A recovery move can be observed on the European stock markets and US index futures following a big drop at the launch of this week's trading. Third round of Russia-Ukraine talks will be held today. However, Turkey also announced that it will host a meeting of Russia and Ukrainian Foreign Ministers this Thursday. On the other hand, a Kremlin spokesman outlined demands that, although softer, seem unacceptable for Ukraine. Those included amending the constitution so Ukraine does not join any blocs (i.e EU or NATO) as well as recognizing DPR and LPR as independent states and Crimea as Russian territory. The market reaction was slow at first but the recovery move continues.
European stock market indices erased most of the losses but still traded slightly lower on the day. EURUSD recovered back above 1.09. Oil gave back part of the gains with Brent (OIL) moving back to $121.50. Similar situation can be seen on the natural gas market (NATGAS) with the price dropping back below $5. This can be reasoned with comments from German officials that said a ban on Russian energy imports is not on the table right now.
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News of negotiations in Turkey as well as somewhat softer demands from Russia boosted risk sentiment and supported EURUSD. Source: Station5
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