BRIC: India Russia outperformers

Here is the BRIC Indices YTD returns comparison.

Nifty and Russian RTS are top performers with 10% returns each while Bovespa and Shcomp are trading lower with - 3% and -12% returns for the year.


Russia effect is due to rising Oil prices while the Bovespa was +ive but seems not to be tracking the oil. There are some other factors like the ban on offshore drilling could have contributed to the lower returns.



The puzzle is china which is the underperformer even when the commodities are rising. On the face it could be the constant tightening that their PBC is doing.
Attached is the chart that shows the reserve requirements are consistently rising throughout this year.