GREY:XEBEQ - Post by User
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LongoGlueStickon Feb 22, 2022 8:11am
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RE:Just now, on CNN...
RE:Just now, on CNN...I might buy more Xebec this week when it hits $1.40
tamaracktop wrote: Russia is already paying a hefty financial price for its aggression
London (CNN Business) Russian stocks plunged and the ruble slid closer to a record low on Tuesday as investors reacted to President Vladimir Putin's decision to order troops into eastern Ukraine. Moscow's MOEX stock index dropped 4% after shedding more than 10% on Monday, bringing losses so far this year to over 20%. In total, more than $40 billion has been wiped off the value of Russian stocks this week alone.
The ruble fell toward 81 versus the US dollar on Tuesday, its weakest level in more than a year and close to its record low. The moves prompted Russia's central bank to announce measures to support banks, including a provision that will allow them to use last Friday's prices for stocks and bonds when reporting their financial positions. More pain could be on the way.
"We expect further declines near-term in the Russian stock market," analysts at JPMorgan Chase wrote in a note to clients on Tuesday. The Wall Street bank downgraded Russian equities to "neutral" from "overweight."
Damage to Russia's markets and economy would be limited if its troops do not advance beyond the parts of eastern Ukraine that Putin recognized as independent on Monday, according to analysts. But Russia would pay a higher price if further aggression causes the West to respond with punishing sanctions that could cut the country's banks off from the global financial system and make it difficult to export oil and natural gas. Germany said Tuesday it was halting certification of the Nord Stream 2 pipeline, built by Russia's Gazprom under the Baltic Sea with the aim of boosting its capacity to supply Europe with natural gas without piping it through Ukraine. Analysts at Capital Economics said Tuesday that the most commonly discussed sanctions could knock 1% off Russia's gross domestic product, but more aggressive measures such as blocking Russia from the SWIFT global payments system could reduce economic output by 5%....