Russia’s next bombardment on Kyiv expected at 01:00 GMT

Russian military forces are expected to begin a large-scale bombardment of the Ukrainian capital city of Kyiv from around 01:00 o’clock (GMT), per a CNN correspondent citing an intelligence report.

Markets have not reacted yet to this headline but it certainly will not be positive for global risk appetite if Russia does launch a second major assault on Ukraine.

With the US and EU for now avoiding the most economically problematic sanctions on Russia, any risk-off reaction associated with further fighting probably will not be as severe.