Recently, emerging market investors have focused on two major points: the potential breakthrough in the Russia-Ukraine situation and the direction of the Federal Reserve's policies. Ahead of the meeting between Trump and Ukrainian President Zelensky, emerging market assets saw a slight increase, with the MSCI Emerging Markets Stock Index rising by 0.6%. This reflects a cautious optimism in the market regarding the possibility of reaching a peace agreement.

However, experts remain cautious about the prospects for peace. Some analysts point out that due to the lack of mutual trust and significant differences in goals, the negotiation process may be prolonged, possibly lasting into next year. Even if an agreement is reached, its credibility may be questioned.

At the same time, investors are closely watching the upcoming central bank annual meeting to be held in Jackson Hole. Market participants have high expectations for the speech of Federal Reserve Chairman Powell, hoping to gain insights regarding a possible interest rate cut in September.

It is worth noting that although risk assets have performed strongly, current market valuations are at a high level. This situation reminds investors to remain vigilant when making decisions and to weigh potential risks against rewards.

Overall, the global financial markets are in a phase full of uncertainty. Investors need to closely monitor the developments in geopolitical situations and the policy trends of central banks in various countries to adjust their investment strategies in a timely manner.