Russia's attack on Ukraine: What to expect?

Global stocks tumbled early Thursday after Russian forces fired missiles at Ukraine and landed troops on the Ukrainian south coast.

Vladimir Putin had earlier stated that he has authorized what he described as a special military operation, with explosion expected in the Kyiv Ukrainian capital. President Joe Biden said the US and its allies will impose heavy sanctions on Russia after the attacks.

Russia had repeatedly made known their position against the eastward expansion of NATO especially the imminent admission of Ukraine to the military alliance. Putin felt his nation will not feel safe with a constant threat emerging from the territory of her neighbour.

Financial instruments have responded to the first strike as Brent is seen trading above $100 for the first time since 2014 and Gold surging northward without restrictions. European equities are expected to open lower and the US stocks to follow suit. The attack has ramped up fears that global energy supplies will be disrupted because supply from Russia, the second largest oil producer and the largest supplier of natural gas to Europe has come under sanctions from Western countries. The European countries previously dependent on Russia will have to consider alternative sources for energy supplies further pressuring a tight market.

The Greenback, Swiss Franc and Japanese Yen regarded as safe haven currencies are expected to receive boost from the uncertainties.