Global equity markets have rallied from sharp losses yesterday while gold and oil have fallen following what could be interpreted as a de-escalation of tensions by Russian President Vladimir Putin, who ordered some military units back to their bases after a surprise training exercise that began last week. Some of the drills took place near the border with Ukraine, exacerbating fears about a possible Russian invasion of its neighbor. At a press conference, Putin said his country has no need to use force against Ukraine but retains the right to consider all its options, and it has no intention of annexing Crimea.
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