That’s the Micex off 3 per cent and the RTS off 3.7 per cent at pixel… Read more
Depends on how confident you are that the market and economists can predict Putin’s next move, we suppose. Read more
Micex and RTS, Russia’s two main stock exchanges, have signed a non-binding deal to merge, highlighting the government’s push to transform Moscow into a financial hub, reports the FT. Alexei Ulyukayev, the central bank’s first deputy chairman, said shareholders in the Micex stock exchange had signed an agreement on Tuesday stating their intent to acquire a controlling stake in rival RTS after months of talks. The merger between the two rivals has been seen as a key part of government efforts to improve Russia’s financial infrastructure and holds out the prospect of Russia creating a single platform for trading equities, derivatives and other products.
Russia’s second-biggest bank will become the first emerging market issuer outside China of “dim sum” bonds denominated in renminbi, in a sign of growing Chinese presence in financial markets, the FT reports. VTB Bank plans to issue Rmb1bn ($150m) in three-year bonds, expected to yield about 3.125%. Only two foreign companies, McDonald’s in August and Caterpillar last month, have issued “dim sum” bonds, which are issued in Hong Kong. The recent issues follow Beijing’s decision to loosen regulations earlier this year. Bloomberg quotes an emerging markets strategist saying the VTB deal proves the point that “key emerging-market currencies are becoming references of value”. Meanwhile, reports the WSJ, Moscow’s Micex exchange is set for next week’s launch of preliminary trade for the yuan-ruble pair.
Russian stocks have been staging a recovery of late alongside other global equity markets. But on Friday, the Russian rouble-denominated Micex index fell 1.1 per cent, sending the index towards its first weekly decline in two months. As Bloomberg points out, the benchmark is down 1.6 percent this week, which is the first decrease since February. The decline snaps the longest winning streak since eight weeks of gains ended in May 2006.