Posted on 02/13/2025 10:09:32 AM PST by marcusmaximus
The Russian rouble and stocks surged on Thursday after a telephone conversation between U.S. President Donald Trump and Russian President Vladimir Putin in which the two leaders discussed ways to end the Ukraine war.
Hit by Western sanctions, Russian assets plummeted after the start of the war almost three years ago. Once a favourite play in emerging markets globally, most of them are now off-limits for Western investors.
The rouble closed up 3.7% at 90.50 against the dollar, the highest level for the Russian currency since September 2024, according to data from the over-the-counter market.
The rouble briefly touched the level of 89.90, the highest since September 11, during the trading session. Some foreign exchange booths in Moscow closed down on Thursday, Russian media reported, as they failed to keep up with the sharp dollar fall.
The rouble strengthened 2.6% against the dollar in the previous session and is up 20% since the start of this year. The Moscow Exchange (MOEX) index surged 5.8% on Wednesday and another 5.9% on Thursday.
"The moment investors have been waiting for has arrived. The next step towards easing geopolitical tensions," Sinara brokerage analysts said.
The Russian stock market is up 11.1% since the start of the year.
"In focus are the phone talks between the presidents of Russia and the United States, as investors increasingly hope for geopolitical de-escalation," Sberbank analysts said in a note.
Russia's sanctioned corporations such as gas giant Gazprom (MCX:GAZP), whose shares were hit by the loss of the European gas market, as well as dominant lender Sberbank and liquefied natural gas producer Novatek led the market rally.
(Excerpt) Read more at za.investing.com ...
A rising tide lifts all boats.
Five months ago. Historic.
One of the greatest benefits of a Trump admin is watching neocons and lefties weep while he’s bankrupting and/or vanquishing them.
When are leaving the forum... harpy? Your name is Mudd.
The Putin Owns you!😂
🇺🇸🇷🇺
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