The global equity markets are mostly higher. Markets caught a bid upon the report that some Russian troops were pulled back from the Ukraine border. The effort afforded the market a relief rally that took form right around the European open. S&P Futures are up about 56 points to trade around the 4450 area. This is just off the high of 4457.00. The low was set about midway through the Asian session at 4381.75.
In Asia, China rose 0.5% while Japan slid 0.8%. The Shanghai’s strength came on the back of a CNY100 billion liquidity injection into the banking system by the PBOC. Although the borrowing rate was left unchanged, the move helped the state’s medium-term lending facility. In Japan, the Nikkei struggled to find stability after fourth quarter GDP failed to meet expectations. The preliminary print showed growth of 5.4% year over year, but this fell below the forecast of 5.8%.
In Europe, the major bourses are higher. The news of potential for de-escalation of tensions between Russia and Ukraine lifted sentiment. Automakers are enjoying a rally with the likes of Volkswagen, Porsche and BMW up 2-3%. Glencore is up nearly 3% after the commodity trading giant posted its fiscal year results.