Russia Recession Signs Mount as Central Bank Stems Ruble Losses

Russia’s economic pain worsened as a measure of services dropped to the lowest point since May 2009 and the central bank attempted to stem the ruble’s biggest slide in 16 years.

The ruble touched a record low for a fifth day as data showed a gauge of business activity fell to a worse-than-forecast 44.5 in November. The currency rebounded amid speculation the Bank of Russia intervened after a 16 percent depreciation in six days, the most since the 1998 default. Wagers for interest-rate increases surged to a six-year high, while bonds of state-run VTB Bank sank on concern falling oil is straining lenders’ finances.