Stocks in Europe were trading lower on the first day of the trading week as the ongoing turmoil in Ukraine weighs on market sentiment. Meanwhile, market participants are focusing on the release of a string of Final Purchasing Managers’ Indices (PMI) for February from European countries, later in the day.
Futures for the European Euro Stoxx 50 dropped 0.99% lower at 3,100.50, while the German DAX futures declined 1.33% to 9,523.50. At the same time futures from France’s CAC 40 lost 1.03% to 4,344.30 and UK’s benchmark FTSE 100 fell 1.08% to 6,707.50.
The ongoing crises between Ukraine and Russia, stocks were seen dropping in Asia, with equities in Japan closing the session lower.
Stocks- Ukraine Turmoil
Ukraine is preparing for war after the Russian President Vladimir Putin sent more than 6,000 troops to the tense Crimean Peninsula over the weekend.
“This is not a threat: this is actually the declaration of war to my country,” said Ukrainian Prime Minister Arseny Yatseniuk. However, the Russian President Vladimir Putin said he had the right to raid his neighbor country, to protect Russian interests in Ukraine.
The US President Barack Obama threatened to cut off Russia economically, which may also include the removal from the G8. The next summit of industrialized nations, scheduled in the Russian city of Sochi in June has been cancelled by the G7.
An emergency meeting on Ukraine by the European Union foreign ministers will be held later in the day, while US Secretary of State John Kerry is expected to visit the country.
Stocks – Expected Final PMIs
Final PMI’s for February are expected to be released later in the day, analysts are forecasting to see little or no impact on the markets from the ongoing turmoil in Ukraine.
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