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 US 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 yesterday 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 (Fed) Aug 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 Sept 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 today include Home Depot’s Q2 results, US housing starts and building permits for July, Canada’s July consumer price index, debt sales of German 5-year notes and British 10-year gilts, a speech by Fed vice chair Michelle Bowman at the Wyoming Blockchain Symposium 2025, and the Riksbank’s monetary policy meeting.