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PICKING THROUGH THE RUBBLE (0807 GMT)
Well-known emerging market commentator Tim Ash at BlueBay Asset Management noted it took a week for Fortress Russia to became Rubble Russia.
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Indeed, after shedding a third of its value on Monday, the rouble is down another 5%. And it’s a matter of time before Russia is ejected from bond and equity indexes read more .
Global markets are trying to make the best of it; after hefty losses, U.S. and European equity futures are inching higher, while safe-haven bonds and the yen are down.
The collapse of a fortress does reverberate however.
There is the growth and inflation impact from $100 oil prices. Many investors are also left holding tens of billions of dollars of unsaleable Russian…