Russia is now the best stock market after China, but investors are still cold
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Russia has been closely tracking the whims of FTSE Europe but still beating it. Russia investors are also doing better than those who put money into other big emerging markets like Mexico, Indonesia, South Africa, and Thailand. Nevertheless, the Moscow Stock Index has been in rare form this year. It rose three times last week, hitting an all-time high of 2559.72 points on Friday. The RTS index, calculated in dollars, hit a 13-month high of 1253 points.Russia once again returned to its Cold War status of villain back in 2014 after it annexed Crimea, then a piece of Ukrainian real estate. The U.S. does not recognize Crimea as part of Russia. Sanctions began in 2014 and have taken worsening forms ever since.
For Russia, the fact that the U.S. Senate is no longer jawboning about tougher sanctions is a tailwind. Tailwinds in Russia don’t blow all that strong, but this is as strong as it gets and the MOEX and RTS indexes are showing off with record and near-record highs.
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