Possible scenario
Sustained Grid Campaign
−0.5%
Russia continues using Kh-101 cruise missiles, ballistic missiles, and drones to pressure Ukraine’s electricity system as winter demand rises. Ukraine repairs damaged plants but faces interceptor shortages that leave more grid nodes exposed than in earlier phases of the war.
What it moves
- Industrials+0.8%
- Utilities−0.6%
- Market volatility
- Riskier companies' borrowing costs
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