Yanukovich triumphs but Ukrainian markets set for a rough ride

Exit polls suggest that Viktor Yanukovich has defeated Prime Minister Yulia Tymoshenko in the race to become Ukraine’s next President. But his margin of victory in yesterday’s run-off was slim and the result is now likely to be contested in the courts. With Ukraine’s IMF programme still frozen and global investor risk appetite starting to wane, the prospect of a further bout of political infighting is likely to weigh heavily on Ukrainian markets over the coming weeks.