Stocks plunge

 

Stocks plunge

The Moscow Exchange Index fell 10.61% at one point, dropping to a low of 2,171 points. The indicator dipped below 2,200 for the first time since August 22. The index is currently at the 2,240 level. The RTS index plunged 7.68% to 1,175 points – a fresh low since August 22.

Yandex shares sank 9%, while Sberbank shares dipped 6.35%. Lukoil was trading at ₽4,116, down 8.45%. Gazprom and Gazprom Neft fell by 6.8% and 7.8%, respectively.



European and US markets also moved lower as Fed meeting approached. The Dow Jones Industrial Average opened down 1.18%. The S&P 500 was also 1.04% lower, while the Nasdaq was down 0.73%. The pan-European Stoxx 600 fell 1.2% by mid-day.

The Federal Open Markets Committee begins its September meeting on Tuesday, where central bankers are expected to announce a 0.75% point rate hike on Wednesday until inflation cools.


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