Here we go.
There are reports of explosions in Kiev, Kharkiv, Odessa, Mariupol and elsewhere. So far all the reports are in the eastern half of Ukraine.
This is war.
I'm shocked at the calm in the FX market but I imagine that's only a matter of time. Brent crude briefly touched $100 for the first time and that might be just the beginning.
This appears to be a full-scale invasion of Ukraine and Putin said he plans to 'de-militarize' Ukraine. That will mean an awful, bloody war.
There's the potential for a panic in markets tomorrow. The big question is whether they will cut off Russian oil and gas exports, or if Russia will do that themselves. That could create a super-spike in oil and gas prices.
There are also other exports from the region to consider, including wheat and fertilizer. The first reaction in the market will be to sell everything and find a safe haven.
