Global stocks steady amid hope Russia-Ukraine tension will ease

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US stock index futures rally and euro rises as a glimmer of hope emerges for a diplomatic solution to the Russia-Ukraine standoff

The London Stock Exchange building. Picture: REUTERS/TOBY MELVILLEUS stock index futures rallied, the euro rose and global stocks steadied on Monday as a glimmer of hope emerged for a diplomatic solution to the Russia-Ukraine standoff.

A summit would be held only if Russia did not first invade Ukraine, which Western countries have said it could do at any moment despite repeated denials. Russia extended military drills in Belarus due to end Sunday, and Western countries say it has continued to build up troops on the Ukraine border. S&P 500 stock futures rose 0.5%. Nasdaq futures gained 0.3%, having been down more than 1%. US markets are on holiday on Monday, but futures still traded.European stocks rose 0.34% and British stocks rallied 0.4%.

“January inflation readings have surprised materially to the upside,” said JPMorgan chief economist Bruce Kasman. Recent commentary has leant against such a drastic step and futures have scaled back the chance of a half-point rise to about 20% from well above 50% a week ago.

 

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