Russian ruble run
GAVRIIL GRIGOROV/SPUTNIK/AFP via Getty Images

Russian ruble run

Good morning to my favorite corner of the internet.?Phil Rosen here, writing to you from a cafe in midtown New York.?

The near-mutiny in Russia this weekend had some unexpected consequences for currencies — more on that below.?


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1. It's unclear just how close things came to boiling?over with the rebellion in Russia this weekend, but Yevgeny Prigozhin's decision to call off the Wagner Group's mutiny likely?prevented widespread market chaos.?

And yet — the Russian ruble still?plunged 3% to a 15-month low on Monday, trading at one point near 87 per dollar.?

As a recap: Prigozhin ordered his paramilitary company to march on Moscow on Saturday after claiming the Russian military bombed his men in Ukraine.?

Then, just hours away from the capital, the warlord and his troops did a U-turn in an effort to avoid further conflict:?

"Our decision to turn around came from two important factors," Prigozhin said in a voice recording. "The first was that we did not want to spill Russian blood. The second, we were marching to demonstrate our protest, not to unseat the government."?

Still, it wasn't quite "crisis averted" for markets.?

The Kremlin said?there was a?huge uptick in foreign currency demand?across 15 regions in Russia, per Reuters.?

Here's how First Deputy Prime Minister, Andrei Belousov, put it:

"On average, it was about 30%, but most active growth in demand for cash was recorded in southern regions — in Voronezh, Rostov, and Lipetsk, as well as in large cities.?Demand there increased by about 70-80%."

During the mutiny, Russian banks had cut their?ruble exchange rates?to over 100 per dollar, though they've since eased prices.?

And, as the Wall Street Journal reported, there were also instances of the ruble being exchanged for the crypto stablecoin tether.?

Mr. Putin hasn't yet commented publicly on the matter, but it's possible that whatever he says?sways markets once more?— stay tuned.


What's your outlook for the Russian ruble by year-end? Let us know in the comments.


In other news:

2. Morgan Stanley strategists just named five stocks they believe are positioned to reap the rewards of the AI boom.?Information technology firms could see a boost as use cases for AI increase.?See their favorite names.

3. Forget about a housing crash.?Top researchers from Harvard said there's little chance of a 2000s-style drop in home prices anytime soon.?Full details.?

4. This batch of stocks could lead the surging AI networking market into a $10 billion opportunity by 2027.?Bank of America analysts anticipate a spike in demand for certain hardware as big-tech cloud providers begin to integrate generative AI —?and these are the three stocks that could see the biggest upside.

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5. Goldman Sachs just downgraded Tesla stock.?Elon Musk's company has rallied more than 100% this year, but the Wall Street firm said its "valuation is full," knocking its rating down to "neutral."?Dig into the numbers.?


This is a condensed version of Insider’s 10 Things Before the Opening Bell newsletter. To see items 6-10, sign up here to receive the full newsletter in your inbox.

This newsletter was curated by Phil Rosen.

Michael Chen

Admitted to Peking University, M.I.T., & National Taipei Institute of Technology

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Martyn Rose

Director at Strategies International Consultants

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The biggest Nazi in Europe!

Steven Ward

Assistant Vice President, Wealth Management Associate

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CHESTER SWANSON SR.

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