Stock markets extended gains on Tuesday afternoon, continuing to bounce back from a heavy bout of selling, as Russian President Vladimir Putin quelled fears of immediate conflict in Ukraine.
Putin, speaking at a press conference in Moscow on Tuesday, said there was “no need yet” for Russia to exercise its authority, adding that he was not considering the annexation of Crimea and any force used would be a last resort. He also directly addressed Monday’s heavy selling in stock markets saying that the move would only be “temporary.”
Russia’s MICEX Index pushed higher on Tuesday, surging over 5 percent, having lost nearly $60 billion in market capitalization on Monday, ending the session down 11 percent – its worst fall in five years.
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