Three meetings today keep investors on edge

Volatility continues to be high, with the FTSE bouncing back 3.3% yesterday after the Ukrainian president said that he was open to neutrality and to stop pursuing membership in NATO. These comments sparked hopes of appeasement ahead of a meeting between the two sides in Turkey today.

Risk sentiment returned, as the prices of commodities cooled down. Brent prices dropped more than 6% and gas prices fell 27%.

Investors are also awaiting today the outcome of the ECB meeting, which is expected to clarify plans to withdraw emergency stimulus measures, as well as a summit of EU leaders in Versailles to discuss how to lower their dependence on Russian energy.

Despite these good signs, London's FTSE 100 was down 0.7% this morning, hampered by heavyweight miners and financials.

Rio Tinto fell more than 4% after it announced that it would cut all ties with Russian businesses.

Evraz tumbled 14.9% after cancelling an interim dividend payment yesterday.

 

Things to read today:

Roman Abramovich hit with sanctions by UK (Financial Times)

NATO’s Polish MiG-29 Fiasco (WSJ)