Risk off had attained powerful momentum globally back in July. De-risking/deleveraging dynamics were increasingly fomenting illiquidity, contagion and instability across global markets.
New York Times writers Michael Schwirtz, Marc Santora and Michael Levenson reported on the front page of today's paper that, "Russia’s nearly three-month-old invasion of neighboring Ukraine has been punctuated by flawed planning, poor intelligence, barbarity and wanton destruction. But obscured in the daily fighting is the geographic reality that Russia has made gains on the ground."