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Stocks Slide as Markets Watch For Next Steps in Ukraine

EQUITIES
  • The negative close on Wall Street Friday has fed directly into the Monday open in Europe, with continental indices uniformly in negative territory. France's CAC-40 sits worst off, dropping around 3.75%, while the FTSE-100 fares slightly better, but still sits lower by near 2%.
  • Europe's tech, financials and consumer discretionary names are hit the hardest, mimicking the breakdown seen at the Wall Street close on Friday.
  • Markets are lower this morning as tensions between the West and Russia ratchet higher still. US intelligence on Friday suggested Russia could be mounting an invasion as soon as Wednesday, making the German Chancellor's meeting with Putin due tomorrow all the more important. Airlines and travel, firms including Wizz Air and TUI AG are among the day's worst performers, both of which are lower by as much as 9%.
  • For the e-mini S&P, losses through the 200-dma on Friday have accelerated weakness this morning, putting the index at the lowest levels since January. Key support undercuts at 4363.25/4266.25 ahead of the YTD lows of 4212.75.
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