Russian military forces are expected to begin a large-scale bombardment of the Ukrainian capital city of Kyiv from around 0300am local time (0100GMT), reported a CNN correspondent citing an intelligence report. 

Market Reaction

There hasn't been any market reaction to these headlines yet but it certainly won't be a 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 wont be as severe.