Yandex rallied 6.6% on Thursday as Geneva Ukraine talks yield first positive political developments in weeks from the core parties.
While I’m not surprised to see the weekend press dominated by the impact of sanctions on Russian macro, I have been pretty clear in saying the Russian economy was headed for flat to slightly higher (+0.5%) GDP growth in 2014 unless the world economy demanded much greater from the commodity space.
Russian Bounce: If you are playing Russia and have a view of Putin’s more conciliatory tone allows you to trade the overdone moves in many names.
Overnight emerging markets trading was interesting to say the least. With multiple straight down sessions in a row and Japan’s NIKKEI suffering the most — five straight sessions to the downside — market participants began to pick through the rubble after strong earnings from Caterpillar (CAT, quote) and Boeing (BA, quote).
Overnight markets in Asia took a beating across the board on escalated fears the emerging market of Greece will not be able to pay off its debt. There are growing concerns the euro zone will be forced to cut Greece loose or approve some kind of debt forgiveness, wiping out money owed for the bailout.
Monday’s best web covers McDonald’s fight for market share in India, BP’s contract to supply LNG to Israel, Yandex’s foray into Turkey, power supply concerns in Indonesia, and the South American inter-continental highway.