Russia 5% away from May 2012 lows

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Russia ( RSX , quote ) is only 5% away from its May 2012 lows when the world was truly lost and Brent traded to $89 per barrel -- Brent's currently trading at $98 and falling.

[caption id="attachment_62773" align="alignright" width="300" caption="Sentiment towards Moscow keeps getting worse"] Image courtesy Andrey: http://www.everystockphoto.com/photographer.php?photographer_id=2510 [/caption]

Meanwhile, the recent economic numbers out paint a much more resilient picture: March unemployment of 5.7% is lower than expected and at 20 year lows; retail sales are up by +4.4% beating estimates of 3% and wage growth climbed higher by 4.2% beating estimates of 3.3%.

In spite of this, the market trades like it's a disaster as a result of fund flows that were punctuated by Cyprus, corporate governance fiascos involving most loved companies or those most representative of Russia like Rosneft ( RNFTF , quote ) and Gazprom ( OGZPY , quote ).



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , International , Stocks

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