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Russia’s Crisis Spreads Right Across The Domestic Credit Market
Edward Hugh (October 3rd, 2008) Writes:
by Edward Hugh: BarcelonaWell the action in Russia this week has moved on slightly, and the damage has started to spread from pressure on the domestic stock market (accompanied by capital flight) to the real economy - via a very rapid tightening in credit conditions for Russian domestic users. We are also seeing a rapid slowdown in Russian manufacturing industry as internal demand slows while the inflation-driven decline in cost competitiveness continues to make imported products (where available) an attractive alternative to the home produced variant.Emerging-market bonds have been generally falling this week as the U.S. Senate's approval of a $700 billion bank rescue package did little to revive demand for riskier debt, and Russia has, unsurprisingly, been among the worst affected. The extra yield investors demand to own developing-nation bonds rather than U.S. Treasuries rose 8 basis points yestreday to 4.14 percentage points after widening ...
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Alice in Wonderland, Andrei Molchanov, Bank, bank rescue package, bank statement, Barcelona, Barclays Capital, Bnp Paribas, central bank, central bank felt, cents, Commerzbank AG, Economics, Edward Hugh, Electricity, Energy Ministry, Energy Prices, Europe, Europe's tallest building, Europe's tallest skyscraper, Federation Tower, Frankfurt, Germany, imported products, ING Groep NV, Japan, Jpmorgan Chase, London, longest rail network, LSR Group, main expressed concern, Manufacturing Output Falls, Mirax Group, Monaco, Moody's, Moody's Investors Services, Morgan Stanley, Moscow, MSCI Emerging Markets, National Wealth Fund, OAO Sberbank, Oil, Oil Prices, oil production, PIK, rail network, Real Estate, retail lending market, retail loans, RUB, Russia, Sberbank, Sistema-Hals, Spain, St. Petersburg, Standard Poors, state-run development bank, U.S. Treasuries, United States Senate, USD, VEB, vladimir putin, Vladimir Yevtushenkov, VTB Bank Europe, VTB Group
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