FX.co ★ Things getting worse in Ukraine, so European market trading in red

European stock futures dropped this morning after reports that Russian troops fired missiles at a number of Ukrainian cities and landed troops on its coast. This caused a big wave of risk-off in the global market.

Worries about increased inflation and the derailing of the economic recovery after the outbreak of the pandemic affected investors and resulted in German DAX index contracts down more than 5 %, EuroSTOXX futures dropped 5 % and FTSE futures down 2.8 %.

While the European market is quite reliant on Russian energy products, the current political situation raised worries in other markets as well. Some Asian stocks, in particular, also fell, and U.S. index futures showed losses of around 2% later on Wall Street.

Oil prices are up more than 5% and gold soared 2%.