Russian Stocks Soar To Record Highs – Up 60% Since White House “Sell” Order

micex-record-high

Russian Stocks Soar To Record Highs – Up 60% Since White House “Sell” Order:

Russia’s MICEX stock index rallied to all-time record highs today. This is likely very disconcerting for The White House as since the March 2014 lows when they issued the following statement: “If I were you, I wouldn’t invest in Russian equities right now,” Russian stocks are up 60% – tripling the 19% gains in the S&P off those lows

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Ruble Plummets Losing More Than 20% In A Day, Hitting New Dollar And Euro Lows

Ruble plummets losing more than 20% in a day, hitting new dollar and euro lows (RT, Dec 16, 2014):

No end seems to be in sight for the plight of the Russian ruble, which slumped to new record lows against hard currencies Tuesday. The EUR traded at 93.5 against the ruble, and the USD at 75.

The Russian stock market also went haywire, dropping more than 15 percent as of 2:30pm Moscow time, after it dropped 11 percent the day before. Sberbank, the country’s largest lender, lost 17.77 percent, and VTB, the second biggest bank, fell by 14.29 percent. State-owned oil and gas companies Gazprom, Rosneft, and Surgut also saw shares plummet.

The emergency interest rate hike to 17 percent has failed to halt the ruble’s landslide tumble against hard currencies. The rate increase only calmed the ruble temporarily.

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Russian Stocks Crash As Central Bank Scrambles, Hikes Rates Most Since 1998 Default

Russian Stocks Crash As Central Bank Scrambles, Hikes Rates Most Since 1998 Default (ZeroHedge, March 3, 2014):

Following a 150bps rate hike by the central bank – the largest since the 1998 default –desperate to halt capital outflows and a collapsing currency, Russian stocks have crashed 11% led by some of the country’s largest banks. USDRUB rose to just shy of 37 – the weakest RUB rate on record – but rallied back a little on the rate hike but the MICEX stock index tumbled 11% to almost 2-year lows with Sberbank (Russia’s largest bank) down 17% and VTB (2nd largest bank) down 20%. Between the threat of economic sanctions from the West and simple risk-aversion-based capital flight, as one analyst noted, “uncertainty risks a further escalation in domestic capital outflow.”

MICEX is down 11% today alone…

Russian Stocks Crash As Central Bank Scrambles, Hikes Rates Most Since 1998 Default

Ruble at record lows against the USD…

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