Markets rally as Ukraine tensions recede

Asian stocks joined a global rally overnight at the prospect of a full-scale conflict between Ukraine and Russia appeared to recede

Russian president Vladimir Putin (pictured) calmed markets yesterday by saying the country would only use military force as a "last resort", and that the threat of military action had "dissipated". Russia's Micex index finished up 5.3% yesterday after falling 10% on Monday, with global indices following in a relief rally. After the S&P 500 rose 1.5% to another record high of almost 1,874, Asian markets followed, with the Nikkei 225 up 1.5% and Australia's benchmark index up 0.6% to its highest level for six years.  Safe haven assets suffered, with gold falling 1.2% to $1,334 per ou...