All the latest financial and economic news, including the rouble crisis, UK unemployment, and tonight’s Greek presidential election.Latest: Russian finance ministry starts selling FX reservesRouble volatile in early tradingEuropean markets fallThe agenda: Russia, UK jobs data, Greek vote... 8.49am GMT According to Reuters, the Russian finance ministry has around $7bn of spare FX reserves in its ‘leftover stocks’, which are now being used to support the rouble.Maxim Oreshkin, who runs the ministry’s long-term strategic planning department, says the “market situation” will determine how much is deployed.Russia Minfin To Sell Fx For As Long As Needed. IFX Better get printing press out then.... 8.40am GMT In early trading the rouble has been up and down like a yo-yo. Russia's Finance Ministry selling foreign currency on the market. 8.29am GMT Wow! RT @CNBCWorld Ruble now back at 65.7550 against dollar after Russia starts selling foreign currency. http://t.co/ugT64Gc7Mr $RUB 8.23am GMT Bloomberg breaking news: Russia Finance Ministry Starts Selling Foreign-Exchange Reserves on Market 8.22am GMT Newsflash from Russia: The finance ministry has announced that it is starting to sell foreign exchanges reserves, and that the rouble is “highly undervalued”.That means it will be swapping currencies such as the dollar in return for roubles.Looks like Russia are selling their USD reserves in order to boost the value of the Rouble. The Rouble is 5% stronger this morning.More Russian intervention-- Interfax: Russ Finance Ministry says started selling foreign currency stock, say #Rouble is highly undervalued 8.14am GMT European stock markets have (as forecast) fallen in early trading, reversing yesterday’s gains.The FTSE 100 dropped 90 points at the open, before settling down 64 points at 6288, a drop of around 1%. The German DAX, French CAC and Italian MIB all fell around 1.3%. 8.05am GMT The slump in the rouble has sent Russians racing to stock up on imported goods, before retailers catch up and hike prices.tonight in Moscow shops - people convert roubles into goods. Pics from bloggers. pic.twitter.com/BGJyGBtawf“Our online store in Russia is currently unavailable while we review pricing,” Alan Hely, a spokesman for the Cupertino, California-based company, wrote in an e-mail today. “We apologize to customers for any inconvenience.” 7.55am GMT The rouble is volatile this morning, after yesterday’s tumultuous swings.Russia’s currency fell by around 5% when trading began at 7am GMT, hitting 72.5 roubles to the US dollar.And so the #rouble rollercoaster continues -down 3.5% at opening -I'm beginning to feel a little sick on this ride! Never liked theme parks! 7.37am GMT Russia is the main story on the financial TV this morning too:'We don't need a war when we can have a currency war'- guest @sjderrick, Chief Currency Strategist, BNY Mellon #Russia #Rouble @CNBCHFE on #Ruble collapse: Currency collapse does not happen in isolation, but is always accompanied by financial and economic collapse #Russia 7.32am GMT European stock markets are expected to drop this morning, as the Russian crisis and tonight’s Greek presidential vote worry traders.Jasper Lawler, analyst at CMC Markets, explains: Having avoided contagion from oil and emerging markets in the previous session, things now appear to be catching up to European markets that look weak heading towards the open on Wednesday before data that could confirm the Eurozone fell into deflation during November. Multiple major money-centre banks appear to no longer be pricing USD/RUB because of the crashing ruble, cutting Russian companies and individuals off from global financing. As a major trading partner, Russia’s funding problems are expected to start hitting home in Europe. 7.25am GMT Good morning, and welcome to our rolling coverage of the financial market, the world economy, the eurozone and business.There’s no let-up from the news today. We’ll be tracking: Continue reading...
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