Market flash note on Russia/Ukraine crisis

Markets have responded negatively to the news that Russia has launched a military offensive against the Ukraine in the early hours of this morning. The escalation of events is greater in scale and intensity than had been expected by most commentators and not expected by markets. 
 
It is not known how any response by US, European and NATO forces will be received by Russia and what that might mean for global stock markets or, more importantly, the people of the Ukraine.