The Russian bear is back. If we take the traditional definition of a “bear market” as a fall of 20 per cent, then its benchmark RTS stock index has suffered a bear market in the past month.
Let us put this into context. The RTS staged its decline after gaining 144 per cent in four months, after a previous fall of 80.3 per cent. It is still up 81.1 per cent from its trough in January.
What lies behind this? As is known, emerging markets had a surge, which has been cut back this month as markets have grown more risk-averse. Russia, with Brazil, India and China, is one of the “Bric” nations.
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