European and Russian stocks rallied while oil prices retreated on Tuesday morning after Russian officials said some of the country’s troops were being returned to bases after drills near the Ukraine border, with markets welcoming the declaration as a sign that a military conflict may be averted.
“The units of the southern and western military districts, having completed their tasks, have already begun loading onto rail and road transport and will begin moving to their military garrisons today,” Russia’s Defense Ministry spokesman Igor Konashenkov said in a statement.
