In a passionate speech to a joint meeting of Congress, Ukraine's President Petro Poroshenko dropped some tape-bombs:

*POROSHENKO SAYS RUSSIA `HAS NOW INVADED UKRAINE'

*POROSHENKO SAYS UKRAINE `URGENTLY' NEEDS LETHAL AID

*POROSHENKO WARNS RUSSIANS WILL NEXT CROSS EUROPEAN BORDER

Supported by rounds of applause by US politicians, Poroshenko called for the US solidarity and to lead the offensive against Russia as they "fan the flames of war." Stocks dipped (but recovered) though PMs are higher still.

*POROSHENKO SAYS RUSSIA IS THREAT TO GLOBAL SECURITY

*POROSHENKO: AGRESSION AGAINST UKRAINE IS SETBACK FOR DEMOCRACY

*POROSHENKO SAYS `WORLD CANNOT ALLOW' RUSSIA'S BEHAVIOR

*POROSHENKO SAYS RUSSIA RESPONSIBLE FOR MALAYSIAN AIR SHOOTDOWN

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As Bloomberg reports,

“I urge you not to let Ukraine stand alone,” Ukrainian President Petro Poroshenko tells U.S. Congress.

Calls aggression against Ukraine setback for democracy

“It is very simple: democracies must support each other”

Requests special security agreement with U.S.

Says Ukraine “urgently needs lethal and non-lethal aid

‘‘One cannot win the war with blanks”

Warns Russians will next cross European border

War against Russia “is Europe and America’s war, too; it is is a war for the free world”

Calls Russian annexation of Crimea one of the “most cynical acts of treachery in modern history”

“Imperialistic bonfire” still burns in Russia

The market reacted...

But stocks bounced back...

* * *

Perhaps this is why Poroshenko is so desparate for US involvement.. his economy is collapsing...

As The FT notes, Ukrainian industrial production slumped 12.7 per cent in August (and 21.7% YoY), underscoring the immense challenges facing the country's economy and the mounting risks for the $17bn International Monetary Fund programme.