Russian stocks and the ruble is “toxic assets” to investors

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The Russian financial market, finishing the year quite naturally. Global investors (although, of course, not all) consider Russian shares and the ruble as “toxic assets.” The Bank of Russia of its interventions pursued a policy of cheap ruble against the background of comfortable oil prices. The result of the main favorites of the year were shares of oil and gas companies. Also, once again, intensified discussions about the fate of the cash cushion “Surgutneftegaz” in the amount of $44 billion.
As you know, the most beautiful is the score, and it all depends on how you count. The ruble index Mosberg added 10%, the currency index of RTS has lost 5%. The stock market quite accurately gives a picture of stagnation of the Russian economy. However, from our point of view, in 2019, Russia and the world will face very dark times.
In 2019, global equity markets will have to play the global recession 2020, which, in particular, will have to derail oil prices. We expect next year the S&P index 1800-2000 points, index Masuri – 1500 points. Ruble – no prediction. Russia’s international reserves of $460 billion, but as you know, while RF Central Bank targets inflation, not exchange rates.
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Alexander Razuvayev,
The Director of analytical Department,
Alpari