Markets plunge on Ukraine crisis; Russia’s central bank intervenes [Russian markets panic]

The Globe and Mail ^ | 3 March 2014 | Eric Reguly

[Alter Kaker]

Russian markets plunged Monday morning as investors reacted to the prospect of Western-led economic sanctions aimed at punishing president Vladimir Putin for Russian actions in Crimea.

The selloff prompted the Russian central bank to take aggressive action to try to stabilize the markets. As the ruble sank to new lows against the euro and the dollar, the bank raised interest rate by 150 basis points (1.5 percentage points), lifting it to 7 per cent.

[norwaypinesavage]

" the [Russian Central] bank raised interest rate by 150 basis points, lifting it to 7 per cent."

What a deal!! Sure beats putting your money in the Obama banks here.

[OpusatFR]

Our markets are doing a good imitation.

Futures now down 129.

Wiff of panic in the air.

I hope everyone has their shorts on.

[Alter Kaker]

What a deal!! Sure beats putting your money in the Obama banks here.

But at least you can be reasonably certain that you'll get your money out when you go into your local bank branch. Can you really say that about Russia? Anyway, with interest rates skyrocketing, Putin will finally do what he set out to do - destroy any part of the country's economy not directly related to oil and gas exports.

[TexasFreeper2009]

It would be a deal if you could earn 7% in American dollars, but instead they will pay you in Rubles which might be worth 1/2 what they currently are by next month.

[concerned about politics]

"Our Monday begins with trying to dig out the real reason for the decline. It’s not Ukraine. It’s the fact that the Big One – China – was down 1.47% overnight."

"Chinese policy makers’ move to weaken the yuan may affect stock market valuations all around the world. "

Urban Survival.com

[nomad]

And with the examples set by the new EU banking policies based on their test experience with Cypriot hair styling measures, do you really believe that O`Bozo wouldn`t try that crap here?

[mn-bush-man]

-129?? Wiff of panic?? Sounds like a CNBSC soundbite. Call me when we’re down 3+% with a dropping bid. For the third day in a row.

[DJ MacWoW]

Less Than 2.1K To Go And The Freepathon Is Over!

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[meatloaf]

Gazprom is down too. Ukraine controls 50% of the Russian gas flow into Europe. 50% of the Russian budget is financed by oil and gas exports. A pipeline shutdown would immediately cut Russian income by 25%. That might leave a mark!

[Alter Kaker]

-129?? Wiff of panic?? Sounds like a CNBSC soundbite. Call me when we’re down 3+% with a dropping bid. For the third day in a row.

That's the US. Russian markets are in a genuine across the board free fall.

[nevergore]

Soros heavily supported turmoil in the Ukraine.....

Follow the money....

I’m sure he profited on shorts......after helping orchestrate the unrest....

[who knows what evil?]

Dow: look out below!

[mn-bush-man]

Seriously.

The down opens down .8%. Catches a bid and trades orderly down .6%.

Meaningless.

It would also be meaningless if the market gave back 5% this week.

This market hasn’t been allowed to correct forever. It won’t be now, either.

[Proud2BeRight]

I’m back in the U.S.S.R.
You don’t know how lucky you are boy
Back in the U.S.S.R.

[SkyPilot]

Wait until European energy prices start exploding due to this crisis.

[SkyPilot]

LOL!

[SkyPilot]

I am going to post a thread with that song in your honor.

[Proud2BeRight]

All the work by Reagan being undone.

[SkyPilot]

Sadly. I remember one time Peggy Noonan lamenting about the way Willie Clinton handled the kidnapping of that little Cuba boy (Elien Gonzalez?) from Miami. She said that Reagan would have never have done that, and would have welcomed him and his entire family in America. Clinton sent him back. But then she said:

"But then again, Ronald Reagan was a real man."