Explosions reported in Kyiv

Strikes on the capital proper have historically produced brief risk-off pulses, a bid in front-end energy, gold and the dollar, that fade within hours unless the target set shifts; strikes on energy infrastructure, grain corridors or anything suggesting escalation beyond Ukrainian territory are the variants that have tended to leave a mark on crude, gas and European equities. The distinction worth drawing is between routine air defence interceptions over the city and confirmed hits on strategic assets or third-country interests, since only the latter has precedent for sustained repricing. The follow-ons that matter are official confirmation of the target, casualty and infrastructure reporting, and any Russian or Ukrainian official framing that signals intent to escalate or expand the theatre. Absent confirmation, the default pattern for headlines of this kind is a short-lived move that retraces as detail clarifies.