European markets plummet after Russia launched an attack on Ukraine; Stoxx 600 decreased 3.6%

February 25, 2022: -On Tuesday, European stocks sold off sharply after Russia began an attack on Ukraine, which tips a longstanding diplomatic crisis into a military conflict.

The pan-European Stoxx 600 dropped 3.6% by afternoon to its lowest point of the year, with banks which plunged 6.8% to lead losses as all sector sand major bourses slid into negative territory.

On Thursday, Global markets were rocked by the news that Russia has launched an attack on Ukraine, which appears to be more widespread than expected.

Multiple explosions all over Ukraine were reported by journalists and government officials in at least four cities local time, undermining Russian President Vladimir Putin’s claim that Russia launches a military operation that would be limited to the country’s far east.

On Thursday, bout two hours before dawn, explosions were felt in and around Kyiv, Odesa, Kharkiv, and Mariupol. The eruptions are ongoing, according to reports. Dmytro Kuleba, Ukraine’s minister of foreign affairs, said in a statement that a “full-scale invasion” of his country was underway.

U.S. President Joe Biden condemned the attack. “The world will hold Russia accountable,” he said in a statement before helding a late-night call with Ukraine President Volodymyr Zelenskyy. The European Union will hold an emergency meeting on Thursday to discuss its response to the latest development.

Earnings came from AB InBev, Axa, Bouygues, Safran, Saint-Gobain, Mercedes-Benz, Deutsche Telekom, Telefonica, Anglo American, BAE systems, WPP, Rolls-Royce and Lloyds Banking Group.

On Thursday morning, there were few individual share price gains worth noting in Europe, while stocks perceived by the market to have exposure to Russia tumbled. Polymetal International plummeted over 35%, while Rolls-Royce shed 18%, Raiffeisen Bank 16%, and Uniper 13%.