Global markets buoyed as Putin pulls back some troops

Markets around the world were buoyed on Tuesday as fresh hopes of peace on the Russo-Ukrainian border were kindled following news that Vladimir Putin had ordered the withdrawal of some troops from the region.

Dublin

Euronext Dublin finished the day up 1 per cent, and while almost all sectors felt the bounce it was the airlines who benefited the most.

Aer Lingus parent International Airlines Group was up 4.5 per cent, while Air France was up 4 per cent and Lufthansa up 5 per cent. Ryanair lagged slightly but still added 1 per cent to its share price. "Ryanair had been outperforming the others which got hurt more on the downside," noted a trader.

There was positive news also for the banks, with AIB up 3 per cent and Bank of Ireland up 1.2 per cent.

European stocks drop over fears of Russian attack on Ukraine

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European stocks jump after Russia says some troops returning to base

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Another standout performer was insulation specialist Kingspan, which finished the day up 4.5 per cent. "They had a decent rally but were hurt quite badly a couple of weeks ago on the back of negative Grenfell news," said a trader. "It has rallied hard now and has results out on Friday."

The market's biggest player, construction materials group CRH, had a muted enough day, adding 1 per cent in line with the index.

Some of the food names will also be disappointed, with Kerry Group flat and Glanbia up just 0.5 per cent. "Sometimes it happens with a broad market rally that the food names don't take off to the same extend," said a trader.

London

British stocks rose as positive data from AstraZeneca and strong earnings from mining company Glencore further lifted sentiment.

The blue-chip FTSE 100 ended 1 per cent higher, while mid-cap stocks added 1.1 per cent. Both indexes had slumped nearly 2 per cent on Monday, after the United States warned that Russia could invade Ukraine at any moment.

Defensive sectors including healthcare and consumer staples were the top performers. AstraZeneca jumped 5.8 per cent and was the biggest boost to the FTSE 100, after positive results from a late-stage trial on the drugmaker’s prostate cancer treatment.

Glencore shares rose 1.2 per cent, while steep losses in iron prices weighed on BHP. Chinese iron ore prices slumped as traders feared a government crackdown after Beijing warned it would act against the spread of misinformation on prices.

Europe

European stocks pulled back some of their recent losses on the back of the geopolitical developments, while some positive corporate updates also boosted sentiment.

The pan- European Stoxx 600 index ended 1.4 per cent higher after falling for three consecutive sessions, winding up on Monday at its lowest since January 24th.

Randstad rose 4.7 per cent after the recruitment firm topped market forecasts for fourth-quarter earnings.

French IT consultancy Capgemini slipped 3.3 per cent after warning that its operating margin this year will likely be held back by inflationary pressures.

Among economic data, flash readings for euro zone’s fourth-quarter GDP showed a 4.6 per cent gain over the previous year, which was in line with estimates.

New York

On Wall Street, the Dow Jones Industrial Average rose 1.31 per cent, the S&P 500 gained 1.50 per cent and the Nasdaq Composite added 2.07 per cent.

Megacap growth stocks including Apple, Google owner Alphabet, Amazon.com, Microsoft, Meta Platforms and Tesla rose between 1.5 per cent and 4.3 per cent.

Banks added 0.9 per cent, while the small-cap Russell 2000 index gained 1.8 per cent.

Energy shares slipped as oil prices dropped from a seven-year high, while the Philadelphia SE Semiconductor index climbed 2.7 per cent.

Battered travel stocks, including those of carriers and cruise operators, also rallied.

Marriott International added 4.2 per cent after its fourth-quarter results topped analysts' expectations, as increasing vaccination rates and holiday-season traffic boosted occupancy rates across its hotels. – Additional reporting: agencies