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Russian markets recovering on Putin's speech

Published time: March 04, 2014 12:14
Employees seen at the office of the MICEX-RTS Stock Exchange (RIA Novosti / Sergey Kuznecov)

Employees seen at the office of the MICEX-RTS Stock Exchange (RIA Novosti / Sergey Kuznecov)

Russia’s key indices have bounced back on Tuesday, as President Vladimir Putin gave his first news conference since President Yanukovich of Ukraine was ousted. Putin insisted the market turmoil on Monday was a "tactical, temporary" decision by investors.

The MICEX was up 5.19 percent at 16.00, Moscow time, with the RTS adding 5.93 percent. This marks a major turnaround from Monday, when the ruble-based MICEX dropped 10.79 percent on Monday, and the dollar-based RTS index fell 12.01 percent, the lowest level since September 2009. On the same day the ruble hit an all-time low against both the dollar and euro. Most analysts attributed the fall to the growing tension over Ukraine.

In his address Putin insisted the Ukraine crisis wasn’t a key hindrance to Russian markets; the fundamental factor was an overall crisis in emerging markets.

“In regards to markets, markets were shaky even before the situation in Ukraine escalated,” Putin said.

He said the decision by the US Federal Reserve to scale back its monthly multi-billion dollar bond purchases was a key factor that has hit most of the developing markets. India has suffered the most, Russia also suffered, Putin said.

“Politics always have some effect on the markets, but I think the uneasiness is temporary,” he added.

“As far as the events in Ukraine [are concerned], power always affects the markets, money loves silence and stability, but I think it’s only temporary,” Putin concluded.

Comments (10)

 

Cam O'Byrne 05.03.2014 08:37

[quote name='Anna Charles' ]Is anyone else weary of all the double standards, hypo racy and inconsistencies playing out in the world of diplomacy?

Yes Anna, thinking, decent people do know hypocrisy, lies and wickedness when they see it. But the evil emanating from Washington isn't part of a strategy - the system is in constant gridlock. Powerful individual play their games, there are shifting alliances and moods, but the reckless, cruel behavior is a symptom of very sick people with power. Ego and self aggrandizement taken to the nth degree. They are some of the sickest, most lost and soulless people on the planet.

 

Dave Mumm 05.03.2014 00:28

Jaguar, take a valium. Perhaps if you took up meditation you would not be so reactive.

 

Jaguar 04.03.2014 21:38

The West has used media outlets to biassed the opinions of the people. For instance, an ominous Portuguese journalist Joao Pereira Coutinho of the Brazilian newspaper 'folha de s. paulo' - an assumed lackey of the US - has published today a very agressive piece against Russia. It recalls me "at the very mention of Putin’s name, erupt in hysteria" sentence in the brilliant article 'American fits over Putin' of Andranik Migranyan. The wretched stupidity of their leaders has driven the US to desperation! Who will take care of hearts and minds around the World?

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