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Morgan Stanley analysts initiate a long rouble position

Stock MarketsFeb 08, 2021 09:20AM ET

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Morgan Stanley analysts initiate a long rouble position

© Reuters. FILE PHOTO: Packs of 1000 Russian Roubles notes are pictured at Goznak printing factory in Moscow 2/2

LONDON (Reuters) - Morgan Stanley (NYSE:MS) initiated a long Russian rouble position against a 50-50 basket of the dollar and the euro it said on Monday, targeting a 6% rise in the Russian currency.

"We think it's time to get back into Russian assets," the U.S. investment bank's analysts said in a note titled "Enough Waiting, Time To Buy".

They said new U.S. sanctions being proposed in relation to the poisoning and jailing of Kremlin critic Alexei Navalny would not pose a material risk to Russia's macroeconomic outlook, while the recent rise in oil prices should help the currency.

"We target a 6% appreciation, which is roughly a 75% reduction in risk premia on our measure," Morgan Stanley said.

"The uncertainty is the response by the U.S. to the cyber attacks, which is a bigger risk and can cause a wobble in asset prices, but we think this might be an opportunity to increase exposure."

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Comments (6)

John Klan Feb 08, 2021 9:50AM ET

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Censorship on this level is alarming. Scratch the first amendment. Is this what so called Liberals call liberalism? Ridiculous.

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John Klan Feb 08, 2021 9:47AM ET

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Seriously...the censored the word billing ..replace the b with a k . in context of Biden ...censored...U.S. oil companies.....

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John Klan Feb 08, 2021 9:42AM ET

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Biden ********U.S. oil companies will be a big boon for his Russian and Ukrainian friends.

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Gustavus Maramis Feb 08, 2021 9:34AM ET

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Rus is replacing USD with Gold. They have tons of Gold now.

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Vlad Lozovskiy Feb 08, 2021 9:30AM ET

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Lol, Lol, Lol. Even if the guy in Russia poisons, jails, kills everyone, we will still invest! Money is Money

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Picaso_Fish Feb 08, 2021 8:39AM ET

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This is shocking, because Morgan is an US based firm. There supposed to be capitalist cheer leaders. Isn't this un American? The russian's have free health care for crying out loud!

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