The Market Mover


COURT UP: Khodorkovsky, left, with Lebedev in court

If you are investing in Russia, don't worry about a company's fundamentals: read the President's lips. Last Thursday, shares of the oil giant Yukos were at a 30-month low and were dragging the rest of the Russian stock market down with them. The market feared that the Yukos affair was heading for the worst possible end — bankruptcy.

But Thursday afternoon, Vladimir Putin told journalists he had no interest in seeing Yukos go bankrupt, and in less than two hours Yukos shares jumped by 35% and the market finished 10% up in record trading. Yukos' share price rose...

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