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Stocks Surge on Hopes For Diplomatic Breakthrough

EQUITIES
  • Equity markets across Europe and the US surged on Wednesday, with Germany's DAX finishing with gains of near 8% accompanied by broad rallies across Wall Street - putting the S&P500 higher by as much as 3%. Market sentiment has settled considerably, led by more diplomatic tones emanating from both the Kremlin as well as Kyiv, with both sides stressing a preference for diplomacy - raising the focus on a head-to-head meeting due between the Ukrainian and Russian foreign ministers in Turkey on Thursday.
  • The US financials and tech sectors lead gains, benefiting from the broader turnaround in risk sentiment, with the names among the poorest performers during the recent bout of market volatility.
  • The energy sector was a standout to the downside, with oil and gas explorers suffering on the plunge in both WTI and Brent crude. The moves followed the UAE Ambassador to Washington citing the country's willingness to increase oil production and press OPEC+ for an increase in supply.
  • E-Mini S&P futures remain vulnerable despite this week's rally, 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 though would suggest scope for a stronger corrective bounce. Key support lies at 4101.75, the Feb 24 low. A break of this level would confirm a resumption of the downtrend.
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