- As a result of Russian President Putin's decision to unleash a military strike on Ukraine, global equities and equity futures fell Thursday, while bonds and commodities rose.
- Prices on the S&P 500 and Nasdaq 100 fell, with contracts on the latter's tech-heavy index falling 3%, placing the gauge on the verge of a bear market. The Stoxx 600 Europe index plummeted over 4%, as Asian shares hit their lowest level since 2020. Following the lifting of a trading halt, Russian stocks plummeted to new lows.
- According to Ukrainian sources, Russian military vehicles infiltrated the Kyiv area from Belarus to the north, after tanks allegedly moved into Ukraine from Crimea. Putin stated that Russia has no intention of occupying its neighbor, but that action was required after the United States and its allies violated Russia's red line by extending the NATO alliance.
President Biden said the US and its allies will slap serious sanctions on Russia in response to the military intervention. Sanctions on Russian banks are being planned by European authorities. Kyiv's administration proclaimed martial law and appealed for international backing, including tougher sanctions against Russia.
- On prospective dangers to Russian energy supplies, oil and European natural gas prices soared, with Brent futures trading as high as $105 a barrel and the benchmark West Texas Intermediate exceeding $100.
- The 10-year Treasury yield fell 13 basis points to under 1.9% due to the rush to safety. Gold has reached its highest level since September 2020. The dollar and the yen both increased, while the euro and commodity-linked currencies fell. The ruble hit a new low against the dollar, prompting the Russian central bank to announce foreign-exchange interventions.
- Goldman Sachs: Geopolitical uncertainty reduces the chances of a 50 BPS raise in March.
- Ukraine is being hit by a second wave of missile strikes, according to military officials.
- Witnesses report hearing an explosion in Kiev, Ukraine's capital.
- EU leaders will discuss extra restrictive measures at an emergency meeting later today, according to the EU, which will impose vast and severe consequences on Russia for its actions.
- Five Russian planes and one Russian helicopter were shot down in the Luhansk region, according to the Ukrainian military.
