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  • uploads///russia external debt
    Macroeconomic Analysis

    A declining ruble exacerbates Russia’s banking woes

    Limited access to international capital and inflating external debts are just some of Russia’s banking woes.

    By Surbhi Jain
  • Energy & Utilities

    Why Ocean Rig’s large backlog supports its future MLP profits

    The backlog has grown from $1.6 billion in early 2012 to $5.8 billion today, which is equal to nearly five times today’s revenue.

    By Samuel Madden, CFA
  • uploads///russian reserves
    Macroeconomic Analysis

    Russian banks try to recapitalize due to low international reserves

    The Bank of Russia has been digging into reserves in an attempt to defend the depreciating currency. These reserves shrunk by about 20% this year.

    By Surbhi Jain
  • uploads///Russia
    Macroeconomic Analysis

    Why Russia’s Industrial Production Fell in September

    According to the Federal State Statistics Service, Russia’s industrial production index (IIP) fell to 3.7% in September, compared to a fall of 4.3% in August 2015, YoY.

    By Lara Sheldon
  • uploads///russia industrial production
    Macroeconomic Analysis

    Russia’s Industrial Production Contracts Again, RSX Falls 0.49%

    Russia’s woes have only deepened with the Federal State Statistics Service releasing industrial output figures for July.

    By Surbhi Jain
  • uploads///Untitled
    Macroeconomic Analysis

    Comparison of US and Russian Energy Companies’ Moving Averages

    ExxonMobil and Chevron are trading above their 100-day moving averages by 1% and 4%, respectively.

    By Rabindra Samanta
  • uploads///russia industrial production
    Macroeconomic Analysis

    Industrial Production Contracts in Russia in June, RSX Falls 1.6%

    Industrial production in Russia declined by 4.8% in June on a year-over-year basis. The Russian equity–tracking VanEck Vectors Russia ETF (RSX) was down 1.6%.

    By Surbhi Jain
  • uploads///Improving Consumer Confidence in Russia in
    Macroeconomic Analysis

    Russian Consumer Confidence Is on the Rise

    Several macroeconomic indicators are suggesting that the Russian (RSX) economy is improving.

    By Mary Sadler
  • uploads///Russia
    Macroeconomic Analysis

    Falling Crude Prices Dragged Russia’s Trade Surplus in November

    With Russia’s falling trade surplus, the iShares MSCI Russia Capped ETF and the Direxion Daily Russia Bull 3X ETF have fallen 16.6% and 60.9%, respectively.

    By Lara Sheldon
  • uploads///Russia inflation rate
    Macroeconomic Analysis

    Russia’s Inflation Is Still High at 15.3% in June, RSX Down 2.01%

    Russia’s inflation rate stood at 15.3%, according to a July 6 release by the Federal Statistics Service in Russia.

    By Surbhi Jain
  • uploads///industrial production in russia
    Macroeconomic Analysis

    Industrial Production in Russia Contracts: RSX Increases 1.51%

    Industrial production in Russia declined by 5.5% in May on a YoY basis. The Russian economy has seen a slowdown over the past year amid a global drop in oil prices.

    By Surbhi Jain
  • uploads///Russias Valuation Looks Attractive Among Emerging Markets
    Fund Managers

    Could Russia Become a Favorite among Emerging Markets?

    The VanEck Vectors Russia ETF (RSX), which tracks the performance of Russia, showed a massive recovery.

    By Sarah Sands
  • uploads///YTD Fall In Prices Of Energy Stock
    Macroeconomic Analysis

    Did Russian Energy Companies Outperform in 2Q15?

    In 2Q15, the average falls in sales of US-based energy companies were higher than those of their Russian peers.

    By Rabindra Samanta
  • uploads///russia unemployment rate
    Macroeconomic Analysis

    Unemployment Fell in Russia, Yet RSX Is Down on Oil Woes

    According to the August 19 release of the Federal Service of State Statistics, the unemployment rate in Russia edged down by 0.1% to 5.3% in July.

    By Surbhi Jain
  • uploads///Emerging Markets in
    Macroeconomic Analysis

    How Has the Russian Stock Market Changed?

    The Russian stock market is upbeat, which adds to the ruble’s strength.

    By Renee Blakely
  • Financials

    Why Jeffrey Lacker says the Fed should focus on its dual mandate

    Monetary policy is one of two tools the government uses to control the economy. Fiscal policy is the other tool.

    By Sandra Nathanson
  • uploads///Russia Manufacturing PMI Jumps in July
    Energy & Utilities

    Could New Sanctions Impact Russia’s Manufacturing Activity?

    Improvement in operating conditions in Russia In July 2017, operating conditions in Russia improved at the fastest pace since January 2017. The Russian PMI (purchasing managers’ index) increased to 52.7 from 50.3 in June 2017. New orders and output saw the strongest expansion, each reaching a six-month high. The surprising improvement in the manufacturing sector comes […]

    By Mary Sadler
  • uploads///Russia Manufacturing PMI on Decline
    Macroeconomic Analysis

    Is Russia’s Manufacturing Sector Losing Momentum?

    Russia’s manufacturing activity improved at a slower pace in April due to weaker demand. Growth in output and new orders slowed to eight-month lows.

    By Mary Sadler
  • uploads///Economic Growth in Brazil and Russia
    Macroeconomic Analysis

    Why the IMF Expects Brazil and Russia to Remain in Recession

    The IMF expects the economy of Brazil to fall 3.3% in 2016, following its 3.8% decline in 2015.

    By David Ashworth
  • uploads///change in cash flow
    Macroeconomic Analysis

    How the Weak Ruble Is Affecting Russian Oil Companies’ Cash Flows

    Lukoil’s free cash flow has gone up by 372% in 4Q15 compared to 4Q14 in ruble terms.

    By Rabindra Samanta
  • uploads///Ruble Against US Dollar
    Macroeconomic Analysis

    Why Has the Stronger Dollar Affected Russian Oil Giants?

    Cash reserves for Lukoil (LUKOY), the second-largest oil-producing company based in Russia (RSX)(ERUS), went up by 372% in 4Q15 compared to 4Q14.

    By Rabindra Samanta
  • uploads///Contraction in Russias Economic Output
    Macroeconomic Analysis

    The Russian Economy Has Been Hurt by Crude, Economic Sanctions

    The Russian economy remained in recession after having declined by 3.8% in 4Q15 from a year ago. The figure was released by Russia’s Federal Statistics Service.

    By David Ashworth
  • uploads///MSCI Indices Returns
    Company & Industry Overviews

    Looking for the BRIC in the Wall

    In this series, we’ll look at how the active and passive funds focused on the BRIC nations have performed. A variety of incidents and developments have led to the loss of investor confidence in these economies.

    By David Ashworth
  • uploads///Russias GDP VS Crude Oil
    Miscellaneous

    Why Russia’s Plans to Raise Crude Prices Might Have Failed

    Russia plans to raise crude prices by boosting confidence among investors and capping the production at January 2016 levels may not succeed.

    By Rabindra Samanta
  • uploads///Russia
    Macroeconomic Analysis

    Did Russia Follow the New Crude Oil Production Deal?

    The Russian Energy Ministry reported that Russia produced 10.88 MMbpd of crude oil in February 2016. It produced 10.989 MMbpd in January 2016.

    By Gordon Kristopher
  • uploads///CPI vs US Dollar Index
    Macroeconomic Analysis

    Why Inflation Is a Double-Edged Sword for the Financial Market

    Core inflation could impact the market positively as well as negatively. Higher core inflation data will depreciate the US dollar (UUP).

    By Sarah Sands
  • uploads///bccdeeacbbbe
    Miscellaneous

    Is Syria or Something Else Bothering Top Oil Exporters?

    Russian officials indicated a possible crude oil production cut meeting with OPEC. However, there hasn’t been an official response from OPEC.

    By Rabindra Samanta
  • uploads///Iran oil supply
    Miscellaneous

    Iran’s Role as a Leading Supplier of Nonrenewable Energy

    In November 2015, Iran’s oil minister announced a new model of contracts for foreign oil and gas companies during a two-day conference in Tehran. The new framework allows foreign investors to retain the oil fields for a longer period.

    By Rabindra Samanta
  • uploads///ebfabfdaaddcfbcfac
    Miscellaneous

    Why Does the Conflict in Syria Affect Russia so Much?

    Russia’s energy exports have been hurt by falling crude oil prices. Meanwhile, Saudi Arabia has become engaged in a price war with US shale oil producers.

    By Rabindra Samanta
  • uploads///dffbdafaeaeb
    Miscellaneous

    Why China’s Trade Deal with Iran May Hurt Russian Energy Exports

    Per the EIA, in 2013, crude oil constituted 68% of Russia’s total exports and 16.4% of its GDP. Also, Europe (FEZ) and Asia account for a significant portion of Russia’s crude oil and natural gas exports.

    By Rabindra Samanta
  • uploads///Ufiscal breakeven
    Miscellaneous

    Fiscal Break-Even Cost for the Top Oil-Dependent Economies

    In its recent outlook, OPEC stated that crude may not reach $95 by 2040. The fiscal break-even cost for different OPEC countries is more than $70 per barrel.

    By Rabindra Samanta
  • uploads///efeaadedaeefcdbcdafbe
    Miscellaneous

    What Do the Attacks in Turkey Mean for Natural Gas?

    Rising violence in Turkey could directly impact the possible natural gas pipeline from the Middle East. Turkey is an important land transit route.

    By Rabindra Samanta
  • uploads///Gazporm Pao Price Performance
    Miscellaneous

    Constant Turmoil: Analyzing Geopolitical Tensions in Turkey

    Gazprom PAO is closely related to the geopolitical tensions in Turkey. Instability in Turkey raises questions about the gas pipeline from the Middle East.

    By Rabindra Samanta
  • uploads///Gas_Pipelines
    Miscellaneous

    Russia’s Gas Pipeline Network in Europe

    The European Union (FEZ) depends mostly on imports to meet its gas needs. Europe accounts for a significant portion of Russia’s gas exports.

    By Rabindra Samanta
  • uploads///bdcfbedeeddb
    Miscellaneous

    Leadership in Tehran Keen on the Withdrawal of Sanctions

    The new leadership in Tehran that came to power in 2013 was mostly elected on economic promises. Soon after, it attempted to normalize ties with the US.

    By Rabindra Samanta
  • uploads///fdedcbdbbbbba
    Miscellaneous

    Iran and Russia’s Ties Grow: How Far Can That Continue?

    The growing ties between Iran and Russia may be based on lower crude oil prices. North America is also not a significant market for Russian energy exports.

    By Rabindra Samanta
  • uploads///Turkey
    Miscellaneous

    Iran May Plan to Increase Gas Supply in Europe and Asia

    Geographically, Iran is between the European and Asian gas markets. Both Europe and Asia consume significant portions of the world’s natural gas production.

    By Rabindra Samanta
  • uploads///fbdaeabbedcddadde
    Miscellaneous

    Russia’s Growing Influence in the Middle East—and How It’s Sitting with Saudi Arabia

    With Russia involved in Syria, Assad’s war against rebel groups and ISIS has intensified. This directly impacts Saudi Arabia’s financing in the war.

    By Rabindra Samanta
  • uploads///Russias GDP VS Crude Oil
    Miscellaneous

    Will Russia Intensify the Invasion in the Middle East?

    North America accounts for a small portion of Russia’s energy exports. Mining energy-producing minerals attracted 14.7% of the total fixed capital investment in 2014.

    By Rabindra Samanta
  • uploads///MARKET SHARE
    Miscellaneous

    OPEC Might Not Cut Production: What Does It Mean?

    OPEC’s outlook was released in December 2015. It included facts about diminishing oil demand by 2040. By 2040, oil might have alternatives.

    By Rabindra Samanta
  • uploads///Iran Trade Statistics
    Miscellaneous

    Saudi Arabia May Not Want Sanctions on Iran to Be Lifted

    Saudi Arabia’s direct oil export through the sea is possible in two ways, one is through Bab el-Mandeb, and the other runs parallel to Iranian water boundaries.

    By Rabindra Samanta
  • uploads///Russia
    Macroeconomic Analysis

    Russian Manufacturing Contracts in December

    According to Markit, Russia’s manufacturing PMI (purchasing managers’ index) declined by 1.4 points and came in at 48.7 in December, as compared to 50.1 in November 2015.

    By Lara Sheldon
  • uploads///Russias GDP VS Crude Oil
    Miscellaneous

    Yemen Could Be a Pivotal Point for Crude Oil in 2016

    Yemen has been destabilized by Houthis fighters. Iran supports the fighters on religious and political grounds. Yemen is a small oil-producing country.

    By Rabindra Samanta
  • uploads///Syria complex situation
    Miscellaneous

    Russia and Saudi Arabia Are Engaged in a Proxy War in Syria

    Saudi Arabia and Russia both differ in Syria. Saudi Arabia pressured Russia (RSX) to withdraw its support of Bashar al-Assad—Syria’s president.

    By Rabindra Samanta
  • uploads///Ufiscal breakeven
    Miscellaneous

    OPEC Members Are Facing High Fiscal Deficits

    OPEC stated that crude may not reach $95 by 2040. The fiscal break-even cost of different OPEC countries lies around more than $70 per barrel.

    By Rabindra Samanta
  • uploads///brent oil price
    Macroeconomic Analysis

    The Slide in Oil Prices Impacted Russia’s Budget Revenues

    The decline in oil prices is a result of the price war between US shale oil producers and OPEC, where each is pumping oil into the market—leading to oversupply—in an attempt to retain market share.

    By Surbhi Jain
  • uploads///yemen
    Miscellaneous

    Russia Could Eye Yemen in 2016, Might Spur Oil

    The price war made life difficult for Russian energy companies and Russia’s economy at large. Asia and Europe are two important markets for Russia.

    By Rabindra Samanta
  • uploads///Cost For Producing Crude Oil per Barrel
    Miscellaneous

    The Break-Even Costs of the World’s Top Oil Producers

    Venezuela accounted for 17.5% of the world’s total proven crude oil reserve in 2014. According to a study by BP, Venezuela’s break-even cost is ~$23.5.

    By Rabindra Samanta
  • uploads///st article
    Miscellaneous

    What Could Impact the Eurozone’s Economy in 2016?

    Russia’s growing differences with NATO could impact Europe’s economy. Russian energy exports meet most of the EU’s energy requirements.

    By Sarah Sands
  • uploads///Russiagdp
    Macroeconomic Analysis

    How Rising Inflation Is Affecting the Russian Economy

    Like Brazil (EWZ), Russia (RUSL) (ERUS) is also struggling with high inflationary pressure. For the September quarter, Russian GDP (gross domestic product) fell 0.57%.

    By Lara Sheldon
  • uploads///Syria complex situation
    Miscellaneous

    Russia and Saudi Arabia Play Hide and Seek in Syria

    Russia’s presence in Syria is a threat to Saudi Arabia. There’s already cut-throat competition in the crude oil market. This increases the geopolitical tension.

    By Rabindra Samanta
  • uploads///Cost For Producing Crude Oil Per Barrel
    Miscellaneous

    How Long Can the Price War Continue in Crude Oil?

    According to data compiled by Rystad Energy, the cost of production per barrel of crude oil is $17.20 in Russia—compared to $9.90 in Saudi Arabia.

    By Rabindra Samanta
  • uploads///Iran Trade Statistics
    Miscellaneous

    Iran Could Struggle to Get Regional Leadership in the Middle East

    Iran’s economy has been crippled due to sanctions. Iran accounts for 9.3% of the world’s total proved crude oil reserve. It’s one of OPEC’s leading producers.

    By Rabindra Samanta
  • uploads///map of iran iraq pipeline and tapi pipeline
    Miscellaneous

    Could Iran Become a Big Gas Supplier to Europe and Asia?

    Geographically, Iran is between the Europe and Asia’s gas markets. Iran could be a potential supplier to China (FXI) through Pakistan and India (INDY).

    By Rabindra Samanta
  • uploads///Gas_Pipelines
    Miscellaneous

    Nord Stream Pipeline: A Russian Gas Pipeline to Europe

    The EU (European Union) mainly depends on imports to meet its need for gas. Europe imports a significant amount of gas from Russia.

    By Rabindra Samanta
  • uploads///Gas_Pipelines
    Miscellaneous

    Saudi Arabia is Critical for Western Nations

    Saudi Arabia is an important ally for the US (SPY) in the Middle East. Saudi Arabia is also a strategic point to fight against terrorism in the Middle East.

    By Rabindra Samanta
  • uploads///Worlds Crude Oil Proved Reserve Statistics in
    Miscellaneous

    OPEC Accounts for Most of the World’s Crude Oil Reserves

    BP’s (BP) statistical review shows that OPEC (Organization of the Petroleum Exporting Countries) accounts for 71.6% of the world’s total proved crude oil reserves.

    By Rabindra Samanta
  • uploads///Russia
    Macroeconomic Analysis

    Russia’s Manufacturing PMI Was Little Changed in November

    Russia accounts for about 1.8% of the world’s GDP, and manufacturing activity accounts for ~15% of Russia’s GDP. Russia’s manufacturing PMI declined slightly to 50.1 in November, compared to 50.2 in October.

    By Lara Sheldon
  • uploads///Turkey
    Miscellaneous

    Iran Is Getting Ready to Supply Natural Gas and Crude Oil

    Last week, Iran’s oil minister announced a new model of contracts for foreign oil and gas companies during the two-day conference in Tehran.

    By Rabindra Samanta
  • uploads///map of iran iraq pipeline and tapi pipeline
    Miscellaneous

    Iran Could Supply Natural Gas to Europe and Asia

    Geographically, Iran is between the European and Asian gas markets. Iran could be a potential supplier to China through Pakistan and India (INDY).

    By Rabindra Samanta
  • uploads///Gas_Pipelines
    Miscellaneous

    Understanding the Gas Pipeline from Russia to Europe

    Europe is a lucrative market for Russian gas manufacturer Gazprom Pao, as it derives more than 50% of its revenue from overseas.

    By Rabindra Samanta
  • uploads///Russias GDP versus Crude Oil
    Miscellaneous

    Russia Dependent on Prices of Crude Oil and Natural Gas

    experts feel that OPEC is experiencing trade challenges with Russia in Asia due to crude’s falling prices, narrowing profit margins, and geopolitical issues.

    By Rabindra Samanta
  • uploads///Indonesias Oil Consumption And Production Statistics
    Miscellaneous

    Why Is Indonesia Important as a Net Importer of Oil for OPEC?

    Indonesia is looking for a long-term strategic alliance to support the demand of crude oil for its economy. Since 2003, Indonesia has been a net importer of oil.

    By Rabindra Samanta
  • uploads///Crude Oil Spot Prices During Geopolitical Turmoil
    Miscellaneous

    Russia’s Downed Jet: A Game-Changer for Commodity Sentiment?

    As John McCain has stated, “Russia is a gas station masquerading as a country.” Today, Turkey shooting down the Russian fighter jet has set the equation.

    By Rabindra Samanta
  • uploads///Russias GDP VS Crude Oil
    Macroeconomic Analysis

    Russian Energy Companies’ Debt Grew More than Their US Peers’

    The weighted average cost of debt for Russian energy companies stands at 9.6% compared to 1.5% for their US peers.

    By Rabindra Samanta
  • uploads///Performances of Oil and the Country ETF RUSL
    Macroeconomic Analysis

    Sinking Oil Prices Rattled Stock Markets and Russia’s GDP Growth

    Because of the supply glut in oil, prices fell steeply, affecting energy stocks and Russia’s GDP growth rate. Oil is currently priced at ~$42 per barrel.

    By Renee Blakely
  • uploads///Russia Gdp
    Macroeconomic Analysis

    Why Economic Growth in Russia Fell by 4.3% in September

    According to the Federal Service of State Statistics, the gross domestic product (or GDP) of Russia has fallen 4.3% for the third quarter.

    By Lara Sheldon
  • uploads///Russia
    Macroeconomic Analysis

    Russia’s Trade Surplus Falls along with Crude Oil Prices in August

    According to the Central Bank of Russia, the goods and services surplus fell to $8.7 billion in August 2015, compared to $16.2 billion a year ago.

    By Lara Sheldon
  • uploads///Irans Oil Exports Before and After Sanctions
    Macroeconomic Analysis

    How Will the Iran Deal Affect Russia?

    Although Iran’s return to the oil market won’t lower oil prices immediately, Russia (RSX) will have to take measures against the subsequent fall in oil prices.

    By Renee Blakely
  • uploads///Market Vectors Russia ETF RSX
    Macroeconomic Analysis

    What Has Boosted the Russian Ruble in 2015?

    The Russian ruble owes its strength to tax payments that exporters will make this year. The exporters are required to convert their earnings in foreign currency into rubles.

    By Renee Blakely
  • uploads///Russian Ruble Hitting New Highs in
    Macroeconomic Analysis

    The Russian Ruble Has Hit New Highs in 2015

    The Russian ruble hit a new 2015 high on July 13 of 56.375 against the US dollar and 62.74 against the euro.

    By Renee Blakely
  • uploads///Russia key interest rate
    Macroeconomic Analysis

    Russia’s Key Rate Decreased to 11.5%: RSX Increased 2.04%

    In what was perceived as positive news by investors in the Russian economy, the Central Bank of Russia cut its key interest rate by 100 bps to 11.5% on June 15.

    By Surbhi Jain
  • uploads///Russias anti crisis plan
    Macroeconomic Analysis

    Russian anti-crisis plan targets a surplus by 2017

    Siluanov confessed that Russia would have to put certain projects on ice for the time-being to finance the anti-crisis plan. But Crimea will go ahead.

    By Surbhi Jain
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