Paul Atkins Emphasizes Global Regulatory Cooperation at Fintech Conference 
China Services PMI Hits Three-Month High as New Orders and Hiring Improve 
RBA Raises Interest Rates by 25 Basis Points as Inflation Pressures Persist 
Japan Services Sector Records Fastest Growth in Nearly a Year as Private Activity Accelerates 
South Korea Inflation Hits Five-Month Low as CPI Reaches Central Bank Target 
India Services Sector Rebounds in January as New Business Gains Momentum: HSBC PMI Shows Growth 
JPMorgan Lifts Gold Price Forecast to $6,300 by End-2026 on Strong Central Bank and Investor Demand 
Gold Prices Rebound Near Key Levels as U.S.-Iran Tensions Boost Safe-Haven Demand 
Stephen Miran Resigns as White House Economic Adviser Amid Federal Reserve Tenure 
Just like analyst and economists expected, Russian economy faced sharp second quarter contraction in 2015, given weakness in commodities, especially energy prices, its major exports and severe weakness in Rouble. Sanctions imposed by Western nations have also taken their toll on Russian economy.
According to second reading from Federal statistics service Moscow, Russian economy contracted by 4.6% in second quarter.
Russian Rouble is currently trading at 68.7 against Dollar, down more than 85% in last 12 months.
Weak Rouble has also increased debt burden over Russia's corporate sector, who have amassed short term foreign currency loan especially after financial crisis.
On a separate note, trading in equities, currencies, derivatives have halted in Russia, due to major break down in network system. As of now, Russian exchange is trying to resume trading in back up system.
Russia might face further volatilities and Rouble depreciation if commodity prices fail to recover going ahead.
