Stocks in Europe were seen trading lower on Tuesday, dragged lower by the developments of the situation Ukraine. While US index futures dropped, while shares in Asia climbed.
The European Euro Stoxx 50 dropped 0.49% to 3,034.15 at the time of writing, while the German DAX declined 0.69% to 9.117.49. At the same time the UK’s benchmark FTSE 100 lost 0.30% to 6,548.11, while the French CAC 40 edged 0.27% lower to 4,260.33.
Stocks – Crimea
Sunday’s referendum showed that 95.5% of the voters in the Crimean region backed leaving Ukraine and joining the Russian Federation, however Ukraine and the Western nations considered the vote illegal. On Monday, the Russian President Vladimir Putin signed an order on recognition of Crimea as a sovereign state.
The US and European Union imposed sanctions against Russian officials and threatened further measures.
Germany Confidence
In Germany, a report which showed the investors sentiment for the next six months came in lower than expected, dropping to 46.6 in March compared to the previous figures of 55.7 seen in February, while the Current Situation index came in at 51.3 points, rising slightly from 50 recorded in the previous month. Both reading were forecasted to come in at 52 points.
FOMC Meeting
Members of the Federal Open Market Committee will be meeting for its March policy meeting, which begins later in the day, with analysts expecting the central bank to trim its bond purchases by another $10 billion to $55 billion.
Other News
In Italy, the trade surplus totaled to 3.65 billion euros in January, compared to 3.61 billion seen in the previous month, official data revealed. Analysts forecasted to see a surplus of 2.47 billion euros.
The Spanish government is expected to auction Treasury bills maturing in three and nine months, with a target of 3 billion euros.
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