Only a few Russian traders can been seen during Friday's session at MICEX (Moscow Interbank Currency Exchange). Russia's Alfa Bank confirmed Friday it is seeking a $400 million long-term loan from national development bank VEB. Cash-strapped Alfa is trying to repay a $2 billion loan to a group of Western banks led by Deutsche Bank AG.
The U.S. housing market is historically overvalued. Moody’s says these cities may see prices drop up to 10%