The Russian stock market along with the ruble once again sunk deep into the red on Thursday after U.S. President Donald Trump moved to block most travel from Europe to the U.S., The Moscow Times reported.
The Russian currency lost 4% against the dollar, slipping back toward 75 against the greenback. On the stock markets, the MOEX Index of leading Russian firms fell by almost 6%, while the RTS index, which is denominated in dollars, sunk even more to fall below the landmark 1,000-point level for the first time in more than two years.
Analysts did not hold back on their stark assessments of one of the worst spells for the global economy in a decade.
“Financial market events over the last week or so can be described as epic and a sea-change,” wrote VTB Capital’s Neil MacKinnon in a note to clients.
Markets in Europe and Asia sunk yet again, with many indexes hitting their lowest levels in years.
Russia was once again pushed down not only by global jitters, but a renewed weakening in energy prices. Brent crude oil shed 5% to stand below $34 a barrel, as investors expect weak demand for fuel to continue as countries scramble to slow the spread of the coronavirus.
