Benzinga | Mar 04, 2014 10:23AM ET
Although Russian President Vladimir Putin showed no signs of letting up on his military initiatives on Monday as he amassed armored vehicles in Ukraine’s Crimean peninsula, he has since ordered troops near Ukraine border to return to bases.
Ahead of this initiative, investors had pulled money from stock markets and fled to perceived safer bets like oil and gold.
Russia’s markets were also suffering as the Obama administration began the process of isolating Russia as part of a non-military response to Putin’s declaration of war.
The US withdrew military cooperation with Russia and canceled negotiations on increasing trade and investment between the two nations. The US State Department issued a warning to Russia saying that if Putin did not pull back, the US and its European allies would punish the nation economically.
Top News
In other news around the markets:
Asian Markets
Asian markets were mixed on Tuesday; the Japanese NIKKEI gained 0.47 percent and the Hang Seng index was up 0.87 percent. However, China’s Shanghai composite was down 0.18 percent and the South Korean KOSPI lost 0.54 percent.
European Markets
Europe’s markets were down across the board; the UK’s FTSE lost 1.49 percent and the eurozone’s STOXX 600 was down 3.02 percent. The German DAX lost 3.44 percent, France’s CAC 40 fell 2.66 percent and the Spanish IBEX was down 2.33 percent.
Commodities
Energy futures leveled off on Tuesday morning with Brent futures down 0.61 percent and WTI futures down 0.80 percent. Gold lost 0.68 percent but silver gained 0.18 percent. Industrial metals were down across the board with tin posting the largest loss, down 2.51 percent.
Currencies
The euro remained above $1.37 and gained 0.20 percent on Tuesday morning. The pound was up 0.08 percent against the dollar and the Australian dollar gained 0.09 percent against the greenback. The dollar gained 0.39 percent against the yen and lost 0.74 percent against the Russian ruble
Earnings
Notable earnings released on Monday included:
Pre-Market Movers
Stocks moving in the Premarket included:
Earnings
Notable earnings releases expected on Tuesday include:
Economics
Tuesday’s economic calendar will include British construction PMI, eurozone PPI, the US redbook, Australian GDP, and US oil and gasoline inventory data.
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