The Russian market is taking it on the chin today. Stocks are crashing and the central bank was forced to hike rates to stem the plunging ruble.
And the timing is not good.
Russia’s economy is already in a funk.
Just look at the latest manufacturing PMI report that came out this morning.
The country is seeing its fourth straight month of contraction, wiht a reading of 48.5.
New orders and employment at Russian factories both declined, with new orders seeing their fastest contraction since 2009.
A hike in interest rates and a market crash is the last thing Russia needs.