Bruce Bower News
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Russian equities fell to a five-week low, extending a fourth-straight monthly drop as crude oil tumbled and the nation’s biggest lenders declined.
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Russian equities dropped for a fourth day as crude oil declined and preferred shares of OAO Surgutneftegas slumped. The central bank meets today to discuss interest rates.
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OAO Surgutneftegas, Russia’s third- largest oil producer with a $31 billion market value, for years has refused to disclose its cash position under international reporting standards or whether it holds its own shares.
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Russian equities traded in New York headed for their third straight monthly decline, the biggest stretch of losses in three years, as a tumble in Brent crude sent OAO Lukoil and OAO Gazprom Neft lower.
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Alexei Kudrin, fired by Russian President Dmitry Medvedev as finance minister last week, told investors today he was taking a “time-out” before deciding on career plans and warned against rising budget spending.
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Russian Prime Minister Dmitry Medvedev’s efforts to give his citizens a better night’s sleep and ease stress for the nation’s farm animals are undermining his push to make Moscow a global financial center.
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Russian stocks rose on bets the government will push ahead with asset sales and boost dividends at the country’s biggest companies.
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VTB Group and OAO Sberbank are diverging in the stock market by the most in 15 months on speculation the government will accept a lower price for shares in VTB to shore up the lender’s financial position.
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Russian equities traded in New York fell, paring their biggest weekly advance in almost two months, as signs the global economy is slowing pushed crude oil to a two-month low. OAO Gazprom dropped the most in three weeks.
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President Vladimir Putin’s plan to sell government assets will bolster Russian stocks, shrinking the discount on the world’s cheapest emerging market to the least since 2010, according to HSBC Global Asset Management.
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