Russia Equities Rise 2nd Day as Metal Stocks Gain on Yellen Bets - Bloomberg:
"Russian stocks gained for a second day as commodity producers rallied on bets the Federal Reserve’s next chairman will continue stimulus efforts, spurring appetite for riskier assets.
The Micex Index (INDEXCF) added 0.6 percent to 1,499.48 by 12:10 p.m. in Moscow, set for a 0.7 percent advance in the week. OAO Mechel, the nation’s biggest coking coal producer, climbed 2.7 percent to 65.30 rubles, paring a 35 percent slump this week. OAO Magnitogorsk Iron & Steel increased 1.7 percent to 7.842 rubles.
Janet Yellen signaled her determination to use bond buying to strengthen the economy during her confirmation hearing yesterday to be the next Fed chairman. Emerging-market stocks headed for the biggest weekly gain in a month. Crude oil, Russia’s main export earner, rose 0.3 percent to $94.04 a barrel in New York."
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