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Wall Street Breakfast: China Offers Support For Russia's Currency Crisis
Dec. 22, 2014 6:29 AM ET | Includes: ABBV, AMX, APP, AZN, BNFT, CACQ, CNGRY, CZR, DLAKY, ESRX, FRPT, GILD, GM, JNJ, MDW, OCN, PFE, QQQ, SNE, SPY, T, TKTDY, XL

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Economy
China has stepped in to offer assistance to Russia as Vladimir Putin pursues support for the ruble without further depleting foreign-exchange reserves. China will prop up its neighbor if needed and expand a currency swap between the two nations, increasing use of yuan for bilateral trade. The ruble is now more than 5% stronger against the dollar amid the signs of Chinese support.

Oil is climbing again today as investors increased bets on rising prices following Saudi Arabia's confidence that crude will rebound as global economic growth boosts demand. Blaming the fall in oil prices on speculators and the lack of cooperation from non-OPEC producers, Saudi Arabia also announced that it would not cut output even if non-OPEC nations did so. Brent crude is up 1.2% at $62.13/bbl. WTI is up 0.9% at $57.64. more

http://seekingalpha.com/article/2771825-wall-street-breakfast-china-offers-support-for-russias-currency-crisis