Economic calendar: All eyes on Russia-Ukraine conflict

• Russia-Ukraine conflict in the spotlight after Putin recognized LPR and DPR

• European markets set to open lower

• Flash PMIs from US, German IFO index

European stock markets are set for a lower opening amid an increase in tensions between Russia and Ukraine. Russian President Putin recognized the independence of two separatists' republics in eastern Ukraine and the Russian military has moved into those republics. However, as the Luhansk People's Republic and Donetsk People's Republic are not internationally recognized, the Russian military has in fact moved into Ukraine. The West announced that sanctions will be imposed shortly and markets are awaiting developments. The question is how big and how swift the response of the West will be.

When it comes to economic releases, there are some scheduled for today but their importance may be smaller as all of the attention is on Ukraine. The German IFO index will be released in the morning while the US CB index will be released in the afternoon. In meantime, investors will also be served flash PMI indices from the United States for February.

9:00 am GMT - Germany, IFO Business Climate index for February. Expected: 96.5. Previous: 95.7

9:00 am GMT - Italy, CPI inflation for February (final). First release: 4.8% YoY

2:45 pm GMT - US, PMI indices for February.

• Manufacturing. Expected: 56.0. Previous: 55.5

• Services. Expected: 53.0. Previous: 51.2

3:00 pm GMT - US, Conference Board Consumer Confidence for February. Expected: 109.8. Previous: 113.8

Central bankers' speeches

• 8:30 pm GMT - Fed Bostic

Top Wall Street earnings

• Macy's (M.US) - before market open

• Home Depot (HD.US) - before market open

• Virgin Galactic (SPCE.US) - after market close