In Ukraine, where Moscow-backed Viktor Yanukovich was ousted from the presidency, the country's dollar bonds rallied and the hryvnia currency fell, though there was scant impact on developed markets.
German Bund futures fell to the day's low after the Ifo business climate index in Europe's powerhouse economy rose to 111.3 from 110.6 last month, adding to the recent optimism over the economic recovery in the euro zone.The euro edged up to $1.3769 after the data.
Earlier, shares in Asia fell and the Japanese yen rose as growth in Chinese home prices eased for the first time in 14 months - a sign Beijing's campaign to tighten credit conditions may be starting to bite.
The FTSEurofirst 300 index of top European stocks was up 0.13 per cent, although a disappointing outlook from German carmaker Volkswagen limited gains.
Asian shares excluding Japan fell 0.4 per cent and most Asian emerging markets currencies were lower. Tokyo's Nikkei index fell 0.2 per cent as the yen, which is often sought in times of market stress, strengthened.
Dollar-yen moves on risk aversion, and when Tokyo stocks are down dollar-yen is down, even if the reason is a drop-off in activity in its (Japan's) major export market.
Spanish government bond yields fell, approaching recent eight-year lows after Moody's raised Spain's credit rating in a further endorsement of Madrid's efforts to revive an economy once at the sharp end of the euro zone debt crisis.
Moody's upgraded by one notch to Baa2 with a positive outlook. Spain's 10-year government bond yields last traded 2.6 basis points lower at 3.53 per cent.
The yen was up 0.1 per cent at 102.37 to the dollar and slightly stronger versus the euro.
China shares sank to a two-week low, dragging Hong Kong markets down, as property and banking counters slipped on mainland news reports that stoked fears banks have stopped extending loans to property-related companies.
Data on Monday showed the pace of the rise in Chinese home prices slowed in January for the first time in 14 months, suggesting the government's efforts to cool the market were having an effect.
The Chinese yuan fell, extending its worst weekly performance in more than two years after the People's Bank of China set its daily midpoint lower for a fifth session.
On the commodities front, Brent crude added about 0.2 per cent to $110.01 a barrel. Gold added about 0.2 per cent to $1,330.80 an ounce after it marked a third straight week of gains.