Russia foray into Ukraine sinks global stocks – updated

Russia foray into Ukraine sinks global stocks (via AFP)

Global stocks slumped and gold and oil prices soared as Russia’s sending of troops to Ukraine’s Crimea sparked a backlash and threats of reprisal from leading Western powers. The rise in tensions over Ukraine fed worries on everything from economic…

The markets are punishing Russia more swiftly than diplomats ever could

By Jason Karaian @jkaraian March 3, 2014

Strongly worded statements, threats of travel restrictions, and summit no-shows. So far, these are the relatively mild diplomatic implications for Russia of its incursion into Ukraine, as few in the West can stomach an open military confrontation with Moscow over its apparent occupation of Crimea.

But the markets are punishing Russia much more swiftly than the diplomats. A wide range of Russian assets—stocks, bonds, and the ruble—plunged in value today. To shore up the ruble, which is plumbing record depths, Russia’s central bank unexpectedly hiked interest rates today. It ratcheted up the benchmark one-week rate from 5.5% to 7%, and traders report that the central bank has also been spending billions of dollars in currency markets to stem the fall in the value of the ruble.

via The markets are punishing Russia more swiftly than diplomats ever could – Quartz.

European stocks rebound after tumbling on Ukraine (via AFP)

European stock markets rebounded in opening deals on Tuesday, after plunging the previous day on escalating tensions between Russia and Ukraine. London’s benchmark FTSE 100 index of top companies rose 0.90 percent to 6,769 points, Frankfurt’s DAX 30…

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