Russian stock indexes opened growth

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Russian stocks are set to open amid rebound of futures for global indices. After the collapse on Wednesday of oil prices for the basic grades and benchmark Brent 6% to $73 per barrel, which was caused by an increase in oil production by Saudi Arabia on 459 thousand b/d (to 10.48 million b/d), on Thursday investors will try to raise the fallen in price American stocks in expectation of good corporate reports for II quarter. Therefore, fear for the decline of the world economy from widening trade war between the US and China is second or third role.
We will remind, until the end of August, the United States can impose new duties against Chinese goods, and moreover promised to impose additional duties if China is to respond symmetrically. On Friday, when the NATO summit is over, investors will begin to prepare for the meeting of the Presidents of the United States and the Russian Federation on July 16. Many are waiting for positive outcome of the meeting that will help the Russian market to grow.
Quotes pair dollar/ruble also lay positive scenario, so a weak response to the collapse of oil. In addition, the ratio of the 90-day correlation between the ruble and the oil remains at the level of 0.1 point after the April sanctions, which suggests that the policy has a stronger impact on the Russian market than the dynamics of oil prices.
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Viktor Veselov,
Chief analyst,
Bank “GLOBEKS”