Well, this is hardly news anymore, but Moscow's stock markets were closed again this morning. The news will obviously be in future when they are open. Russia's Micex Stock Exchange and RTS suspended trading this morning because their "technical indexes'' a measure of aggregate stock prices, fell more than 10 percent on opening. Russian global depositary receipts plunged in London trading following the decision, led by steelmakers. The FTSE Russia IOB Index, a measure of Russian depositary receipts trading in London, sank 11 percent to 312.83 at 9:36 a.m. in London, the lowest in almost five years. OAO Severstal, Russia's biggest steelmaker, fell 23 percent to $2.50. Evraz Group SA, the second-largest steelmaker, dropped 15 percent to $10.60, or 92 percent below its May 16 high.The Ruble SlidesThe ruble fell to an 18-month low against the dollar this morning even while ...

by Edward Hugh: BarcelonaThe medium-term outlook is sensitive to external developments and policy responses. A benign external environment, featuring even higher steel prices and FDI, could produce growth in excess of 7 percent, but inflation could prove hard to control under a peg. Under an adverse external outlook, by contrast, the peg could lead to external sustainability problems.IMF 2006 Article IV Consultation Staff Report (February 2007)Ukraine's economy is in trouble, there is no doubt about it. The cost of protecting debt against a sovereign default by Ukraine's government soared to a record on Friday, following the arrival of a twin storm of both political and financial uncertaintly. The Ukraine president Viktor Yushchenko announced earlier in the week (only to be challenged on Saturday by his perpetual rival Julia Tymoshenko) that he was going to call what would be the country's third parliamentary elections ...