Russia-Ukraine crisis: Global markets snap back from one-day bloodbath as first signs of thaw emerge, World News

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Global markets snapped back from a horrific bloodbath on Tuesday after Russia announced the withdrawal of its troops from Ukraine, indicating a possible thaw in the border conflict.

The pan-European Stoxx 600 index provisionally ended up 1.3 per cent higher, with healthcare stocks adding 2.1 per cent to lead gains as almost all sectors and major bourses entered positive territory.

The Dow Jones Industrial Average jumped about 400 points, or 1.2 per cent, helped by a 3 per cent jump in Boeing.

The S&P 500 climbed 1.6 per cent and the technology-heavy Nasdaq Composite advanced 2 per cent.

All three major benchmarks were down in the three prior sessions.

The S&P 500 is about 8 per cent from its record high. The small-cap benchmark Russell 2000 rallied 1.9 per cent.

WTI crude prices fell 3 per cent, while the 10-year Treasury yield jumped to 2.04 per cent as tensions eased.

The VanEck Russia ETF, a US-traded fund which invests in big Russian stocks, jumped nearly 5 per cent.

Also read | Russia pulls back some troops from Ukraine border

While Tuesday’s gains didn’t cancel out Monday’s losses, they helped repair some of the damage inflicted on the value of Britain’s top firms from sweeping fears over an imminent Russian insurgency of Ukraine.

India’s Sensex also saw a sharp rebound earlier in the day, prompted by reports that Russia is de-escalating tensions with Ukraine.

After a bruising sell-off on Monday, Indian equities rebounded to close higher. The gains on domestic markets were led by banks, auto, IT, metal and FMCG stocks.

Also read | ‘Ready to work together’ with the West, says Vladimir Putin

The Sensex surged 1,736.21 points or 3.08 per cent to close the day at 58,142.05, and the Nifty rose 509.70 to 17,352.50. 

All sectoral indices ended higher, with auto, realty, IT, FMCG stocks, banks, PSU banks up 2-4%. BSE MidCap and SmallCap indices rose 2 per cent each.

Oil prices, which have shot to seven-year highs on the Ukraine crisis, tumbled as much as four per cent in value.

Wheat price also cooled on Tuesday. Russia and Ukraine are major producers and exporters of the commodity.

Fears that Russia could invade Ukraine in the coming days, a claim the Kremlin has repeatedly denied, had gripped markets on Monday.

But, Russian Defence Ministry spokesman Igor Konashenkov confirmed on Tuesday that military units from the southern and western districts of Russia had begun returning to their garrisons.

(With inputs from agencies)

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