(Update with additional details)
A source told ABC News that Ukraine and the United States have reached an agreement on a peace deal.
"There are a few minor details that need to be resolved, but they have approved the peace agreement," an American official told ABC.
The Stockholm stock exchange surged following the news. The OMXS30 index is now up around 0.9 percent.
The reports come after several days of negotiations between the countries involved. On Monday, the US and Russia reportedly held discussions. Prior to that, Ukraine and the US met last week.
A previous peace proposal developed by the US and Russia faced significant criticism from the international community. Yesterday, Ukraine and the US announced that they had agreed on a framework for peace.
Since Russia invaded Ukraine, several defense stocks have climbed on the markets. In Sweden, Saab has especially benefited from developments as demand for defense products has increased.
Saab's shares traded in positive territory for most of the day. When the news broke, the stock saw a sharp decline, but has since recovered. A similar trend was observed in Mildef's share price.
