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The Russian stock market has lost -10% in the last month. It has nothing to do with the ongoing Russia/Putin/Trump investigation. So check your political proclivities at the door.

It's all about oil. Crude prices are down -23% year-to-date. Check out the Chart of the Day from today's Early Look above and the intimate link between Russia's RTSI Index and oil prices.

Want more on Reflation's Rollover (i.e. falling inflation and Energy prices)? Click here.

Putin's Problem: Oil -23% Year-to-Date - CoD Russian Rollover2