(Bloomberg) — Stocks rallied and haven trades fizzled on Tuesday amid optimism that geopolitical tensions in Ukraine may be easing.
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Europe’s Stoxx 600 and U.S. index futures climbed after Russia announced the start of a pullback of some forces after drills that raised U.S. and European alarm about a possible military assault on its neighbor.
Energy shares underperfomed as oil retreated from the highest since 2014 and natural gas prices dropped on a possible cooling in the crisis. Treasury yields advanced, while the dollar and gold fell. The ruble jumped.
Meanwhile, iron ore tumbled as China ramped up a campaign to stop prices overheating.
Among individual stock moves, Glencore Plc jumped to a 10-year high after saying it expects long-running corruption probes by U.S. and U.K. authorities to be resolved this year as the world’s biggest commodity trader…
