Crimea, it's the most serious crisis in relations between the West and Russia since the Cold War. And until it's over, risk aversion should remain the play of the day, analysts say.
On Sunday, Crimea voted overwhelmingly in favor of leaving Ukraine and annexation by Russia in a referendum that Europe and the U.S. have said was illegal and would trigger sanctions.
(Read more: No surprises in Crimea vote, now what?)
The outcome of the vote was no surprise to financial markets. Still worries about escalating tensions between the West and Russia ensured that the new trading week got off to a rocky start.
U.S. stock futures fell as much as 0.5 percent in Asia on Monday and Japan's blue-chip Nikkei stock index hit a one-month low. Safe-haven gold briefly rose to its highest level in over six months.