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Wall St futures, euro rally on Biden-Putin summit hopes

  • Sponsored results for Wall St futures, euro rally on Biden Putin summit hopes

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February 21, 2022
in Business
Wall St futures, euro rally on Biden-Putin summit hopes


  • Biden, Putin accept ‘principle’ of summit on Ukraine
  • S&P futures up 0.5%, European stocks up 0.34%
  • Euro rises 0.3% vs dollar

LONDON, Feb 21 (Reuters) – U.S. 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.

U.S. President Joe Biden and Russian President Vladimir Putin have agreed in principle to hold a summit on the Ukraine crisis. read more

The Kremlin said there were no concrete plans in place for a summit, but that a call or meeting could be set up at any time.

Register now for FREE unlimited access to Reuters.com

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. read more

“Markets are taking President Putin at his word that he is not wanting a full-scale escalation, volatility is elevated but it’s still contained,” said Giles Coghlan, chief currency analyst at HYCM.

In a reminder of the stakes, Reuters reported Biden had prepared a package of sanctions that includes barring U.S. financial institutions from processing transactions for major Russian banks. read more

S&P 500 stock futures rose 0.5%. Nasdaq futures gained 0.3%, having been down more than 1%. U.S. markets are on holiday on Monday, but futures still traded.

MSCI’s world equity index (.MIWD00000PUS) was little changed above 2-1/2 week lows hit on Friday.

European stocks (.STOXX) rose 0.34% and British stocks (.FTSE) rallied 0.4%.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) pared earlier losses to be off 0.3%, while Japan’s Nikkei (.N225) halved its drop to be down 0.8%.

The euro firmed 0.3% to $1.1355 while the U.S. dollar index fell 0.27% to 95.866 , well short of a 1-1/2 year high of 97.441 hit last month.

The dollar dipped to 114.91 against the yen .

FED TIGHTENING

Also troubling markets has been the prospect of an aggressive tightening by the U.S. Federal Reserve as inflation runs rampant. The Fed’s favoured measure of core inflation is due out later this week and is forecast to show an annual rise of 5.1% – the fastest pace since the early 1980s.

“January inflation readings have surprised materially to the upside,” said JPMorgan chief economist Bruce Kasman.

“We now look for the Fed to hike 25bp (basis points) at each of the next nine meetings, with the policy rate approaching a neutral stance by early next year.”

At least six Fed officials are set to speak this week and markets will be hyper-sensitive to their views on a possible hike of 50 basis points in March.

Recent commentary has leant against such a drastic step and futures have scaled back the chance of a half-point rise to around 20% from well above 50% a week ago.

That helped short-term Treasuries pare a little of their losses last week, while the whole curve bull flattened as safe-haven buying pulled 10-year yields down to 1.9268% .

German 10-year government bonds

The euro zone economic recovery rebounded sharply this month…



Read More News: Wall St futures, euro rally on Biden-Putin summit hopes

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