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Ukraine ceasefire hopes have strengthened global markets

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The Ukraine war has been creating jittery markets worldwide. There is hope however that the situation in Ukraine may temporarily stabilize. Fox Business Network reported on Sept. 3, 2014 that global markets have risen on Ukraine ceasefire hopes.

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On Wednesday world markets looked stronger after Ukraine's President Petro Poroshenko said a ceasefire has been reached with Russia. This ceasefire between Ukraine and Russia has raised hopes that a recent escalation in the conflict could be reversed. Russian market shares soared towards their largest daily gains in four months on this news. And the Russian ruble climbed 1.5 percent against the U.S. dollar.

Although there has been some talk of the ceasefire being permanent in eastern Ukraine's Donbass region, the durability of any such
peace accord seems open to question due to continued tensions between Urkaine and Russia. The Moscow Times reports Ukraine Prime Minister Arseny Yatsenyuk has called Russia a terrorist state due to its hostile actions in eastern Ukraine.

Yatsenyuk has reaffirmed Kiev's desire to become a member of the NATO alliance. He insists Russia is an aggressor state and will have to bear responsibility under international law. Yatsenyuk has announced plans to submit a draft of a law in parliament aimed at scrapping Ukraine's non-aligned status as the country seeks membership in NATO. Meanwhile Russia has consistently denied directly providing any help for the rebels. The future in this region of the world clearly remains very uncertain with the stability of the global economy therefore very fragile.