Oil began active growth, the ruble slightly exhaled

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Wednesday on world markets can be traced to slight risk aversion. Asian indices to the end of the session trimmed losses but remained in negative territory. European markets attempted to strengthen with an eye on flatbuy the dynamics of the futures on wall street. The overall situation remains quite tense after the verbal escalation of trade confrontation between Washington and Beijing, which appealed to the WTO with a request to impose sanctions against the United States. In negotiations with Canada on NAFTA, there has been progress – Ottawa is ready to make concessions to achieve consensus, that contributes to some decrease.
The Russian market opened with a rise of the leading stock indices within 0.5%. Easing the pressure on riskier assets and crude oil prices created conditions for recovery benchmarks. But the current trend looks unsustainable, as the fundamental picture in the market remains intense, and the outflow of capital amid the threat of tough sanctions continues. Besides the quotes already served corrective signals, and if in the near future buyers will not resume its activity, the domestic indices will easily be back in the red zone.
The ruble slightly retreats to a basket of currencies after yesterday’s local rebound from long-term lows. The dollar the day before has fallen under the mark of 70 rubles. and konsolidiruyutsya in the area 69,50 RUB waiting for new drivers. In the Forex market the U.S. currency is under slight pressure after growth in Asia, which limits short-term downside risks for the ruble.
Today is not a scheduled major economic reports with the exception of the “Beige book” the fed, which is able to make small adjustments in the dynamics of the dollar pairs. It is also expected positioning of players before tomorrow’s meetings of the Bank of England and the ECB.
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Nathan Lambert
Head of research,
Global FX