In European Equity Markets stocks declined the most in a week as tension escalated in Crimea, following Ukraine's change of government. WPP Plc (WPP) slid the most in more than two years and Allianz SE dropped 3.6 percent after posting profit that missed estimates. Royal Bank of Scotland Group Plc (RBS) slumped 8.1 percent after the state-owned lender reported its biggest full-year loss since receiving a bailout in 2008. Man Group Plc rallied 11 percent after the world's largest publicly traded hedge-fund firm announced a $115-million stock buyback. The Stoxx Europe 600 Index slipped 0.9 percent to 334.63 at 11:30 a.m. in London today. Allianz slid 3.6 percent to 126.25 euros. Europe's biggest insurer reported fourth-quarter net income of 1.26 billion euros ($1.7 billion), falling short of the 1.31 billion euros projected by analysts. RBS plunged 8.1 percent to 325.5 pence. The bank said its net loss widened to 9 billion pounds in 2013 from 6.1 billion pounds in 2012.
In Currency Markets the yen climbed a fourth day against the euro as reports that Russia put fighter jets on combat alert amid rising tensions in Ukraine boosted demand for the safety of haven assets. The Swiss franc rose to the strongest level since April versus the euro. The shared currency also fell as annualized inflation in six German regions slowed this month. Australia's dollar dropped against all 16 of its major peers after business investment in the nation slumped. New Zealand's currency gained as Fonterra Cooperative Group Ltd. increased its forecast milk payout to farmers to a record. Federal Reserve Chair Janet Yellen is due to speak today. The yen climbed 0.8 percent to 139.01 per euro at 6:30 a.m. New York time after advancing 0.6 percent in the past three days. The Japanese currency strengthened 0.6 percent to 101.82 per dollar, the biggest gain since Feb. 3. The euro dropped 0.3 percent to $1.3652 after weakening 0.4 percent yesterday, the most since Jan. 31. The Swiss franc appreciated as much as 0.3 percent to 1.21572 per euro, the strongest level since April 18.
In Commodities Markets Brent crude declined to the lowest level in a week, narrowing its premium to West Texas Intermediate to a new 4 1/2 month low. Futures slipped as much as 0.7 percent in London amid speculation tighter lending in China may crimp economic expansion in the world's second-largest oil user. European stocks and emerging-market currencies declined for a second day. WTI's losses were capped after government data yesterday showed crude supplies at Cushing, Oklahoma, the U.S. storage hub, fell by 1.08 million barrels to 34.8 million last week, the lowest level in four months. Brent for April settlement dropped as much as 71 cents to $108.81 a barrel on the ICE Futures Europe exchange, the lowest since Feb. 17. It traded for $108.92 as of 11:30 a.m. local time. WTI for April delivery dropped as much as 40 cents to $102.19 a barrel in electronic trading on the New York Mercantile Exchange. The contract climbed 76 cents to $102.59 yesterday, the biggest gain since Feb. 19.
In Asian Equity Markets stocks were little changed, erasing earlier losses, as Chinese shares rose. Tencent Holdings Ltd. extended a record high whileQantas Airways Ltd. (QAN) dragged Australian equities lower. The Shanghai Composite Index (SHCOMP) climbed as ChinaPetroleum & Chemical Corp. and technology companies rallied. Tencent jumped 5.2 percent, contributing the most to the Hang Seng Index's advance. Qantas lost 9.1 percent in Sydney, the biggest decline since Dec. 5, after Australia's largest airline said it will cut 5,000 jobs and defer new jets. Mitsubishi Estate Co. sank 3.1 percent in Tokyo as developers led declines among theTopix (TPX) index's 33 industry groups. China's Shanghai Composite Index advanced 0.3 percent today. Hong Kong's Hang Seng Index rose 1.7 percent as Tencent, Asia's biggest Internet company, surged 5.2 percent to HK$616.50. Australia's S&P/ASX 200 Index declined 0.5 percent as Qantas dropped and a report showed business investment fell the most since 2009. New Zealand's NZX 50 Index fell 0.2 percent, while South Korea's Kospi index gained 0.4 percent.
In Bond Markets European bonds rose, with Germany's 10-year yield sliding to a seven-month low, as inflation in six German regions slowed this month, fueling speculation the European Central Bank will expand monetary stimulus. Italian 10-year yields dropped to the lowest since 2006, Dutch rates reached the least in nine months and Irish borrowing costs slid the most in five weeks. Finnish and Austrian bonds also rose as deepening political tension in Ukraine boosted demand for the relative safety of fixed-income assets. The ECB will announce its next policy decision on March 6. Germany's 10-year yield fell six basis points, or 0.06 percentage point, to 1.55 percent at 11:30 a.m. London time, the lowest since July 24. Italy's 10-year yield fell seven basis points to 3.47 percent after touching 3.46 percent, a level not seen since January 2006. The rate on Ireland's 10-year bond slid seven basis points to 3.08 percent. That's the steepest decline since Jan. 20.
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