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Stocks Recover Further as Russian Recognition More Limited

EQUITIES
  • The e-mini S&P surges further, with prices nearing 4360 as the Russian foreign ministry clarifies that Russian recognition of breakaway Ukrainian territories refers to borders already controlled by separatists. This is a more limited recognition than expected, eliminating the outside risk that Russia could expand the areas of recognition to the 2/3 of the Luhansk and Donetsk under Ukrainian control.
  • As such, the headlines represent somewhat of de-escalation of tensions, helping equities squeeze higher while USD/JPY hits the best levels of the day.

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