Since March, the Market Vectors Russia ETF, the largest U.S. exchange-traded fund tracking the nation’s companies, has posted one-day rallies of 2.4 percent or more on at least eight occasions following conciliatory signals from Putin’s administration.
Stocks fell around the world as earnings from Samsung Electronics Co. to Deutsche Lufthansa AG trailed estimates and Argentina missed a payment on its bonds. Oil dropped for a fourth day and the dollar strengthened.
American mutual funds are scouring Europe for bargains, snapping up Dutch oil drillers, French drugmakers and Swiss food producers on speculation the region’s rally is just beginning as the U.S. bull market ages.
Ten days of pessimism flared into gold’s worst rout since 1980 this week, with selling so strong it knocked the world’s third-biggest exchange-traded fund further below its asset value than any time in a year.