Matt's Market Insights
Markets around the world sold off today in response to the crisis in Ukraine. The fear trade was back in play as investors bid up safehavens such as gold and Treasuries. In fact, the only green items on my screen as I write are Gold/Silver, Treasuries, oil, and of course, volatility.
US and European allies are threatening to punish Russia's economy after Russia moved troops into Ukraine's Crimea peninsula over the weekend. The prospect of Western-led economic sanctions has caused Russian markets to plunge. The ruble sank to new lows against the euro and the dollar, causing Russia's central bank to intervene by raising rates. The Micex, Russia's benchmark stock market index, is currently down around 11% as panic sellers take risk off the table. These events come at an unwelcome time for Russia's economy. Manufacturing in the country has been contracting for four consecutive months, and higher rates, implemented by the ... Log in or subscribe to continue reading.
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