NEW YORK (Reuters) – The euro’s sharp decline from a 2-1/2 year high against the dollar extended into Friday, a day after European Central Bank chief Mario Draghi did his best to sap the currency’s strength by threatening more monetary stimulus.
The U.S. dollar, meanwhile, traded at a one-week high against a basket of its major trading partners’ currencies, pulling it off a 20-month low. .DXY
#aberdeen on Russian equities maintaining a neutral/market weight.
#aberdeen Made a pretty rapid decision to go underweight Russian debt after Crimea. Cut done within days. Also underweight Ukraine debt.
#aberdeen added to its position in Russian supermarket operator #Magnit as see little to no sanctions angle on co.
#aberdeen asset management: Russian equities are always cheap and gone from very cheap to very very cheap. Indiscriminate selloff.
NEW YORK, May 6 (Reuters) – Some big global investors are
riding out the stomach-churning drops seen in Russian assets
this year, refusing to join a stampede to the exits on the
belief that any retaliation against Moscow for its role in
Ukraine will fade and prices will rebound.
A Reuters analysis of Lipper mutual fund data shows more
than three-quarters of asset managers cut their Russian
allocations in the first quarter of 2014. The few holding to
their positions acknowledge that the choice has hit performance
but argue that the price declines are so extreme as to be