Risk trades jump on news that Russian troops are returning to bases

There are a couple of headlines to digest here, so let's recap first and foremost:

• Russia says a number of drills have finished and troops are expected to return to bases
• Russia says that there are still going to be drills, involving almost all military districts and navies
• Russia says that there will be live fire drills held together with Belarus on 19 February

Meanwhile, AFP is also reporting that some Russian forces near Ukraine are returning to bases - citing a ministry source.

I don't want to jump the gun (no pun intended) to say that this is a material sign of Russia de-escalating but it is definitely a welcoming development. It's too soon to say that this marks the end of the whole Russia-Ukraine saga as the Russian military did say that there will still be drills conducted. So, we'll see.

In any case, the market feel is about emotions right now and risk trades are already showing much signs of life. Nasdaq futures were flat before the headlines and are up 0.9% now. Meanwhile, European indices have also turned positive with the Stoxx 600 index up 0.6%.

Elsewhere, gold Gold Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Read this Term is down from $1,876 to $1,867 while oil is slumping with WTI down 2% on the day from $94.50 earlier to around $93.50 currently.