U.S. Futures Extend Gains After Putin Comments: Markets Wrap

(Bloomberg) — U.S. stock-index futures extended gains as investors took heart from a report that some progress is being made in talks between Russia and Ukraine.

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Contracts on the S&P 500 and Nasdaq 100 indexes added 1.5% each after IFX cited Russian President Vladimir Putin as saying talks with Ukraine have been positive. Gold extended losses. Europe’s Stoxx 600 gauge was boosted by travel and commoidty companies. The dollar erased gains. DocuSign Inc. slumped in New York premarket trading after its revenue forecast missed analysts’ estimates.

Volatility continues to whipsaw global markets as a worsening war in Ukraine boosts inflation and threatens to sink global growth. Investors are tottering between panic selling and dip-buying of beaten-down assets as they brace for an anticipated rate increase by the Federal Reserve next week. If the European Central Bank’s decisions Thursday are any guide, policy makers may prioritize inflation fight over the need to support economic recovery.

Europe’s Stoxx 600 rose for only the second time this week, led by companies that benefit from price growth and central-bank tightening, such as commodity companies and banks. Travel companies posted some of the biggest rallies after data showed the U.K. economy grew faster than forecast in January.

Trading in Asia reflected overnight losses in the U.S. market. An MSCI Inc. gauge of the region’s stocks capped its fourth consecutive weekly decline. A technology gauge in Hong Kong slumped more than 6% after the U.S. identified five Chinese firms that could be delisted. Chinese stocks traded in the U.S. had their worst day since 2008 Thursday amid renewed regulatory concerns.

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Oil rebounded, but was still on track for its biggest weekly loss since November. U.S. President Joe Biden is expected to call for an end to normal trade relations with Russia, clearing the way for increased tariffs on the country’s imports.

DocuSign plunged 18% in early New York trading after the electronic-signature company forecast revenue for the first quarter that fell short of the average analyst estimate.

Read: Volatility Traders Getting Less Impressed by Big S&P 500 Swoons

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Some of the main moves in markets:

Stocks

Futures on the S&P 500 rose 1.5% as of 6:27 a.m. New York time
Futures on the Nasdaq 100 rose 1.7%
Futures on the Dow Jones Industrial Average rose 1.3%
The Stoxx Europe 600 rose 2.5%
The MSCI World index rose 0.1%

Currencies

The Bloomberg Dollar Spot Index was little changed
The euro rose 0.5% to $1.1040
The British pound rose 0.2% to $1.3117
The Japanese yen fell 0.6% to 116.82 per dollar

Bonds

The yield on 10-year Treasuries advanced three basis points to 2.01%
Germany’s 10-year yield advanced four basis points to 0.31%
Britain’s 10-year yield advanced three basis points to 1.56%

Commodities

West Texas Intermediate crude rose 1.6% to $107.70 a barrel
Gold futures fell 0.8% to $1,983.70 an ounce