Stocks Jump, Oil & Gold Dump Over Russia-Ukraine Peace Talks Optimism

Another day, another avalanche of Russia-Ukraine related headlines and reports.

This time reported by Russian media outlets TASS and Interfax, the Ministry of Defense of the Russian Federation is said to “radically” reduce military activity near Kiev and Chernigiv.

Additionally, Bloomberg reports that a Ukrainian negotiator said the country is seeking international security guarantees for territory that doesn’t include the separatist-controlled areas of Donbas and Crimea.

These two shifts in positioning are reportedly setting the stage for a possible Putin-Zelenskiy meeting.

The optimistic headlines immediately sent futures higher…

And tanked oil prices, with WTI back to a $100 handle…

WTI is back below $100 but still well above the $90 handle pre-invasion…

Gold has been slapped back below $1900, tumbling to pre-inbvasion lows…

The dollar is getting hit hard, erasing overnight gains…

And bonds are being modestly sold off (as the curve flattens further).

Various commodities are being dumped, with Wheat futures limit down and Palladium crashing.

There has still been no official comments from Russian officials related to yesterday’s optimistic headlines reported by The FT or this morning’s reports.

Turkish President Recep Tayyip Erdogan told the delegations in Istanbul ahead of the talks that concrete results were expected. “An immediate cease-fire and peace is in everyone’s interest,” he said.