Live updates: European stocks rise as traders focus on Russia-Ukraine talks
European and Asian stocks rose on Tuesday as the prospect of progress in peace talks between Russia and Ukraine boosted market sentiment, while oil prices fell after falling in the previous session.
Europe’s Stoxx 600 stock index opened 1% higher, with gains for banks and automakers, although it remained more than 6% lower year-to-date. London’s FTSE 100 rose 0.8% and the regional German Stoxx 600 stock index rose 1.2%.
In Asia, Hong Kong’s Hang Seng Index rose 0.9%, although it also remained 6.5% lower for the year. Japan’s Topix gained 0.9%, while China’s CSI 300 index of stocks listed in Shanghai and Shenzhen fell 0.3%.
Envoys from Moscow and kyiv met in Istanbul on Tuesday to discuss a possible peace deal.
Many investors, however, expect the effects of the war, including soaring prices of domestically produced commodities and metals, to continue to weigh on financial markets.
“The tragic war in Ukraine has resulted in a global energy shock. We see this inflation rising, putting pressure on consumers and hurting growth, especially in Europe,” the BlackRock Institute wrote in a note to clients. “The [US central bank] started talking tough on inflation and predicted a big rate hike.
Brent, the international oil benchmark, edged down 0.5% to $111.90 a barrel. It was around 15% above its February 23 closing level, on the eve of Russia’s invasion of Ukraine, but the price has surged to nearly $140 this month. West Texas Intermediate, the US marker, fell 0.6% to $105.28.