What does turmoil in Ukraine mean for markets? It depends on how long it takes to resolve.
Right now, it has taken risk off the table, sending Wall Street reeling at the opening bell. It's likely to be a further headwind for the global economic recovery. The U.S. has some $38 billion in trade with the Russians that is now in at least some peril. Throw in the rough winter, and the Ukraine is another data point that weakens global growth.
Ukraine may be far away, but it is clearly influencing global markets. Most European bourses are down two to three percent—this is after very encouraging manufacturing reports for February. Grains are up, with wheat up 4.6 percent, oats and corn also up two to three percent. Gold at a four-month high, while oil is up two percent.
The Russian stock market is down 12 percent today, but that is not going to deter President Vladimir Putin.