Global Event Update 04.03.14 US markets declined sharply yesterday, sliding along with other global equities, as worries about Russian intervention in the Ukraine had investors getting out of assets perceived as risky. Investors sought perceived safe havens on heightened concerns tensions involving Russias threat to use military force in Ukraine, which mobilized its army and requested foreign observers. Secretary of State John Kerry traveled to Kiev Monday after saying Russia risked possible sanctions. According to reports, Russia has given Ukrainian forces in Crimea until 3 a.m. GMT on Tuesday to surrender two warships, or face military assault. The focus on Ukraine resulted in investors overlooking good economic data like. U.S. factory activity in February rebounded from an eight-month low, while consumer spending increased more than estimated the prior month. The Institute for Supply Management reported on manufacturing activity in February, with the reading at a better-than-expected 53.2. European stocks closed sharply lower on Monday, with investor sentiment curbed by the growing instability in Ukraines Crimea region. Russian stocks closed lower by 10.8 percent, with stocks in Germany taking a big hit due to the countrys exposure to Russia. The DAXs big drop was attributed to Germanys heavy dependence on Russian gas; the country imports around 40% of its gas and 35% of its oil from Russia. Asian markets are mixed today after falling sharply yesterday, on Ukraine concerns. Because of the Ukraine crisis, brent crude has shot up to $111.2 / barrel and that is of some concern. ibis...
Posted on: Tue, 04 Mar 2014 06:42:32 +0000