European equity markets have been sluggish this morning as the uncertainty in Crimea is still weighing on traders. There has been little in the way of development as dealers are still gripped by the prospect of war.
Weak economic data from China suggests the world’s second largest economy is slowing down. Industrial production, fixed-asset investment and retail sales figures from Beijing all missed estimates, putting industrial and natural resource stocks under pressure.
The update from the European Central Bank (ECB) offered little new information. Interest rates will remain low even if inflation edges towards the 2% target, and the ECB is likely to keep its policy unchanged for the foreseeable future.
The 50-day moving average of 9247 is acting as resistance; a break through that level could put us on track towards 9300. The index has already dipped below the 9200 mark this morning and, if tensions in Ukraine heat up, we could see it move below that level again.