If you have been watching (or reading) mainstream financial media, you would be entirely unaware of the fact that global investors have surged to Buy-The-F##king-Russian-Dip. Withe the plunge in US equities last week predicated on Russian instability, it appears the critical need to maintain the Santa Claus rally has pushed Russian stocks up a stunning 41% in the last 6 days (as the Ruble strengthened over 30%)...

It is of particular note that Russia just had a 0.9% weekly inflation; so, perhaps the Russian market is merely starting to notice what is materializing in the economy unlike in the US, where stocks are discounting runaway inflation that has been deferred for 6 years now.

Of course, The Ruble is still down over 8% on the month (against the USD) and stocks are down 16% in December - so it's not all over yet.

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It's not just Russia, The Middle East collapse has stabilized...

Charts: Bloomberg