14 March 2014 ~ Russia has “no plans to invade Eastern Ukraine”

The first few hours of the EU session had a “Risk Off” feel to it, albeit with some strength seen on the gold market too.
Both ES and FESX came under consistent selling pressure, as mirrored by gains on FGBL and ZN – with some news media placing the blame on tension over Crimea.

As far as the Harry Hindsight Highlight Reel goes, just one or two talking points:

* At 12:30 London time we saw the release of US PPI, all elements of which came in under expectations. The market response was fairly muted.

* At 13:55 London time we saw the release of US Prelim UoM Consumer Sentiment, again, considerably lower than expected, but again, limited market response.

* 15:42 London time. Arguably the biggest talking point of the session was a statement from Russia’s Foreign Minister Lavrov: “Russia has no plans to invade Eastern Ukraine.”
The market seemed to breath a sigh of relief with both ES and FESX rallying at the expense of Gold and Treasuries.