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Stocks Enjoy Relief Rally on Diplomatic Undertones From Ukraine & Russia

EQUITIES
  • European cash markets and US futures are trading in the green early Wednesday, with sentiment on a surer footing amid more diplomatic undertones emanating from both Ukraine and Russia in recent days.
  • Russia's foreign ministry this morning stated that they have no intention of toppling Ukrainian government, and it is "better" to achieve goals via talks. This, twinned with the opening of humanitarian corridors across a number of cities is helping sentiment so far Wednesday. Reports from earlier in the week suggesting Zelensky is less adamant about Ukraine's NATO membership provided the initial support yesterday evening, with a subsequent short squeeze helping prices higher still.
  • Europe's consumer discretionary and technology sectors lead gains on the continent, while energy is the notable laggard, with the roll of WTI and Brent crude oil prices off recent highs working against oil & gas explorers.
  • S&P E-minis key support lies at 4101.75, the Feb 24 low. A break of this level would confirm a resumption of the downtrend. The 20-day EMA, at 4349.88,represents an important near-term resistance. Price has recently failed to hold above this EMA. A clear break of it would suggest scope for a stronger corrective bounce. EUROSTOXX 50 futures are trading higher today as the contract extends the recovery from 3380.00, the Mar 7 low. A continuation higher would open the 20-day EMA at 3862.20. The bear trigger is unchanged at3380.00.

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