bne IntelliNews -
Russia's Micex stock exchange was up 3% at 19:00 Moscow time on January 22, while the dollar fell sharply against the ruble, from RUB64.3 to RUB63.3.
The trigger was an announcement by the European Central Bank (ECB) at 13:30 that it would launch its programme of quantitative easing to the tune of €60bn a month, with the total volume put at around €1.1tn. The effects of the ECB's programme to buy private and public sector debt are now expected to spill over into emerging and commodity markets, with Russia set to benefit most from both developments.
According to Bloomberg, the Russian stock market surge was the strongest across the globe. Russian equity has been hit the hardest by the 50% collapse in the price of oil since June that followed the US Federal Reserve's announcement it would discontinue its own programme of quantitative easing.
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