Britain is drawing up plans to ensure that any EU action against Russia over Ukraine will exempt the City of London, according to a secret government document photographed in Downing Street.
As David Cameron said Britain and its EU partners would put pressure on Moscow after it assumed control of Crimea, a government document drawn up for a meeting of senior ministers said that
"London's financial centre" should not be closed to Russians.In other news:
NEW YORK (Reuters) - U.S. stocks tumbled on Monday alongside other risky assets globally as tensions in Ukraine and Russia escalated after Russian President Vladimir Putin declared he had the right to invade his neighbor.
News that Ukraine mobilized for war on Sunday and Washington threatened to isolate Russia economically overshadowed better-than-expected U.S. data, including an index showing that factory activity rebounded from an eight-month low in February.
The S&P 500 had closed at a record high on Friday, and profit-taking was expected on Wall Street due to the political uncertainty. The index found some support when it fell to 1,840, but broke below it after the first attempt. The S&P 500 extended losses in early afternoon trading and then recovered slightly to close above the support level.
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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