- Russia's stock market is telling Dmitry Medvedev that investors are losing confidence as inflation accelerates and taxes curb profits at the nation's biggest oil producers.
Russia's RTS Index is off to its worst start to a year since 1998, when the government's $40 billion default sent equities around the world tumbling. The 50 companies in the RTS, dominated by energy producers, through yesterday traded at an average 9.52 times estimated earnings, the lowest among Europe's 10 biggest stock markets and a 29 percent discount to the MSCI Emerging Markets Index, according to data compiled by Bloomberg....MORE
Gazprom Passes GE, China Mobile to Become Third-Biggest Company
OAO Gazprom overtook China Mobile Ltd. and General Electric Co. to become the world's third-largest company by market value after its chairman, Dmitry Medvedev, became Russia's president.
State-run Gazprom, the world's biggest gas producer, rose 4.2 percent at 2:03 p.m. in Moscow today, pushing its value to 8.12 trillion rubles ($340 billion). China Mobile Ltd., which has more users than the U.S. has people, declined 1 percent to 2.63 trillion Hong Kong dollars ($337.2 billion). Gazprom overtook GE yesterday after the Fairfield, Connecticut-based company fell 1.3 percent to $325 billion in New York....
