European markets set to plunge after Russia launches attack on Ukraine

European stocks are expected to open sharply lower on Thursday after reports that Russia had begun an attack on Ukraine.

The U.K.'s FTSE index is expected to open 176 points lower at 7,303, Germany's index is expected to open 552 points lower at 14,092, France's index is expected to open 229 points lower at 6,551 and Italy's index is expected to

The news that Russia launched an attack on Ukraine will cause global markets to plunge on Thursday.

Multiple explosions across Ukraine were reported by journalists and government officials in at least four cities early Thursday morning local time, which undermined Russian President Vladimir Putin's claim that Russia was launching a military operation that would be limited to the far east of the country.

There were explosions in and around the cities of Kyiv, Odessa, Kharkiv, and Mariupol. According to reports, the explosions are still going on. The minister of foreign affairs of Ukraine said in a statement that a full-scale invasion was underway.

The world will hold Russia accountable, according to a statement by the U.S. President. An emergency meeting of the European Union will be held on Thursday.

Earnings come from a number of companies. French consumer confidence figures for February are due.

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Christine Wilkie was a contributor to the market report.