World’s Best Stock Rally in Russia Fed by Putin Detente - Bloomberg

World’s Best Stock Rally in Russia Fed by Putin Detente - Bloomberg:



"Russian stocks are headed for the best performance among the world’s major equity markets for a second straight month as President Vladimir Putin pulls back from the confrontation in neighboring Ukraine.



The dollar-denominated RTS Index (RTSI$) has rallied 9.7 percent to 1,421.07 in Moscow this month after adding 12 percent in May. The measure has gained 16 percent this quarter, making it the best performer among 93 equity gauges globally over that time after benchmarks in Argentina and Peru. The Bloomberg Index of the most-traded Russian shares in the U.S. has climbed 7.8 percent in June.



Putin asked lawmakers to revoke his authority to use force in Ukraine, in a conciliatory move that follows his meeting with the Ukrainian president on June 6. Investors dumped Russian assets, pushing the RTS index into a bear market on March 3, as the annexation of Crimea prompted the U.S. and European Union to impose sanctions on Russian businessmen and companies linked to Putin’s inner circle. The gauge entered a bull market on May 19 as Putin ordered a troop pullback at the Ukrainian border."



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