S&P 500 and Nasdaq futures are both 1% higher on hopes for peace with the Stoxx 600 pushing its daily gain to 2%.
War trades, on the flipside, are getting beaten up with oil down 4%, gold down $25 and palladium down 9%. The euro continues to extend gains, rising to 1.1115, up 130 pips on the day.
Russia’s military said Tuesday it would “fundamentally” cut back operations near Ukraine’s capital and a northern city, potentially a significant concession by Moscow since it invaded its neighbor more than a month ago.
