Local shares were up just over 1% today, following the rally in global equity markets overnight.

Wall Street and UK stock markets surged strongly after Ukranian President Volodymyr Zelensky said he was open to compromise on some of Russia’s demands to end the war.

“I have cooled down regarding this question a long time ago after we understood that NATO is not prepared to accept Ukraine,” Zelensky said.

Oil prices plunged by more than 10% overnight after the UAE said it will call on fellow OPEC members to increase their output faster.

The benchmark Brent crude, which traded at US$140 a barrel just two days ago, is now trading at US$114.75.

Gold price has also cooled down, trading at US$1,976 an ounce, after spiking to US$2050 an ounce yesterday.

On the ASX, the Energy and Mining sectors have lost steam for the second consecutive day – down by around 2% each.

Meanwhile, Tech, Discretionary, Healthcare, Financials have all gained by more than 2% today.

Investors’ eyes will be on on the key US inflation figure to be released later today (US time). The last reading was a record 7.5% year-on- year.



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Paladin (ASX:PDN) rose 12% as spot uranium prices touched US$60/lb for the first time in around a decade.

BNPL stocks rallied today after a surge in Block Inc (ASX:SQ2) of 7.50% on the back of risk-on sentiment.

Other players like Zip Co (ASX:Z1P) and Sezzle (ASX:SZL) also rose around 5%, with the latter announcing big staff cuts of 20% in North America that it said will lead to $10m in cost saving.

Bank stocks are also surging as investors piled back on, with the big four banks rallying by around 3% today.



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After losing 22% yesterday, Nickel Mines (ASX:NIC) lost another 13% today on concerns that its shareholder Tsingshan could be facing a US$8bn loss from the nickel short squeeze.

Rio Tinto (ASX:RIO) is down 2% after saying that it will sever all business links with Russia, as reported in the SMH.