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SPDR S&P Russia ETF (RBL)

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  • Nov. 16, 2014, 7:09 AM
    • The G20 summit in Brisbane has ended with world leaders committing to a series of measures that would boost their economies by an extra 2.1% by 2018 by promoting infrastructure investment and trade.
    • The summit also included agreements to crack down on tax dodging, strengthen the financial system, deal with climate change and a transatlantic trade deal between the U.S. and EU.
    • Such meetings are typically marked by grandiose promises that are seldom met, so the summit agreed on a new regime, run by the IMF and the OECD, to hold countries accountable if they do not deliver.
    • Vladimir Putin reportedly walked out early from the summit in response to repeated criticism from western leaders over the crisis in Ukraine.
    • The West is now considering further sanctions against Russia, although further "sectoral" sanctions against other parts of country's economy are unlikely this week.
    • ETFs: RSX, RUSL, RUSS, RSXJ, ERUS, RBL, RUDR
    | 30 Comments
  • Nov. 14, 2014, 3:32 AM
    • "If Russia takes a positive approach towards Ukraine...we could see those sanctions removed, if Russia continues to make matters worse then we could see those sanctions increased, it's as simple as that," warns David Cameron ahead of Saturday's G20 leaders summit in Australia.
    • The summit will focus on world growth, the global banking system and closing tax loopholes, but with much of the economic agenda agreed upon in Beijing this past week, security concerns are moving to center-stage, setting up a showdown between Western leaders and Vladimir Putin.
    • ETFs: RSX, RUSL, RUSS, RSXJ, ERUS, RBL, RUDR
    | 1 Comment
  • Nov. 13, 2014, 3:44 AM
    • It is necessary "to abandon sanctions and return to normal, calm, productive talks", says Russia's Prime Minister Dmitry Medvedev after meeting President Obama on the sidelines of a meeting in Asia.
    • The conflict has put immense pressure on Ukraine's struggling economy, causing its central bank to raise its key discount rate for the third time this year to combat its plummeting currency.
    • Ukraine has also redeployed troops in the east after NATO confirmed reports of Russian troops and tanks entering the country the past few days.
    • ETFs: RSX, RUSL, RUSS, RSXJ, ERUS, RBL, RUDR
    | 7 Comments
  • Nov. 11, 2014, 1:36 PM
    • “The [Russian] central bank’s retreat from propping up the ruble highlights the fix the country is in," writes Mohamed El-Erian. He notes the central bank's initial intervention response to sanctions helped halt a disorderly decline in the ruble, but the collapse in oil prices and pickup in capital flight have overwhelmed this strategy.
    • "Something will have to give in the next few weeks. The country’s foreign-exchange situation could spin further out of control, at one extreme, or the Russian authorities might respond strongly with a range of fiscal and monetary measures, on the other, including higher interest rates and spending cuts." Either one, says El-Erian, is sure to pressure economic growth even more in the short-term.
    • RSX -1.2%
    • ETFs: RSX, RUSL, RUSS, RSXJ, ERUS, RBL, RUDR
    | 18 Comments
  • Nov. 8, 2014, 1:55 PM
    • "Some are even saying that it's already begun," the former Soviet leader said at an event today.
    • "The events of the past months are consequences of short-sighted policies of seeking to impose one's will and fait accompli while ignoring the interests of one's partners."
    • The Ukraine crisis is a "blister turning into a bleeding, festering wound."
    • "Let us remember that without Russian-German partnership there can be no security in Europe."
    • Sources: Telegraph, RIA Novosti
    • ETFs: RSX, RUSL, RUSS, ERUS, RBL, RUDR
    | 31 Comments
  • Nov. 6, 2014, 3:39 AM
    • Kiev has announced that it will halt payment of state funds to areas controlled by pro-Moscow rebels, saying they violated a September peace deal earlier this week by holding elections outside Ukrainian rules.
    • Similarly, German Chancellor Angela Merkel ruled out lifting economic sanctions on Russia due to the elections, and said that separatist leaders appointed after the vote could also be added to sanction lists.
    • ETFs: RSX, RUSL, RSXJ, RUSS, ERUS, RBL, RUDR
    | Comment!
  • Oct. 31, 2014, 9:49 AM
    • The Russian central bank boosted its benchmark rate by 150 basis points to 9.5%, way past market expectations.
    • The move comes following the ruble's fall this week to an all-time low vs. the dollar, but the ruble - after initially popping 1% on the hike - has plunged another 3%.
    • Equity markets showed little reaction, the Micex up 1.3%, about the same as it was before the rate decision.
    • RSX -0.4%
    • ETFs: RSX, RUSL, RUSS, RSXJ, ERUS, RBL, RUDR
    | 4 Comments
  • Oct. 30, 2014, 6:42 PM
    • Russia and Ukraine sign an agreement the parties say will guarantee the flow of Russian gas exports into Ukraine through the winter, following a long and bitter dispute over payments.
    • European Union energy chief Guenther Oettinger, who brokered the deal, says "we can guarantee a security of supply over the winter," not only for Ukraine but also for the EU nations closest to the region that stood to suffer should the conflict in Ukraine worsen.
    • ETFs: RSX, RUSL, RUSS, ERUS, RBL, RUDR
    | 6 Comments
  • Oct. 20, 2014, 3:19 PM
    • Things are volatile out there. Just seven weeks after recommending investors unload Russian stocks, Morgan Stanley does a 180, calling the country a "tactical" buy, i.e. don't buy and sock away in a drawer.
    • “We do not have cause to believe the [Ukraine] situation is deteriorating, and worst case outcomes (such as additional sanctions) now appear a less likely scenario," says Morgan equity strategist Ronan Carr. The Market Vectors Russia ETF (RSX -1%) is lower by 12.2% since Morgan's August 29 sell recommendation.
    • The team at JPMorgan, on the other hand, which has advised selling Russia since July, continues to hold that opinion, noting de-escalation in Ukraine could be six  months to a year out, and sanctions won't be lifted until after that.
    • ETFs: RSX, RUSL, RUSS, RSXJ, ERUS, RBL, RUDR
    | 5 Comments
  • Oct. 18, 2014, 3:23 PM
    • Moody's downgrades government of Russia's debt rating by one notch to Baa2 from Baa1 and maintains Negative outlook.
    • Key drivers for the downgrade: "i) Russia's increasingly subdued medium-term growth prospects, exacerbated by the prolongation of the Ukraine crisis, including through the impact of expanded international sanctions. ii) The gradual, but ongoing erosion of the country's foreign-exchange buffers due to capital flight, Russian borrowers' restricted international market access and low oil prices."
    • "Given the negative outlook on the rating, Moody's sees limited upward pressure in the next 12-18 months. A stabilization of the rating outlook could be triggered by a resolution of the crisis in Ukraine."
    • ETFs: RSX, RUSL, RUSS, RSXJ, ERUS, RBL, RUDR
    | 22 Comments
  • Oct. 15, 2014, 12:09 PM
    • During a three-day visit to Moscow that ended yesterday, China and Russia signed 38 new deals, including a big expansion in Russian gas sales to China; Russian Pres. Putin sealed a $400B gas contract with China in May, but the fresh deal reportedly would double that (OTCPK:OGZPY).
    • New projects include a reported $10B Chinese commitment to upgrade Russia's railroads, a "strategic partnership" between Russia's Rosneft (OTC:RNFTF) and China's CNPC (NYSE:PTR), joint development of a long-haul passenger jet, and a deal to open a yuan-ruble swap line worth $24B in an apparent bid to reduce dependence on the U.S. dollar.
    • It's a golden opportunity for China to leverage Russia's political problems with the West and nail down long-term oil and gas contracts at bargain prices, experts say.
    • ETFs: FXI, RSX, PGJ, RUSL, GXC, YINN, FXP, RUSS, ERUS, YANG, CHIX, MCHI, XPP, RBL, YAO, YXI, CHXF, FCA, CHIE, CN, RUDR
    | 14 Comments
  • Oct. 13, 2014, 4:33 AM
    • Russia's central bank has spent $4.2B since the start of October in trying to defend the ruble, including $866M on Thursday last week. However, that didn't stop the currency hitting an all-time low of 45.27 on Friday.
    • With the economy so reliant on the energy sector, sliding oil prices have hurt the ruble, as has the need for Russian companies to pay back foreign debt. The international sanctions imposed because of the Ukraine crisis are also a factor.
    • Analysts reckon that the central bank will have to further raise interest rates to try to protect the ruble - the bank has increased rates by 2.5 percentage points since March.
    • The ruble is flat at 40.376 to the dollar, while the Micex stock index is -0.6%.
    • ETFs: RSX, RUSL, RSXJ, RUSS, ERUS, RBL, RUDR
    | Comment!
  • Oct. 7, 2014, 10:36 AM
    • The $1.75B spent over the last two days would be the central bank's largest intervention since President Putin's shenanigans began in Ukraine last March.
    • The ruble, nevertheless, weakened to a new record low of 44.6234 to the dollar today as Russian companies - locked out of Western debt markets by sanctions - scramble for hard currency amid $54.7B of payments coming due in the next three months.
    • The MICEX slipped 0.9% today.
    • ETFs: RSX, RUSL, RSXJ, RUSS, ERUS, RBL, RUDR
    | 2 Comments
  • Oct. 6, 2014, 7:33 AM
    • The Bank of Russia says it targets no specific ruble rate and plans to let the currency float freely beginning next year, but faces at least some pressure as the free-fall continues - it now takes more than 40 rubles to buy a dollar (vs. the low 30s at the start of this year).
    • Official data says the Russian central bank spent at least $700M trying to protect the ruble last week.
    • Feeding the issue today is Friday's strong employment report in the States, which boosted the idea of an earlier than expected Fed rate hike.
    • The Micex isn't complaining, up 2.3% on the session.
    • ETFs: RSX, RUSL, RSXJ, RUSS, ERUS, RBL, RUDR
    | 2 Comments
  • Sep. 17, 2014, 3:15 AM
    • Hours after Kiev granted "special status" to eastern regions of the country and granted them limited self rule, Ukraine and the EU ratified their long awaited association and free trade agreement, which sparked the Ukrainian revolution last February.
    • Following the signing, President Poroshenko announced that by ratifying the agreement, the country had set course for its membership into the EU. However, Ukraine postponed the deal's implementation until December 2015, facing immense pressure from Russia.
    • ETFs: RSX, RUSL, RSXJ, RUSS, ERUS, RBL, RUDR
    | 2 Comments
  • Sep. 14, 2014, 10:31 AM
    • Russian Finance Minister Anton Siluanov has announced that some of Russia's $85.3B National Welfare Fund, which is meant for infrastructure investments, could be given to major companies that now face constrained access to Western resources and capital.
    • Rosneft (OTC:RNFTF) and Novatek (OTC:NOVKY) will be first in line for the financial aid, added Siluanov. Rosneft previously stated last month that it needed 1.5T rubles ($39.7B) in aid from the government to withstand Western sanctions.
    • The sanctions are already taking a heavy toll on Russia's economy, with the Bank of Russia revising its economic forecasts last week, stating that if a drop in oil prices accompany the geopolitical tensions, the country's economy could likely stagnate in the next three years.
    • ETFs: RSX, RUSL, RSXJ, RUSS, ERUS, RBL, RUDR
    | Comment!
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RBL Description
The SPDR® S&P® Russia ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the S&P Russia Capped BMI Index (ticker: SPCQXRUP). Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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Country: Russia
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