What De-Globalization Looks Like

The Moscow Stock Exchange (MOEX) finally reopened yesterday after being closed for nearly a month following Putin's invasion of Ukraine. While the ruble-denominated MOEX index has been trading slightly positive since reopening, the dollar-denominated RTS index resumed the precipitous pre-close decline.

Based on the money flows, Russia is as committed to separating from the West as the West is to expelling Russia.

“De-Globalization” is happening, and rapidly.