Pictet Says Weak Ruble ‘Grounds for Optimism’ in Russia

A weaker ruble has created some “grounds for optimism” in Russia and the country won’t decline into recession this year, according to Pictet & Cie. Group SCA, Geneva’s biggest bank and asset manager.

Ruble depreciation prompted risk-averse Russians to buy property, boosting house prices in Moscow and St. Petersburg, and new mortgage loans rose 42 percent this year, Hugo Bain, a London-based fund manager at Pictet’s asset management unit, wrote in a note to clients yesterday.