Talk of an urgent press conference from Putin hurting sentiment

There are rumors that Putin is scheduling an urgent press conference, ostensibly to respond to the Ukraine military’s ‘anti-terrorist’ operations in the East.

I doubt Putin would pre-announce an invasion via press conference but he’s been clear that Russia is entirely against the Ukraine using its military against its own people, especially ethnic Russians.

The sharp moves in markets can be traced back to the rumors.

Update: The rumor mill says the press conference is due to take place at half past the hour — 10:30 am ET (1430 GMT).

Earlier, Putin, said Ukraine’s actions in Slavyansk could amount to a “very serious crime against its own people”. He added: “It is simply a punitive measure that will without question have consequences.”

Update 2: A Putin spokesman is on Reuters saying today’s developments in Ukraine raise very serious questions about the legitimacy of the May 25 Presidential election.