims to ease tensions with Washington and exploit divisions within the Western bloc to relieve strategic pressure. The choice of Alaska—a non-political hub—is viewed as a compromise, accommodating Russia‘s position while aligning with Moscow’s earlier Arctic cooperation proposals, signaling a willingness from both sides to seek common ground.

Key Focus (GMT+8)

23:30 – U.S. 3-Month Treasury Bill Auction – High Yield (Aug 11)