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4 dead as Russia fires nearly 400 drones at Ukraine with signs spring offensive has begun

A major Russian drone and missile attack on civilian areas of Ukraine killed four people and injured at least 35, officials said Tuesday, while Moscow’s army stepped up efforts to break through Ukrainian front-line defences in what could be the start of an anticipated spring ground offensive. Russia fired almost 400 long-range drones at Ukraine overnight, Ukraine’s air force said, in its biggest attack in weeks. The onslaught continued into Tuesday as dozens of drones targeted the capital Kyiv...

Mar 24, 2026 &03482424202631; 16:48 UTC www.scmp.com Trending 2/5

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Negative for markets

Sentiment score: -35/100

Moderate impact Short-term (days)

WHAT THIS MEANS

Russia launches largest drone attack in weeks (~400 drones) on Ukraine with signs of spring offensive beginning; 4 dead, 35+ injured. Fresh geopolitical escalation increases risk-off sentiment and energy/defense volatility.

AI CONFIDENCE

62% High

SENTIMENT GAUGE

NEWS POWER SCORE

AFFECTED ASSETS

↑

^VIX

^VIXIndex

Expected to rise

Fear gauge already +1.61%; geopolitical escalation typically extends volatility bid for 24-48h

↑

Oil (WTI Crude)

CL=FCommodity

Expected to rise

Russia-Ukraine conflict escalation historically supports crude; supply risk premium and risk-off flows

↓

S&P 500

^GSPCIndex

Expected to decline

S&P 500 flat but VIX rising suggests underlying weakness; geopolitical risk-off typically pressures equities into close

⇅

Euro / US Dollar

EURUSDCurrency

High volatility expected

Safe-haven USD bid vs EUR, but energy crisis fears support EUR; conflicting flows = choppy

↓

10-Year Treasury Yield

^TNXBond

Expected to decline

Risk-off flight-to-safety typically lowers yields; geopolitical premium supports bonds

PRICE HISTORY

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⚡ SUGGESTED ACTION

Risk-off setup favors short equities (especially growth/tech) and long volatility/commodities. Energy (CL=F) and defense names likely outperform. Avoid long USD on this news; monitor for escalation updates over next 24h before committing capital. [MOVE:0.8%]

KEY SIGNALS

VIX +1.61% — fear already pricing in but room for extensionSpring offensive narrative — sustained escalation risk, not one-offDrone attack scale (400 units) — largest in weeks, suggests momentum shiftS&P 500 flat despite VIX rise — disconnect suggests selling pressure building

SECTORS INVOLVED

Defense & AerospaceEnergyUtilitiesConsumer Discretionary

Analysis generated on Mar 24, 2026 at 16:56 UTC

Disclaimer: This analysis is generated by artificial intelligence for informational purposes only and does not constitute financial advice, investment recommendation, or solicitation. Original reporting by SCMP Business. Always conduct your own research and consult a qualified financial advisor before making investment decisions.

4 dead as Russia fires nearly 400 drones at Ukraine with signs spring offensive has begun

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