Ukraine crisis, China's 1st bond default provide external direction

THE main external developments of the week just past were Russia's military occupation of the Crimean peninsula, which elevated tensions with Ukraine and brought the US into the frame, and a large bond default in China, the first of its kind.

Internally, there were also a few notable developments: a continued rise in commodity stocks, possibly thanks to rumours that the Noble Group could enter into a large, lucrative deal involving its agr…