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Short Memories

Whoa!  The RTS is booming today.  From the Financial Times:

Yet one market has outperformed all others. Russian equities have more than doubled since they touched lows in January – gaining particular momentum since the return of risk appetite at the start of March.

Since March 1, the dollar denominated RTS index has risen 90 per cent. This compares with a rise of 30 per cent on the S&P 500, the US benchmark stock index, and 25 per cent on China’s Shanghai Composite index, the biggest emerging market index, over the same period.

What on earth is going on here?  Oh yes… such short memories we have.

Worries over Russia’s unpredictable politics have also been largely shrugged off by investors intent on taking advantage of the rally. Geopolitical squabbles with Georgia and Ukraine and doubts over corporate governance and the rule of law have mostly been forgotton – for the time being.