Russian Stock Market Collapses; Trading Halted
Tuesday, February 17, 2009 11:17
The Russian stock market collapsed today, causing the RTS and the Micex stock exchanges to suspend trading for one hour at 4:05 p.m. Moscow time. The RTS stock index, which is denominated in US dollar, plunged 9.4%, while the ruble-denominated Micex stock index fell 9.6%. The decline in Russia followed a tumble in oil prices, which accounts for the bulk of the Russian economy, and declines on global stock markets.
The chart below shows the relationship between the Russian stock market and oil prices. Notice they rise and fall together. You can also see that the Russian stock market peaked a few months before oil peaked. It is common to see the stock react before the commodity or economic news. Stocks are leading indicators.
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Dezmondo says:
February 18th, 2009 at 1:12 am
Wups.
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robertsgt40 says:
February 18th, 2009 at 9:43 am
Not that anyone is manipulating the markets. Financial assault is usually followed by military assault. When you find the riggers of the markets you will know who to go after. I am sure the Russians already know their enemy that resides within.