Finance

Finance

European markets mixed as Russia-Ukraine fears subside; earnings in focus

16 February 2022 15:43 (UTC +04:00)

European markets were muted on Wednesday as investors assessed the geopolitical outlook following Russia’s partial withdrawal from the Ukrainian border, while corporate earnings season rumbles on, APA reports citing CNBC.

The pan-European Stoxx 600 index inched 0.1% above the flatline in early deals, with travel and leisure stocks climbing 1.1% to lead gains while telecoms slid 0.5%.

Markets around the world rallied on Tuesday after Russia announced that it had begun returning some troops to deployment bases after training exercises near the Ukrainian border, assuaging fears of an imminent invasion and raising hopes of a de-escalation of recent tensions with the West.

However, Western officials and Ukrainian President Volodymyr Zelenskyy have urged caution in taking Russia’s claims at face value.

Shares in Asia-Pacific, which had closed by the time the news broke on Tuesday, joined their U.S. and European counterparts in rallying on Wednesday, with Japan’s Nikkei 225 leading gains.

U.S. stock futures were slightly lower in early premarket trade on Wednesday after the major indexes snapped a three-day losing street in regular trading on the back of the news of Russia’s partial withdrawal.

Earnings remain a key driver of individual share price action in Europe, with Heineken, Ahold Delhaize, Air Liquide, MTU Aero Engines and Alcon among the companies reporting before the bell on Wednesday.