Ukraine nerves send European shares lower

European stock markets fell across the board on Monday, concerned by an escalation in tensions between Russia and the West and reports the Ukrainian army was moving on a major rebel stronghold. The step up in rhetoric over Russia's involvement following last week's downing of a Malaysian airliner had offered hope for some investors that stronger action by Western powers could push the conflict toward a peaceful conclusion. European benchmarks, the FTSE 100.FTSE, DAX .GDAXI and CAC 40 .FCHI were all down by between 0.4 and 0.7 per cent soon after opening. The yen, traditionally a beneficiary of concerns over geopolitical risks for markets, was up 0.3 per cent against the euro EURJPY=EBS and around 0.1 per cent against the dollar. JPY=EBS Asian markets - excluding Japan which was closed for a holiday - had gained 0.3 per cent .MIAPJ0000PUS on the back of a strong finish for Wall Street on Friday on upbeat US corporate earnings, with more reports due this week, according to Reuters.