Russian stocks hit 2-year lows

Russian stocks plunged to two-year lows in Thursday’s afternoon trade as investors took flight to safer havens on increased fears of Greek exit from the eurozone and the slump in global oil prices. By 12:47 p.m. Moscow time (8:47 a.m. GMT), the ruble-denominated MICEX had fallen by 1 percent to 1,243.96 points, the lowest level since May 2010 and the dollar-denominated RTS was down 1.1 percent to 1,248.69 points. In international foreign exchange trading, the euro fell sharply to $1.2515, registering its lowest level since July 2010. Investors showed increased concern that EU leaders came up with few responses to tackle Europe’s lingering debt crisis and were preparing contingency plans for a possible Greek exit from the eurozone. Brent crude for July settlement fell to $105.53 a barrel on the London-based ICE Futures Europe Exchange.