Global markets have snapped back from a bruising session yesterday driven by a thawing of Russia-Ukraine tensions.
A glimpse of a pathway to a deal to avoid a war in eatern Europe sent London’s premier FTSE 100 index soaring nearly one per cent, while the domestically-focused FTSE 250 index advanced 1.06 per cent.
Although not cancelling out all of Monday’s losses, today’s gains have 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.
Russian President Vladimir Putin said in a press conference today the country does not want a conflict with Ukraine and he has tabled proposals to kick off a negotiation process with Western leaders.
Investors interpreted Putin’s comments as a sign that war between Moscow and Kiev could be avoided, leading them to pour back into stocks.
Upbeat market sentiment extended into the Continent.
The pan-European Stoxx 600 surged 1.35 per cent, while Germany’s Dax 30 advanced 1.85 per cent. France’s Cac 40 climbed 1.74 per cent.
Across the pond, shares on Wall Street flew out of the blocks. The S&P 500 shot up over 1.3 per cent, while the Dow Jones climbed 1.11 per cent.
The tech-heavy Nasdaq added as much as two per cent during early exchanges.