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Finance minister downbeat on stock market outlook amid global risks
RBC, 17.10.2008, Moscow 13:38:27.Russia's Deputy PM and Finance Minister Alexei Kudrin is predicting that Russian stock indices will continue their fall amid ever-increasing global market risks. He told the State Duma today that the indices' volatility was characteristic of our weak financial system, as the behavior of the Russian stock market, with its key indices RTS and MICEX, was tied to the national economy and changes in oil prices. Afterall, the RTS index is calculated based mainly on shares of oil and gas companies, Kudrin added. The Deputy PM noted that world economic risks were seen to be increasing for the past 2-3 months, as economic growth in the U.S. and the Eurozone is projected to amount to almost zero percent in 2009 - the lowest level in 18 years. According to Kudrin, the Russian economy relies heavily on world markets, due in part to energy supplies. Rising world economic risks and lower oil prices are weighing on Russian stock indices, while bumpy trading on world markets contributes to the turmoil as well.
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