Russia’s equity market has always been cheap, argues USAA‘s Wasif Latif, but at present levels it is just too cheap to ignore. Russia’s economic decline, driven by not only falling oil prices, its main source of income, but also Western sanctions over its intervention in Ukraine has caused a major sell-off that Latif and other asset managers believe is an overshoot. This has brought Russia’s benchmark dollar-denominated RTS stock index to its lowest level since March and before that, a level not seen since Sept. 2009.
“We’re not looking for it to go way up, but looking for it to go up from its near-death cheap to its normal-cheap condition,” said Latif, head of global multi-assets at USAA Investments.
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By Daniel Bases
PRINCETON N.J. (Reuters) – Qatari Foreign Minister Khaled al-Attiya defended on Monday his government’s connections with armed militant groups in the Middle East and its involvement in negotiating the release of hostages but denied ever paying ransoms to secure their freedom.
“No, Qatar does not pay ransoms. Again, Qatar will not apologize for any soul or life we saved in Syria. If we can mediate to save another life we will do so,” al-Attiya said in response to a question from Reuters after giving a speech at Princeton University’s Woodrow Wilson School of Public and International Affairs.