As several Ukrainian cities awoke to the sound of sirens and explosions, the Russian military incursion was spreading panic far beyond Ukraine's borders: to global markets.

The price of materials such as oil, gas or aluminum made a historic leap, while the unprecedented fall in the ruble forced the Russian central bank to intervene. 

Panic in the markets 

The European stock markets collapsed in the first exchanges: around 08:15 GMT, the Paris Stock Exchange lost 3.15%, Frankfurt 3.73%, London 2.45% and Milan 3.10%.

The European benchmark Eurostoxx 50 index fell by 3.48%.

The Moscow Stock Exchange even plunged by more than 30% and the Russian currency, the ruble, reached a historic low against the dollar before the intervention of the country's central bank.

In Asia, Hong Kong lost 3.24%.

Tokyo ended sharply down 1.81% and Shanghai 1.70%.

The price of a barrel of Brent oil from the North Sea has exceeded 100 dollars for the first time in more than seven years.

Aluminum was also breaking records.

"It's panic in the markets," summarizes Ipek Ozkardeskaya, analyst at the investment company SwissQuote.

Russian President Vladimir Putin announced the start of a "military operation" in Ukraine at dawn on Thursday, Kiev saying for his part that a "large-scale invasion" was underway.

In the aftermath, powerful explosions and airborne warning sirens were heard in Kiev, Odessa (south), Lviv (west), Kharkiv on the Russian border and in eastern Ukraine.

Russian ground forces entered Ukrainian territory, including from annexed Crimea, Ukrainian border guards said.

“At this stage, it is impossible to bet on any scenario,” resigns Ipek Ozkardeskaya.

"We can only follow the latest developments closely and be ready for more volatility."

The Russian offensive has sparked a wave of international condemnation, with US President Joe Biden denouncing Russia's "unwarranted attack".

The UN Secretary General implored Vladimir Putin to bring his "troops back to Russia" "in the name of humanity".

The Russian announcement came in the middle of the Security Council session.

Raw materials are on fire

Around 08:10 GMT, the price of a barrel of Brent oil from the North Sea soared 6.01% to 102.60 dollars and that of a barrel of American WTI jumped 5.39% to 97.14 dollars.

On the side of natural gas, the reference market in Europe, the Dutch TTF (Title Transfer Facility), was trading at 107.615 euros per megawatt hour (MWh), an explosion of 21% compared to the previous day.

The price of aluminum hit a new all-time high at $3,382.50 per ton.

The surge in raw materials "constitutes a growing threat" recalls the Swissquote analyst, since it puts pressure on inflation, already very high in the United States and Europe, which could "force the Federal Reserve (Fed ) to act more aggressively to control" this price increase.

Fall of the ruble, jump of the dollar 

After a historic low of 90 rubles to the dollar, the Russian currency reduced its losses: it fell 6.39% and traded at 87.19 rubles to the dollar at 08:10 GMT. 

The Russian central bank announced on Thursday that it would begin "interventions" in the foreign exchange market in order to "stabilize the situation" after the fall of the rouble. 

The dollar, considered a safe haven, took 0.41% against the European currency, to 0.8884 euro for one dollar.

Bitcoin fell 4.77% to $35,700.

With AFP

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