Scoreboard: Russian backlash

Global stocks and commodities were mostly lower as soft data and Russia's penance from the West weighed.

Equity markets generally dipped overnight and commodities were weaker, although there wasn’t really any significant news. Just momentum perhaps. Data that was out was fourth tier, but it was softer and therefore insufficient to provide any lift to sentiment. For instance, a ‘flash’ estimate of the Chinese manufacturing PMI slipped in March and the European PMIs were off a touch as well. In each case we are only talking decimal point moves though, which are completely insignificant.

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