The ruble will grow, and the Russian stock market to fall

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Monday major world stock indices finished lower. Was no exception and the Russian market. At the end of the day the ruble Mosberg index lost 1.55%, and dollar-denominated RTS index on the background of strengthening of the ruble fell less by 0.92%. Among leaders of decrease – preferred securities “Surgutneftegaz” (-3,63%) and Gazprom (-3,48%). The Dow 30 fell at the same 0.5%.
Tuesday morning indexes Asia-Pacific together fell 1.0% -2,6%. Futures on the S&P 500 index traded in the morning at around 2735 points that on 0,79% below the closing levels of the previous trading day. Falling in the morning, Asian markets and oil prices set a very negative external background before opening the Russian stock market, which is highly likely, too, will continue to fall. Likely day trading corridor by index Mosberg is in the range of values 2285-2330 points, the RTS index is within the boundaries of 1105-1125 points. Today operating results for the third quarter will release “TMK”.
But the ruble continues to strengthen, aided by the peak of tax payments. At the end of the day on the Moscow exchange, the dollar calculations “tomorrow” fell to 65,2500 RUB (-24 COP.), and the European currency declined to 74,7875 RUB (-63,25 COP.). During yesterday’s trading, the dollar dropped to levels of early August, and the Euro at these levels established. However, observed on the morning of the adjustment of oil prices today can interrupt the rally of the ruble. Expected daily trading range for dollar is 64.6-65.9 per RUB, for the European currency — 74,0-75,5 RUB.
Tuesday the price of black gold started to decrease to $79,1 per barrel. Likely daily range for today’s trading of Brent crude is us $78.3-$79,9 per barrel.
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Vadim Iosub,
Senior analyst,
Alpari