There is more toast
Russia suspends trading with stocks down 17 percent. There is a financial crisis and much of it is energy-related:
“The fundamental issue is oil. Russian oil companies are not producing more so their earnings are dependent on a rising oil price,” said Daniel Salter, analyst at ING. If the oil price falls, then earnings downgrades are in the pipeline for these stocks, he added.
State-backed bank VTB tumbled 33 per cent to Rbs0.03 and Volga Telecom sank 28 per cent to Rbs37.
Here is a recipe for Russian toast. The price of oil was down to $91 a barrel last I looked.