• US warnings is baseless hysteria designed to ramp up tensions in Europe
• Russia remains committed to Minsk peace process
• Tensions are exacerbated by huge build-up of Ukraine forces in East Ukraine and US statements
• We always said troops would return to base after military exercises and that is precisely what is happening this time

Meanwhile, Interfax is reporting that Russia’s southern military district has said that its forces have started returning to bases from Crimea. All of this is seeing equities gain further on the day. Nasdaq futures are now up by over 2% as risk trades roar