European Shares Dip Due To Ukraine Concerns

March 20th, 2014 by James

With investors keeping a wary eye on the standoff over Crimea, European shares dipped and the safe-haven Yen rose.

European Shares Dip Due To Ukraine Concerns

After stocks gained in Asia and on Wall Street on Monday, the FTSEurofirst 300 .FTEU3 slipped at the open. The Japanese Yen gained but stayed below recent peaks against the dollar and gold.

Russian President Vladimir Putin signed a decree that approved a draft treaty on “adopting the Republic of Crimea into the Russian Federation”. Putin was due to address a special joint session of the Russian parliament on the issue later. This was after Ukraine’s mainly Russian-speaking region of Crimea voted overwhelmingly in a weekend referendum in favor of joining Russia. Condemned by Western States, the referendum resulted in sanctions by the United States and the European Union on a small group of Russian and Crimean officials.

“The sanctions taken against Russia are relatively soft, and there has been no real escalation in the tensions in the past week, which is good news,” Talence Gestion fund manager Alexandre Le Drogoff said.

“Overall, the market has been quite resilient in this Ukrainian crisis, but now it needs a positive catalyst to resume its rally, and we might have to wait for first-quarter corporate results for that.”

After data indicated the U.S. economy was improving after a winter slowdown, the S&P 500 index .SPX rebounded on Monday from its worst weekly fall in the past seven to end 0.96 percent higher as concerns eased over Ukraine.

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