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Market Snapshot: MOEX Craters, USD Yields Surge

RUSSIA
  • Russian assets have seen material rebuild in the geopolitical risk premium since Ryabkov’s threats to collapse Western talks, deploy troops and conduct military drills near Ukraine – resulting in significant selling pressure across all asset classes.
  • The benchmark MOEX index trades -7.00% lower today, marking the biggest intraday decline since March 2020. The index is down -10.66% YTD and 18.15% off its November peak – broadly ignoring bullish momentum in oil markets.
  • Price action is now holding around the June 2020 highs (5,179), with 5,000 & 4,891 the next downside support levels to consider. The index trades off a 4.85x P/E & 0.92x P/B vs the MSCI EM Index at 14.20x P/E & 1.84x P/B.
  • USD bond yields continue to rise in today’s session with 5 & &Y tenors up +41.4 & 29.6bp respectively. The 5Y CDS has found some stability, however, stalling around the 200 mark.

MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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