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Russia 5% away from May 2012 lows
By: Emerging Money
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"] [/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 ).