Financial markets in Europe opened with small changes in today’s session, while investors are focused on the latest developments related to the war between Russia and Ukraine.

The STOXX Europe 600 index opened slightly lower by 0.2 percent.

Ukrainian military officials said a major Russian offensive had begun in the Donbas region, with attacks intensifying in Slobozhansky and Donetsk, in the north and east of the country.

Also, the World Bank has reduced the forecast for economic growth during this year, by almost 1 full percentage point, from 4.1 percent that was the previous estimate. The institution cites the pressure that the Russian occupation of Ukraine is giving to the world economy.

WB chief David Malpass said the biggest component of lowering growth forecast was a 4.1 per cent contraction in the Europe and Central Asia region, including Ukraine, Russia and surrounding countries.

“Forecasts are also declining for advanced and highly emerging economies due to rising food and energy prices caused by war-related supply disruptions in Ukraine. We are preparing for an ongoing response to the crisis, given the many crises. “In the coming weeks, I look forward to discussing with our board a new $ 170 billion 15-month crisis response envelope to cover April 2022 through June 2023,” said Malpass.

Asian markets also had a mixed performance. Meanwhile, Wall Street closed slightly lower in last session, as investors await the start of the quarterly corporate reporting season.