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Latest news says Russia has right to deploy military bases in eastern Ukraine under new agreement with separatist leaders.
The news escalates the fears of a military invasion by Russia and weigh on the risk appetite, which in turn drag Antipodeans and propel the rush to risk-safety.
Economic Data
US markets are still closed on the occasion of the President Day, but stocks futures edged firmly lower on Russia/Ukraine news. European and Asian futures are also down, hinting at an upcoming risk-off Tuesday.
Markit published the preliminary estimates of its February PMIs for the EU. The services sector posted a nice comeback with the German index up to 56.6 and that of the EU printing at 55.8. The manufacturing PMI in both economies came in below expected, but well above the 50 level that divides contraction from economic expansion.
Other Developments
Russian President Vladimir Putin delivered a threatening speech during the New York session’s time which has weighed on risk and encouraged a swift response from the West with harsh new sanctions being implemented.
Putin has signed a separatist recognition decree over eastern Ukraine regions and the decrees on recognizing the Donetsk and Luhansk People’s Republics also ordered the Russian armed forces to go into separatist territory on peacekeeping missions.
This has sparked retaliation from the US, UK, EU and UN and the Twitter feeds are quoting some key figures on the international stage in this regard:
UN chief Guterres considers Russia’s eastern Ukraine recognition a ‘violation of territorial integrity, sovereignty of Ukraine, inconsistent with UN charter.
UK govt says sanctions expected to go further if invasion happens, so they won’t go as far as full package prepared, The Guardian.
UK govt confirms it will be announcing Russia sanctions tomorrow in response to Putin’s declaration, The Guardian.
White House official says Biden has started the call with France’s Macron and Germany’s Scholz.
German government spokesman: Chancellor Scholz agreed with macron and Biden that Putin’s decision won’t go unanswered.
Tomorrow we will be announcing new sanctions on Russia in response to their breach of international law and attack on Ukraine’s sovereignty and territorial integrity.
