In Europe began the seizure of the assets of Gazprom
In Europe began the seizure of assets of Gazprom. The Euro is actively growing in the Forex market. The Finance Ministry held a successful auction of OFZ.
The main event this morning was that Swiss police officers began an inventory of the property in one of the European subsidiaries of Gazprom. According to the decision of the Stockholm arbitration, the Russian gas giant is obliged to pay Naftogaz $ 2.6 billion. Quotes of Gazprom virtually ignored this event, the company’s stock even rose slightly this morning.
This happens against the background of growing optimism in international markets. On the foreign exchange market has strengthened the Euro, due to the fact that there is hope for resolution of the political crisis in Italy. However, the current strengthening of the European currency should not be considered as the resumption of the uptrend. Rather, you should look at it as a local adjustment, which soon may end.
On this background the dollar on the Moscow exchange is held in the area 62 of the ruble, the Euro traded at the level of 72 rubles 55 kopecks. The MICEX index rose to 2305 points, quotes of Brent crude oil continue to stay slightly above $ 77 per barrel. Bitcoins according to CoinMarketCap hold in the area of $ 7,500.
On the eve of the Finance Ministry of Russia held a very successful auction on placement of OFZ. We have previously talked about the fact that this auction will be quite indicative from the point of view of investor risk appetite. On the one hand the Minister Anton Siluanov was able to place the entire volume of supply, on the other hand, the demand was only 2 times greater than declared amount of placement. This suggests that investor interest in Russian bonds is starting to wane. According to the Central Bank in April, non-residents sold bonds for a total amount of 200 billion rubles and their share in the Russian Federal loan bonds decreased by 3%.
In these conditions, we maintain our forecast for the domestic currency. We believe that in early June the dollar will be kept in the range from 62 to 63 rubles.
The head of the analytical Department of the company,