European markets drifted upwards Monday as fears of an imminent U.S. interest rate rise receded following last week’s poorer than expected employment statistics. But Germany still eyed the situation in Ukraine warily and Frankfurt fell in morning trading. Portugal’s central bank announced it will take control of ailing Banco Espirito Santo. BES will be split into a good bank and a bad bank and junior bondholders will be “bailed-in” to bear some of the cost of the $6.6 billion rescue. Germany’s Rheinmetall was blocked from fulfilling a $100 million defense contract with Russia. British bank HSBC said employees are becoming disproportionately risk averse, fearing criticism from regulators. But it said it would benefit if interest rates go up either in the U.K. or the U.S.

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