We integrate the ETF Lyxor RUS (DJ Russia Index) with the costs of 0.65% and the AUM is of 445 M€. The correction in the Russian index since the beginning of 2017 ( -14.4% YTD) seems to be coming to an end. The Russian economy is gradually recovering despite oil prices which remains at low levels despite the OPEC agreement.
The economic and geopolitical environment remains challenging for Russia, but it is resilient. The recovery in global growth should positively impact the country while capital outflows tend to decline. Russia's GDP grew + 2.5% due to government spending and industrial production. Moreover, the rise in raw materials is good for the Russian economy.
The technical configuration shows that the active correction since the start of the year has been completed. Prices are now back above all moving averages and MACD has just crossed upward. The long-term chart shows a strong bullish breakout in August that supports this scenario.
RUS : monthly data
RUS : weekly data
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RUS : monthly data
RUS : weekly data