[Europe Open] Russia-Ukraine Invasion Fallout Sparks 3-4% Sharp Decline Start

[Image source=AP Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] Since Russia's invasion of Ukraine, major European stock markets have opened with sharp declines of 3 to 4%. Concerns over soaring international oil prices and raw materials are expected to further deepen the losses.

On the 24th (local time), the UK's FTSE 100 index opened at 7,286.12, down 2.83% from the previous day. France's CAC 40 index fell 3.87% to 6,518.39, and Germany's Frankfurt stock exchange DAX 30 index dropped 4.12% to 14,029.23. The pan-European Euro Stoxx 50 index also started the session down 3.99% at 3,814.90.

Earlier, around 5 a.m. on the same day, Russian President Vladimir Putin approved a military operation, and Russia launched a full-scale war simultaneously on three fronts: eastern, southern, and northern Ukraine. The Russian military bombed military bases and air defense systems in major Ukrainian cities, and the Russian Ministry of Defense announced that it had secured air superiority within hours of the outbreak of the war.

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