Global stocks climbed on Tuesday after Russia’s Defense Ministry announced that the country would pull back from its military standoff in Ukraine, easing concerns over disruptions in global energy supplies.
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The Stoxx Europe 600 climbed 1.2 percent, while Germany’s DAX index rose 1.6 percent and the CAC 40, the benchmark index in France, was up 1.2 percent.
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On Wall Street, the S&P 500 rose 1 percent, while the tech-heavy Nasdaq jumped 1.5 percent.
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On Tuesday, the Russian Defense Ministry said that it would withdraw some troops from Ukraine’s border, but added that some military exercises that had raised concerns of an attack against Ukraine were continuing. The announcement came after Russia amassed large numbers of troops on Ukraine’s border, prompting concerns over disruptions to natural gas exports through Ukrainian pipelines that flow to Europe.
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The threat of a military conflict dragged major indexes lower in recent days, helping push the S&P 500 down more than 4 percent since last Wednesday. Concerns over possible energy disruptions also drove up already high oil and natural gas prices. Brent crude, the international standard, had jumped above $96 a barrel on Monday— to its highest since 2014.
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Crude oil futures fell sharply on Tuesday after Russia’s announcement. Brent crude fell 3.2 percent to $93.38, and West Texas Intermediate, the U.S. benchmark, was down nearly 4 percent to $91.90.
