Stocks retreat from lows after Russian ruble, mobilization sparks slump

. against EUR/RMB rose 0.8% to 8. 60. The ruble, the world’s best-performing currency this year, has been buoyed by emergency capital controls introduced by central banks to stem a massive sell-off. The warning also wreaked havoc on global markets, with investors flocking to safe-haven assets, with the pound hitting a fresh 10 USD/USD’s low for the year. Stocks continue to slump geopolitics dominated Russian markets in early trading, but analysts and officials played down the impact. On the opening day of the Kazan Banking Forum, Anatoly Aksakov, Chairman of the Financial Committee of the State Duma, stated that the meeting of the Russian Banking Association has not yet Discuss mobilization.

“We did not discuss mobilization and bank employees,” Aksakov told reporters. “Financial life is the same as before the special operations announcement.” He also said the association had discussed offering a mortgage for those who were called Holidays for loans. Russian stock indexes fell, extending losses that began on Tuesday, as rumors of a possible mobilization spread, with energy giants Rosneft and Gazprom (MCX: 106 GAZP) once lost %, and then fell about 5.6% and 2.8%, respectively. The ruble-based benchmark MOEX index hit its lowest point since February , Russia sent tens of thousands of troops to Ukraine that day before reducing some losses. Analysts at Tinkoff Investments said it was the biggest drop in MOEX since February , when the index is lost more than % in one day.

MOEX Index Down 3.8% at 2, 30.7 points, previously hit a low of 2, .37 point. The dollar-denominated RTS index fell 4.1% to 1, 37.8 points, having previously hit its lowest point since April . For a guide to Russian stocks see For Russian national debt, see