Russian stocks hit a three-week gain and Asian shares jumped after Geneva talks resulted in an accord aimed at minimizing conflict in Ukraine. Rubber reached a low not seen since 2009.
Micex Index of Russia added 2.1% as of 5:15 pm in Moscow. The Equities Index of Ukraine advanced 0.5%. The MSCI Asia Pacific Index increased 0.3%. The February 2027 bond yield of Russia was down to 9% after losing 17 basis point as the rubble declined after seeing its highest gain for April yesterday.
Rubber futures fell 4%. US, UK, Hong Kong and Germany financial markets are among those which never opened for the holiday.
Talks involving four parties concluded yesterday with a resolve aimed at taking the first step towards easing tensions in Ukraine, after Russian President said he hoped it won’t be necessary to send in the military.
As Bloomberg reports, the US and its allies in Europe demanded that Russia plays a role in de-escalating the situation or face additional sanctions, even as pro-Russian protestors in eastern part of Ukraine declined to free up buildings they have seized and disarm as required in the Geneva deal.
“Markets are rising because it looks like Russia and the U.S. are willing to agree on steps to settle the situation in Ukraine,” said Bruce Bower of Moscow-based Verno Capital.
Representatives of governments of Ukraine, US, Russia and EU officials asked illegal groups to surrender arms, give back seized facilities to their owners and let go of occupied public buildings. The Ukrainian government readied an amnesty law for pro-Russian separatists in accordance with the deal.
According to Irish Times, Japanese stocks gained in slender trading, with the country’s Topix index hitting its highest weekly gain so far in April, after the yen dropped on Thursday as the crisis in Ukraine eased in the wake of bullishness about US earnings. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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