Global bourses look set to reverse from their significant losses that occurred yesterday as Russia’s apparent ultimatum passes with no action as of yet. With no new headlines breaking on the geopolitical situation, it looks like investors are taking this opportunity to claw back the sleep losses of yesterday’s session with Spreadex calling the FTSE 100 up around 65 points. Yesterday saw investors scramble to buy Gold sending the precious metal up over $20, however as stocks rebound, the yellow metal has been brought back in line, currently down around $13.
We have quite a thin economic calendar today with the only notable piece of data released being GBP construction PMI which is expected to come in at 63.6. Overnight saw the release of important Australian data with building approvals coming in significantly ahead of consensus at 6.8%, cash rate at 2.50% and the RBA statement which said the reserve bank is reluctant to change the cash rate over the following months.
With the lack of data driving markets in any significant direction, investors will be closely watching for any clarity on the Ukraine situation which should slowly come to light throughout the day.