Asian stock markets may suffer losses of as much as 2 percent this Monday as investors shun equities, opting instead for the relative safety of the U.S. dollar and treasuries as a stand-off between Ukraine and Russia threatens to escalate into conflict, investment professionals told CNBC. "We believe it will be a broad-based sell-off," Naeem Aslam, chief market analyst at Ava Trade, told CNBC on Sunday. "If there is a military action, there could be over 2 percent gap to the downside. Before the markets open, gold and U.S. bonds could rally higher on the back of this and the same goes for the greenback." The low-yielding yen was in favor in early Monday trading while the Australian dollar fell against its U.S. counterpart. "Buy yen, then buy dollars," advised Simon Derrick, BNY Mellon's Chief Currency strategist on Friday. "If you must buy the pound. Avoid everything else."