Stocks tumbled in Russia over one percent on Monday with trace effects on global markets. Protesters took several buildings in Ukraine cities over the weekend with the city of Donetsk included. The seizure developed a referendum whether to join Russia like the one in Crimea paging the way for annexation by Russia. The fear of more confrontations hit Russian assets, falling to a week low after three weeks of gain. Rouble fell 0.6 percent, 5-year credit default rose to 219 bps, while Ukrainian dollar bonds lost 1.5 points, CDS rising 14bps, this eased the U.S. concerns about interest rate hike which is seen positively for emerging markets. This also has other countries ready to sell debt. Zambia now has a 10-year dollar bond. Hungary markets slipped setting the stage for years of power for Prime Minister Viktor Orban. Turkish lira dropped .2 percent after a 12 percent lending rate cut after the Prime Minister Tayyip Erdogan called for the emergency rate cut. Nigerian rates are flat after a 24 year rebase, this nearly doubles their gross domestic product numbers to make Nigeria the biggest economy in Africa where the debt is 11 percent of GDP. Now rated 26th in the world, the African economy to investors is not to be ignored. The high risk countries are Pakistan, Ecuador, Zambia, and Sri Lanka, while other investors are hopeful for the stimulus from China, European Central Ban and watched yields in Europe fall to multi-year lows leaving some fund managers in emerging debt.

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