News of the withdrawal of Russian troops from Ukrainian territory and president Vladimir Putin’s desire to hold talks with the West made the stock market bounce while oil prices fell.
It also caused gold and safe-haven bonds to plummet lower.
Stock Market Returns 'Green'
The pan-European STOXX 600 index rose 1.43% while global equity gauge MSCI United States (US) closed higher at 1.34%.
The Wall Street market saw the average Dow Jones Industrial index rise 1.22%, the S&P added 1.58%and the Nasdaq Composite advanced 2.53%.
While the geopolitical crisis was easing, a Labor Department report saw an increase in U.S. producer prices over an 8 -month period in January next marking a high inflation rate.
SLC Management senior managing director Peter Cramer thinks the Federal Reserve (Fed) is aware that rising house prices and U.S. mortgage rates will slow inflation.
Meanwhile, the bond market saw 2 -year and 10 -year treasury note yields start declining at 47.1 basis points.
U.S. treasury bond yields and European zone bond yields rose after tensions of the geopolitical crisis eased.
The 10 -year treasury yield benchmark note rose 5.6 basis points to 2.052%.
Major Commodities Start 'Red'
Oil prices began to retreat from a 7 -year high with US crude futures falling $ 3.39 at $ 92.07 a barrel and Brent futures down $ 3.20 at $ 93.28 a barrel.
Metals, gold and palladium fell more than 5%, with gold futures down 0.7% at $ 1,856.20 an ounce.
Market risk-on sentiment put Bitcoin up 4.33% at $ 44,066.83.
