Global markets in positive mood

ISTANBUL – With easing commodity prices and positive developments in the Russia-Ukraine war, global stock markets posted positive results.

The price of Brent oil per barrel sat at UDS103 on Monday while it is at around USD108.6 currently. The ounce price of gold traded for around USD1,930, up from USD1,917 on Monday.

Representatives from Russia and Ukraine met in Istanbul last week and agreed to reduce military actions in the cities of Kyiv and Chernihiv.

Mikhail Podolyak, advisor to the Ukrainian Presidential Office, said the results of the negotiations were sufficient for a meeting at the level of the heads of state.

Although positive developments increased the risk appetite in global markets and ease commodity prices, natural gas prices continue to be affected by Russia’s ruble decision.

Russian President Vladimir Putin signed a decree requiring “unfriendly” countries to pay for Russian gas in rubles and stated that gas contracts will be stopped unless payment is made in rubles as of April 1.

On Monday, almost all major indices from Asia, Europe, and the US closed the day in the positive territory.

In the US market, Nasdaq index increased by 1.9 percent or 271 points to reach 14,532, thanks to a rally in technology share triggered by Twitter.

Twitter shares registered their largest one-day gain, surging 28 percent after the company disclosed that Tesla chief executive officer Elon Musk had taken a 9.2-percent stake in the company.

On Monday, US factory orders contracted in February after nine consecutive monthly increases; new orders for manufactured goods fell by USD2.7 billion, or 0.5 percent, to USD542 billion in the month.

Turkiye’s benchmark stock index on Monday climbed 2.65 percent to hit its record high closing level of 2,311.40 points.