Markets rebound as Ukraine fears ease

European stockmarkets rebounded this morning as fears eased about a prolonged conflict in Ukraine.

The markets had taken a tumble yesterday due to escalating tensions in Ukraine as Russia moved troops into the Crimea region.

But on news this morning that Russia had ordered its troops to pull back, markets have reacted positively and all major European markets are up by more than 1 per cent.

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The FTSE 100 was up by 1.2 per cent in early trading, led by support services firm Ashtead Group, which reported strong full year results today.

Gold mining companies provided the only drag on the index as the precious metal price gave up some of its gains from yesterday when investors flocked to it as a safe haven asset.