Russia buys US $4.2bn of futures market

Russia has purchased about $4bn of US futures market shares, as it moves to expand the market in response to the US election results.

The country’s central bank announced the purchases in a statement on Thursday, according to state-run news agency RIA Novosti.

The Russian state-controlled FTSE Russia index jumped 1.8 per cent, its biggest daily gain since August 2016, while the benchmark MICEX index jumped 7.3 per cent.

The moves were prompted by the US presidential election results, which resulted in Donald Trump as the victor.

A number of investors in the futures market have raised concerns about the consequences of Trump’s victory for Russia, which is trying to bolster its currency, the rouble.

Russia’s President Vladimir Putin has promised to boost economic growth and revive Russia’s faltering economy, but has been criticised by the West for its alleged involvement in hacking to undermine the US elections.

The US economy contracted by 0.2 per cent in 2017, the second-biggest drop in the past 10 years.