Global stock markets rose Tuesday after Russian President Vladimir Putin sought to downplay fears that his country was intent on taking over other regions of Ukraine following the effective annexation of Crimea. Putin’s comments to the Russian Parliament helped support stocks and oil but dragged down the price of gold, a traditional safe haven for investors. “One thing Putin’s comments do suggest is that the odds of this escalating further have been slashed,’’ said Craig Erlam, market analyst at Alpari. “The West may make another attempt at sanctions but based on its first efforts, it’s clearly too afraid to be overly aggressive and provoke a retaliation.’’ Having traded lower earlier in the session, European markets ended higher, notably in Moscow, where the RTS index added a further 4.2 per cent to Monday’s near 5 per cent surge. Elsewhere in Europe, stock markets had another big day, too. The FTSE 100 index of leading British shares ended 0.6 percent higher at 6,605.28 while Germany’s DAX rose 0.7 per cent to 9,242.45. The CAC-40 in France ended 1 per cent higher at 4,313.26. In the US, the Dow Jones industrial average was 0.5 per cent higher at 16,321 while the broader S&P 500 index rose the same rate to 1,868. Putin’s address follows Sunday’s referendum in Crimea, where a large majority voted in favour of joining Russia. In response, the US and the EU imposed limited sanctions on a number of officials they consider to have played a part in what they consider to be an unlawful referendum. Those sanctions met with relief across financial markets as they failed to touch on Russia’s vital economic interests.
