Germany/Russia correlation not to be underestimated

Ukrainian situation shows its impact on the markets

Ukrainian crisis could have market impact

Since Russia’s early March invasion and eventual annexation of Ukraine’s Crimea peninsula, the markets have not been kind to the aggressor nation. The Russian Micex equity index dropped as much as 14% when sanctions were first imposed in mid-March and is currently off about 5.5%. Russian interest rates are up about 150 bps across the curve, and the ruble continues to fall. In addition, Russia estimated that between $65 billion and $70 billion of foreign capital was set to leave its borders

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