Global Markets Turn A Blind Eye To Crimea Tensions

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Global Markets Turn A Blind Eye To Crimea Tensions

Global Markets Turn A Blind Eye To Crimea Tensions

Global markets are up across the board after Russian President Vladimir Putin eased tensions somewhat by stating that Russia is not seeking a “partition of Ukraine”, suggesting that fears of imposed military force may be unfounded.

In the UK, the FTSE 100 is up half a percent, currently trading at 6,603.40 with a couple of hours remaining before the UK markets close. The gains come despite a number of substantial declines, with financial services organization Resolution Ltd (RSL.L) falling 5.58% to 352.28 and mining conglomerate Fresnillo PLC (FRES.L) falling 4.76% to 880.50.

In Germany, the DAX 30 is trading at a 0.69% premium to the days open, having risen 62.73-points to 9,244.58. Leading the charge is corporate financial services organization Commerzbank AG (CBK.DE), currently trading at 12.76, a 3.57% climb on the day’s open.
Heading into U.S. lunch, the Dow Jones Industrial Average is up 0.70%, currently trading just shy of key support at 13,361.37. leading the charge is tech giant Microsoft Corporation (MSFT), currently trading at 39.54, a 3.97% gain on the open.

The NASDAQ 100 is also up, currently trading at 3,693.93, a 0.85% rise for the day so far. Microsoft is also buoying this index, closely followed by biotech company Gilead Sciences (GILD), up 2.5% at 77.33.**relatedarticle**

Mixed economic data has had some effect on the US markets, with the Census Bureau revealing building permits at 1.018M during February, beating expectations of 0.960M; core consumer price index data coming out as expected at 1.6% and 0.1% for the YoY and MoM figures respectively, and housing starts missing expectations of 1.2%, coming slightly lower at 1.1%.

All said, its looks as if the markets have taken a breather from the Ukrainian situation, and a more risk-on sentiment has taken over. Whether the markets will remain distracted throughout the week remains to be seen, and depends solely upon the outcome of the standoff between Europe, the US and Russia.

To contact the reporter of this story: Samuel Rae at samuel@forexminute.com