Asian share markets pared losses and Wall St futures rallied on Monday as a glimmer of hope emerged for a diplomatic solution to the Russian-Ukraine standoff, though there remained plenty of devil in the detail.
Also troubling markets has been the prospect of an aggressive tightening by the U.S. Federal Reserve as inflation runs rampant. The Fed's favoured measure of core inflation is due out later this week and is forecast to show an annual rise of 5.1% - the fastest pace since the early 1980s.
At least six Fed officials are set to speak this week and markets will be hyper-sensitive to their views on a possible hike of 50 basis points in March. Currency markets have been relatively calm with the U.S. dollar index just a fraction firmer last week and last trading at 96.031 , well short of its recent 97.441 peak.
Gold has benefited from its status as one of the oldest of safe harbours, climbing to nine-month highs, and was last at $1,896 an ounce .
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