The US president said he expected to meet his Russian counterpart in Saudi Arabia “in the not too distant future” to find a route to ending the three-year conflict, which has fanned geopolitical fears and energy costs.
Trump said the two had held a “lengthy and highly productive” telephone conversation and added that he expected they would visit each other’s countries.
The Kremlin said the call lasted nearly one-and-a-half hours and the leaders had agreed that the “time has come to work together”.
Ukrainian President Volodymyr Zelensky said he had a “meaningful conversation” with Trump and that the leaders discussed ways to end the war.
News of the apparent thaw between the nuclear-armed powers provided a boost to risk appetite, with the euro and pound both rallying against the dollar.
London and Frankfurt enjoyed a third straight day of record highs.
Oil prices fell again Thursday, having shed more than two percent on Wednesday.
“If this push for peace gains traction, expect an even bigger unwind in war-premium assets and a fresh bid for riskier plays,” said Stephen Innes at SPI Asset Management.
Hong Kong surged more than two percent as Chinese tech firms continue to ride the artificial intelligence wave following last month’s emergence of startup DeepSeek’s market-moving chatbot.
Tokyo climbed more than one percent on a weaker yen, while Sydney, Seoul, Taipei, Mumbai, Singapore, Bangkok and Manila were also higher, although Shanghai, Wellington and Jakarta fell.
The gains came despite losses on Wall Street where investors were jolted by data on Wednesday showing consumer prices rose three percent last month, above expectations and faster than December.
Core prices, excluding food and energy, also came in hotter than estimates.
The readings dealt a blow to hopes that the Fed would continue to lower rates this year, having cut three times in 2024, with traders now pricing just one, according to Bloomberg.
The figures came a day after bank chief Jerome Powell warned that policymakers were in no hurry to loosen monetary policy further, remarks echoed by other officials.
“In our view, the bottom line is clear: the Fed has no reason to cut further. Inflation seems to be stuck above target,” analysts at BoA Global Research said in a note.
“The bar for hikes is still high, but they should be part of the conversation after today’s data.”
Soon after the data was released, Trump hit out at predecessor Joe Biden for fanning prices.
He also called for rates to be lowered, adding they would “go hand in hand” with his plans to impose tariffs on major US trading partners — despite many economists arguing that both measures would boost inflation.
