Putin's words revive global markets

This morning’s press conference with Russian president Vladimir Putin has sated markets and we are witnessing a jump in risk sentiment, with the FTSE 100 now having reversed all of Monday’s losses to add 1.5%.

US index futures are now indicating that we will open higher, with the Dow Jones called to start the trading day at 16,330, a rise of 162 points. There is a clear reversal of fortune for the S&P 500, which is looking set to make an attack on the all-time high on the US open.

Markets have clearly interpreted Putin’s speech as ruling out any further military intervention in Crimea. As a result, fear is dissipating and demand for equities is dominating. Gold prices have been something of a casualty following a four-month high yesterday.

The Russian president stated that there was no need to use force at this time. However, the possibility still remains for the future.

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