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Market Update

Russian Ruble and Stocks Plunge, European Markets Decline

Author: Nigel Thomas
Last Update: 11:32 AM ET March 03 2014

European markets plunged and extended worldwide market selloff after Russian lawmakers authorized President Vladimir Putin to increase military strength in Crimea.

The Russia’s Micex index plunged 11% and ruble eased 1% after Russia increased its interest rate 150 basis points to 7% at an unscheduled meeting of central bank.

Rising tensions in Ukraine also dragged Polish zloty by 1% to 4.203 against one euro and Polish stock market index by 4.5%.

The 10-year dollar denominated Ukraine government bond declined to yield at 10.33% and the bond maturing in 2014 plunged by 17 percentage point to yield 43%.

Hryvnia, the Ukraine’s currency declined and traded around 10 against one dollar as the country’s interim government seeks $15 billion in assistance from Western nations.

In London trading, FTSE 100 index slumped 1.4% or 92.29 to 6,717.41 and in Frankfurt the DAX index declined 2.7% or 265.92 to 9,426.16.

In Paris, CAC 40 index dropped 2% or 88.71 to 4,319.37.

Ferrexpo, trading in London with an iron-ore assets in Ukraine plunged 15% and steel maker Evraz with operating facilities in Ukraine and Russia plummeted 10%.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc