🔽 RUS50 plunges as fighting in eastern Ukraine continues
European and US index futures gained overnight on reports that Joe Biden is willing to hold a summit with Vladimir Putin. However, optimism started to fade following the launch of the European cash session as reports of fighting between Ukrainian army and Russian-backed separatists continued to surface. Moreover, the Kremlin has later poured a bucket of cold water on top investors' heads, saying that there are no concrete plans for the Biden-Putin summit. Risk trades took a hit further on reports that a Russian border guard post was destroyed by alleged Ukrainian shelling. Situation remains tense and the risk of war remains real. While the performance of European indices is not that bad, Russian indices take a big hit. RTS (RUS50) is trading more than 6.5% lower on the day already! Pressure on Russian stocks is also magnified by reports saying that the US package of sanctions on Russia, in case of invasion, is ready.
Latest news on Russia-Ukraine situation
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United States said that Biden-Putin summit is possible but only if Russia does not invade Ukraine
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Biden to meet with G7 leaders this Thursday
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Kremlin spokesman said there are no concrete plans for Biden-Putin summit yet
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Fighting in the eastern part of Ukraine continues
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Russia said that shell fired from Ukraine has hit Russian border guard post in Rostov area
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Russian state media reported that Donetsk People's Republic forces clashed with Ukrainian military as it allegedly attempted to reach border with Russia
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Media flag high risk of Russian provocation that may be used to justify Ukraine invasion
RTS (RUS50) is plunging over 6% and is the worst performing European index today. Russian equities trade under pressure amid increasing war risk, and possibility of sanctions being levied in an event of Ukraine invasion. RUS50 is approaching its recent local low in the 1,255 pts area. Divergence with oil market widens. Source: xStation5
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