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  • Does this matter? "Russia's IIB bank defaults on 200 mln euros notes"
    "Russia's IIB bank defaults on 200 mln euros notes"
     www.reuters.com/article/idUSLDE66604320100707

    I don't follow Russia at all but came across this headline this morning and thought it was worth a closer look.  I am surprised to see that there isn't any chatter related to it on Seeking Alpha at this point. 

    This MICEX is down 1.8% while the DAX is -.5%, CAC is -.6% and Spain is up(!) 1%.  This leads me to ask: is the Russian market over-reacting and thus creating a buying opportunity there vs. the rest of Europe or is this part of something bigger? 

    I may be reading too much into this but at a time when we're still sorting out what the world's banks are sitting on, any bank default is worth a pause.  I certainly need to know more and, if you're trying to solidify your macro-view in order to trade and invest as I am, you need to understand the realities associated with the world's banks too.  I'm going to do some more research but welcome any thoughts or comments.

    On a related note, Morgan Stanley sold their Russian Mortgage Unit on July 2nd.  www.reuters.com/article/idUSLDE66105020100702

    Cheers,
    -Chris


    Disclosure: No Positions
    Tags: RSX, ESR, GUR
    Jul 07 9:10 AM | Link | Comment!
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