The perception of the Russia-Ukraine conflict has de-escalated a little bit. The conflict itself may not have de-escalated but headlines in terms of diplomacy – there is a meeting between the Russia foreign minister and his Ukranian counterpart in Turkey today. The Turkish President saying this may crack open the door for some kind of permanent ceasefire between the two countries.

Markets are latching on to anything which is being thrown their way but as of now, on the ground it doesn’t seem like there is any de-escalation at all.

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Market perception of it has changed, so there have been large pullbacks both in European equities first, US equities, brent oil prices have cooled off, natural gas prices fell about 27 percent. One thing to note is that the market pricing of what the Fed will do in March is creeping up. It was 22 basis points (bps) on Monday, 23 bps on Tuesday, yesterday it was almost back at about 25 bps or so.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.

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