European stocks stable as Crimea votes to join Russia

European stock markets held steady at the open on Monday after Crimea voted over the weekend to break away from Ukraine and join Russia in a disputed referendum.

In opening trade, London's benchmark FTSE 100 index edged 0.09 percent higher to 6,533.50 points.

Elsewhere, Frankfurt's DAX 30 fell 0.10 percent to 9,047.49 points and in Paris the CAC 40 dropped just 0.02 percent to 4,215.42 compared with Friday's close.

Crimea was due to formally apply to join Russia later on Monday after voting to split from Ukraine, as Europe prepared to hit Moscow with a wave of sanctions in the worst East-West stand-off since the Cold War.

An overwhelming 96.6 percent of voters on the mostly Russian-speaking peninsula chose to secede from Ukraine, according to final results from Sunday's disputed referendum, which the Kremlin is accused of orchestrating.

"At least for now it would seem the market has already discounted much of the present risks," said Spreadex trader David White, in reference to the referendum result.

"Yet as with all ongoing geopolitical concerns, volatility is unlikely to die down completely.

Asian markets were also mixed Monday as traders digested the news from Crimea.

Investors remain cautious following a sell-off last week fuelled by weak Chinese data, while eyes are on the Federal Reserve's policy meeting on Tuesday and Wednesday to see if it will announce any more stimulus cuts.