Stocks fall over tension in Ukraine

Stocks fell on Monday following the raised tension in Ukraine over the weekend.

The MSCI All-Country World Index fell 1.2 percent, with European stocks the hardest hit. The STOXX Europe 600 lost 2.3 percent. Moscow’s MICEX stock index plunged 11 percent, its biggest fall since November 2008.

The impact of political events negated generally better-than-expected economic data on Monday.

For example, Markit's eurozone manufacturing PMI for February came in at 53.2. While weaker than January's 54.0, it was better than the preliminary reading of 53.0.

US manufacturing data on Monday were also better than expected. Markit's manufacturing PMI jumped to 57.1 in February, better than the preliminary reading of 56.7, from 53.7 in January. ISM's manufacturing PMI rose to 53.2 from 51.3.

Other US economic reports showed that consumer spending rose 0.4 percent in January while construction spending rose 0.1 percent.

It was a similar story in the UK. The Markit/CIPS manufacturing PMI rose to 56.9 in February from 56.6 in January while mortgage approvals rose to 76,947 in January from 72,798 in December.

In China, the HSBC/Markit manufacturing PMI fell to 48.5 in February, the weakest reading in seven months, from 49.5 in January. However, the February figure was better than the preliminary reading of 48.3.

Also, China's official non-manufacturing PMI rebounded to 55.0 in February from a record low of 53.4 in January.