Scoreboard: Russian relief

Global stocks surged as Vladimir Putin quelled fears over tensions with the Ukraine.

Markets calmed somewhat overnight -- well, quite a bit actually, and in many cases we saw a reversal of the previous session’s price moves. The reason? Russian President Vladimir Putin and his comment “we are not going to war with the Ukrainian people”. Putin noted that Russia had cultural and historical ties with the Ukraine and that Russia’s actions were not about “conquering” -- rather, about responding to a request for aid from the legitimate president of Ukraine. He said “the only thing which was necessary, and which we did, was to strengthen the protection of our military installations…it will not be necessary for us to do anything like that in eastern Ukraine”.  So with Russian forces on the border of eastern Ukraine called back to base (though not in the Crimea), markets relaxed.

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