European Stock Market Recovers After Black Box Handover

European markets rode a global rebound in risk appetite on Tuesday, helped by the first signs of cooperation from Ukraine’s pro-Russian separatists over the downed Malaysian Airlines plane.

After days of uncertainty, a train carrying the remains of some of the almost 300 victims arrived in Ukrainian government territory and separatist leaders have handed Malaysian authorities the aircraft’s flight recorders.

That helped settle market nerves, lifting shares both in Europe and Asia and pushing back many of the safe-haven assets like the yen, gold and government bonds that have been in demand over the last week.

Europe’s FTSEurofirst 300 index climbed 1 percent as the main bourses in London, Frankfurt and Paris all made ground and dollar-traded stocks in Moscow saw their first rise in almost two weeks.

Wall Street futures pointed to U.S. markets starting up around 0.3 percent and the rouble also firmed, trading 0.6 percent stronger against the dollar at 34.90 and almost 1 percent on the euro at 47.10.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza