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Global stock markets bounce on Ukraine concessions

Picture of Drew Meredith, CFP
Drew Meredith, CFP
Picture of Drew Meredith, CFP

Drew Meredith, CFP

Drew Meredith is one of the founders of Wattle Partners. He is an experienced financial and investment adviser with expertise in self-managed superannuation funds, superannuation strategies, investment analysis and portfolio construction. Drew is a Partner at Wattle Partners.
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As news that bombing ramped up in Ukraine spread around the world, the Ukrainian President spoke publicly about a willingness to concede to Russia on both NATO and territory claims, sending sharemarkets around the world higher.

The European markets had their best day in two years, with the DAX and French CAC 40 gaining more than 7% each, primarily driven by a rally in the under pressure banking sector.

The story extended to the US, with the Nasdaq gaining 3.6%, the S&P 500 up 2.6% and the Dow Jones adding 2%.

The Dow underperformed after the oil price fell by more than 12% on hopes of a resolution.

Consumer brand Adidas (ETR: ADS) was a winner despite reporting a 24% fall in sales to China, but guiding towards a recovery.

The divergence between tech companies was also on show, with dating app Bumble (NASDAQ: BMBL) jumping more than 40% after announcing a more than 20% jump in users.

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