European indices have been pulled lower and are now trading in the red on the day, with US futures also erasing its light advance at the start of the session to be lower currently. The Eurostoxx, DAX and CAC 40 are all down 0.1% while S&P 500 futures and Dow futures are both down 0.2% now.

As much as there was early enthusiasm, you have to think when all is said and done with Russia and Ukraine tensions, what's the backdrop like for equities next? Sure, the plausible response is that one might point to relief as geopolitical risks subside. However, against the narrative of surging inflation pressures and central banks tightening, it's tough to be majorly bullish.

Bear in mind that for all the negativity brought about by Russia-Ukraine tensions, equities didn't really suffer all too much in the big picture. For example, both the S&P 500 and DAX only fell by 4% at the lows on Monday when compared to the Thursday close. So, any potential relief rally might not be as strong as one would think.

Perhaps there is more for stocks to worry about other than just geopolitical risks at the end of the day.