Yes, the S&P 500 shed four and a half percent today. Yes, the Dow dropped three and a quarter percent. Yes, the bailout index dropped almost eleven and a half percent. But this feels like a walk in the park compared to Russia's trubs. Consider:
Russian stocks fell the most in three months, triggering trading halts in the two largest bourses, as the country cut its economic forecast and oil prices declined.
OAO Surgutneftegaz, Russia's fourth-biggest oil producer, tumbled 15 percent. OAO Sberbank, the biggest lender, slumped 14 percent, while VTB Group, the second-biggest bank, dropped to a record low.
The 30-stock Micex Index lost 9.4 percent to 645.18 at the close in Moscow, the most since November. The RTS Index also dropped 9.4 percent, to 552.03. Both the Micex Stock Exchange and RTS halted trading for an hour today. The ruble weakened more than 3 percent versus the dollar.
It wasn't twelve months ago when Russia's Putin was flying Bears into U.S. airspace, killing dissident journalists with everything from midnight assassination squads to bombs to Polonium-210 and generally scaring everyone again after 20 years. Now he looks like a Madoff sibling.
Russian Stocks Tumble as Economic Outlook Worsens, Oil Declines [Bloomberg]
Related: Commodities Crash Decimates Russian Billionaires [The New York Post]