Micex Rallies as Sanctions Pain Seen Muted: Russia Reality Check

Markets are reacting in real time to Russia’s military incursion into the Crimea section of Ukraine.

The chart shows the performance of stocks, bonds and the ruble, along with indicators of the investment risk associated with Russia. The Micex Index closed up 3.7 percent at 1,283.70, rallying from the lowest level in almost four years. The ruble added 0.8 percent to 42.7244 against Bank Rossii’s target basket.

The top panel displays the value of the Micex Index of 50 Russian equities, government debt in the Bloomberg Russia Local Sovereign Bond Index, and the ruble relative to the dollar. Credit default swap rates on Russian bonds due in five years appear in the bottom panel. The yield gap between Russian debt and U.S. Treasuries and the one-month implied volatility of the ruble are also tracked.

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