Market Updates
Russian Ruble and Stocks Plunge, European Markets Decline
Nigel Thomas
03 Mar, 2014
New York City
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European markets plunged and extended worldwide market selloff after Russian lawmakers authorized President Vladimir Putin to increase military strength in Crimea. The benchmark index in Russia declined 11% and Russian ruble traded at a new low against the U.S. dollar.
European markets plunged and extended worldwide market selloff after Russian lawmakers authorized President Vladimir Putin to increase military strength in Crimea.
The Russia’s Micex index plunged 11% and ruble eased 1% after Russia increased its interest rate 150 basis points to 7% at an unscheduled meeting of central bank.
Rising tensions in Ukraine also dragged Polish zloty by 1% to 4.203 against one euro and Polish stock market index by 4.5%.
The 10-year dollar denominated Ukraine government bond declined to yield at 10.33% and the bond maturing in 2014 plunged by 17 percentage point to yield 43%.
Hryvnia, the Ukraine’s currency declined and traded around 10 against one dollar as the country’s interim government seeks $15 billion in assistance from Western nations.
In London trading, FTSE 100 index slumped 1.4% or 92.29 to 6,717.41 and in Frankfurt the DAX index declined 2.7% or 265.92 to 9,426.16.
In Paris, CAC 40 index dropped 2% or 88.71 to 4,319.37.
Ferrexpo, trading in London with an iron-ore assets in Ukraine plunged 15% and steel maker Evraz with operating facilities in Ukraine and Russia plummeted 10%.
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