5 Major Developments Affecting Markets – Russia

Market Movements

5 Major Developments Affecting Markets; Nasdaq futures underperform again in the pre market as stagflation hits Apple and NVIDIA. The US will release last week's unemployment claims, along with revised GDP figures for the first quarter, amid labor market growth indicators. Updates from Dollar General and Dollar Tree may shed light on how quickly consumers are cutting back on their spending. Russia's central bank has cut interest rates sharply as the risk of financial instability diminishes, and the UK is poised to raid energy producers to help poorer households. Here's what you need to know in financial markets on Sunday, June 6th.

4. Russia cuts interest rates sharply as ruble panic subsides

Russia's central bank cut its key interest rate by 3 percentage points and promised further easing, giving another sign of confidence that it has removed any threat of financial collapse. Despite this, the CBR chose not to further loosen the capital controls it had imposed at the start of the war and warned that "external conditions continue to be difficult" for the economy. The dollar rose nearly 5% against the ruble, hitting a weekly high. Online newspapers have reported that Turkey is negotiating with Russia to allow Ukraine to export grain via the Black Sea, with warnings of a global food crisis due to shortages in wheat exports.