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Russian Stock Fall Slows, Doesn't Stop
The fall of the Russian stock market is slowing, although most blue chip stocks are down again. Surgutneftegaz is down 5 percent and RAO UES of Russia is down 4.5 percent. Norilsk Nickel, however, picked up by 2 percent.
Renaissance Capital analyst Ovanes Oganesyan noted that the fall stock prices were a sign of panic, which would pass. “In a panic, market participants look at the dynamics of global markets. But,… at a certain level purchasing should begin,” he said. Antanta Capital analyst Maxim Osadchy noted that Monday’s financial turmoil is a sign of the beginning of a recession in the U.S. economy.
French Minister of the Finance Christine Lagarde acknowledged the threat to the U.S. economy in an interview with French media. She said that the European economy was not under threat and that the recent sharp fall on stock markets around the world was nothing more than an extreme correction.
Losses suffered by large investment banks in the U.S. mortgage crisis have reached $100 billion, and they may reach $400 billion. It is hard to say how sharply the Russian market will fall if that happens.
www.kommersant.com
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Photo: Reuters
