US markets headed higher in premarket trading on Tuesday as another round of pཧeace talks between ♉Russia and Ukraine got underway.
On Wall Street, the futures for the S&P 500 and the Dow industrials gained 0.6%, and global shares rose while c💧rude oil prices fell again after sinking 7% on Monday.
Markets remain unsettled as investors try to gauge wh💖at's next for inflation and the global economy as the repercussions of Russia's invasion of Ukraine continue to play out.
The first face-to-face talks in two weeks between Russia and Ukraine began Tuesday in Turkey, raising meagre hopes of progress on en𓃲ding a war that has ground into a bloody campaign of attrition.
The CAC40 in Paris surged ✨2.9%, Germany's DAX jumped 2.6% and ꦯBritain's FTSE 100 gained 1.3%.
After early gains, Russia's MOEX index fell more than 5% in the second day of full trading after it was closed for about a month following the Feb. 24 invasion of Ukraine. Limits have been imposed to curb volat🅠ility.
In Asian trading, Tokyo's Nikkei 225 rose 1.1% to 28,252.42 and the K💙ospi in Seoul added 0.4% to 2,740.13.
The Hang Seng in Hong Kong picked up 0.8% to 21,864.6ไ8, while the Shanghai Composite index lost 0.2% to 3,203.94 as the city entered a second day of a lockdown to combat a COVID-19 outbreak.
A two-phase lockdown on Shanghai's 26 million people is testing the limits of China's hardline “zero-COVID” strategy whose effects are bei🎃ng felt beyond the country's bor𓆏ders.
Australia's S&P/ASX 200 surged 0.7% to 7,464.30 as the government said it plans to increase spending on national security while ꧙reducing costs for households, in part by reducing a tax on gasoline. Treasurer Josh Frydenberg was to present the proposed budget Tuesday.
Weaker oil prices have helped push shareꦍs higher, said Yeap Jun Rong of I🍨G.
“China, Japan, South Korea and Taiwan are major oil importers, hence⭕ lower oil prices may be deemed as positive for their economies," Yeap said in a commentary.
U.S. crude oil skidd♛ed again, falling $3.60 to $102.36 a barrel in electr✤onic trading on the New York Mercantile Exchange.
On Monday, it slumped 7% on news of the lockdown in Shanghai, which could dent global demand, Brent crude, the interna🌱tional standard, fell 6.8%.
On T🉐uesday,🌠 Brent slid $3.15 to 106.34 per barrel in London.
Oil prices ꦜare up about 40% globally over concerns about tighter supplies as demand remains strong.
Higher oil prices are also raising concerns that already🗹 persistently high inflation could be worsened, 🍎further threatening global economic growth.
Bond yields edg꧙ed higher. The yield on the 10-year Treasury rose to 2.50%꧅ from 2.46% late Monday.
Bond yields have been ri꧑sing as Wall Street prepares for higher interest rates.
The Federal Reserve has alre🗹ady announced a 0.25% hike of its key benchmark interest rate and is prepa🧜red to continue raising rates to help temper the impacts of rising inflation.
Investors will get more updates this week on just 🃏how much inflation 🌺is hurting consumers and businesses.
The🤡 Conference Board will release its consumer confidence index for March on Tues🌃day.
The Commerce Department will release its February report for personal incom🧸e and spending on Thursday and the Labour De🅰partment will release its employment report for March on Friday.
In c🔥ur📖rency trading, the dollar slipped to 123.57 Japanese yen from 123.77 yen. The euro rose to $1.1087 from $1.0983.
