Russia’s roaring stock market rally

Don’t take stock market advice from White House press secretary Jay Carney. In mid-March he told investors to avoid Russian equities – unless they were tempted to go short. Since then, Russia’s MICEX index has gained 25%. It’s largely a case of a crisis not proving as bad as first feared.

The market’s main worry was that sanctions against Russia, following its annexation of Crimea, could seriously dent its economy. But measures so far have been “toothless”, says Joseph Dayan of BCS Financial Group. And this looks unlikely to change in the near future.

As we noted in May, with [...]

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