The fighting in Ukraine is weighing on sentiment, pulling USD/JPY to a session low at 101.67. Stocks have also given up gains.

RT reports that 11 people have been killed in the Ukrainian operation in Kramatorsk.

Russia’s Prime Minister Medvedev is cited by Bloomberg says he hopes decision makers won’t push Ukraine to war and that the people in East Ukraine also have the right to protest.

Since the early days, I’ve been saying that the time to worry about the Ukraine was when the bullets started to fly. They’re flying today.