Russia-ukraine Pact Calms Markets
US stock futures were ebbing and flowing on Tuesday as markets were left with some solace the day after Russia and Ukraine agreed to a ceasefire amid their months-long conflict.
Wednesday, June 25, 2014
Manufacturing in the US is surging this month, demonstrating the nation's economic recovery is proceeding. Equities are coming off a slow Monday session that prompted the S&P to have one of its slimmest trading ranges ever. Today, just after 10 a.m. in New York, the Nasdaq moderately climbed 0.06%, a gain of 2.75 points to 4,371.59; the S&P 500 slipped 0.14%, a drop of 2.68 points to 1,959.94; and the Dow dipped 0.05%, a fall of 7.97 points to 16,929.29.
Business confidence in Germany, the top economy in the euro zone, dipped more than forecast this month amid questions about how companies are navigating geopolitical struggles in Ukraine and Iraq.
Manufacturing index shows growth in June
After checking in at 56.4 in May, the Markit Economics of US Manufacturing pushed to 57.5 this month, marking its top level in slightly more than four years, according to Bloomberg. Orders also pushed ahead to 61.7 this month as compared to 58.8 in May. June job creation at factories demonstrated growth at a pace on par with development last month
Putin pullback comes after ceasefire
One day after Russia and Ukraine agreed to a tenuous ceasefire, Russia President Vladimir Putin asked parliament to withdraw his mandate to order an invasion, The Washington Post reports. Coming about four months after Russian troops filed into Ukraine, the Monday ceasefire includes peace negotiations between Ukraine government officials and pro-Russia militants.
The offices of Ukraine President Petro Poroshenko said he was pleased by his Russian counterpart's symbolic overture, which they called "the first practical step" of the peace plan. Putin's solicitation is unlikely to do anything to withdraw Russia troops from Crimea when the legislators pull back his mandate on Wednesday.
On Monday, former Ukraine President Leonid Kuchma convened with pro-Russian separatists, which marked the first diplomatic meetings between the two sides. Despite the drive toward peace, both sides reported attacks did not end on Monday or Tuesday. But both sides were for the most part holding fire to comply with the Monday agreement.
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