European markets fluctuate amid doubts about Russia’s withdrawal from Ukraine

LONDON – European shares fell on Wednesday following the latest round of talks between Russia and Ukraine aimed at finding a solution to the conflict.

pan europe Stokes 600 It fell 0.5 percent in early trading, with autos giving up 1.6 percent to lead losses, while oil and gas stocks rose 2.1 percent.

In terms of individual stock price movement, Finland Nokian Tires It fell 6% while Sweden fell Lundin Energy Added 5.5%.

Investor sentiment was boosted on Tuesday after negotiations between Russian and Ukrainian officials in Turkey, with Russia’s deputy defense minister claiming that Moscow had decided “significantly” to reduce its military activity near the Ukrainian capital.

Alexander Fomin, speaking after the talks in Istanbul, said Russia would slow down its military operations near Kyiv and Chernihiv in order to make progress in the peace talks. Russia previously claimed it would scale back military operations in other parts of Ukraine but has since continued to advance.

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Growing hope for a ceasefire appeared to boost investor sentiment on Tuesday, with the Dow Jones Industrial Average futures up 200 points, or 0.6%. S&P 500 futures were also up 0.6%, while Nasdaq 100 futures were up 0.7%. Meanwhile, the price of US benchmark West Texas Intermediate crude, which rose in the wake of the Russian invasion of Ukraine, It fell more than 4% to $100 a barrel.

However, doubts arose about the undertaking, and while the Russian military was doing so It began moving some of its forces in Ukraine away from the areas around Kiev to locations elsewhere In Ukraine, Pentagon press secretary John Kirby has warned that troop movements do not amount to a retreat.

Stocks in Asia Pacific It was mixed on Wednesday as investors awaited developments surrounding the war in Ukraine. United StateTraders are watching a slew of key economic reports, while also keeping an eye on the Fed’s planned rate hikes.

Tuesday’s survey of jobs and employment turnover showed 11.3 million jobs, up from 11.1 million expected. The ADP will also release its own jobs data ahead of its closely watched monthly jobs report, on Friday.

Jay Miller, chief market strategist and head of macroeconomics at insurance company Zurich, told CNBC Wednesday that despite the recent volatility, markets are following “the typical wartime dynamic.”

“When we compare going to war in Ukraine — a pattern very similar to a number of crises we’ve looked at in the past, and actually when we look at the performance of the past month or so — with that typical trajectory,” he said.

“The future trajectory of the markets, for risky assets, is still higher, but let’s be very clear: This is a very risky situation until we get back to fundamentals, hopefully, which is looking at inflation and looking at interest rates would be the policy to contain that.”

CNBC’s Amanda Macias contributed to this market report.