The Russian stock market is ready for new records

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On Tuesday the world’s major stock indexes have shown the contradictory dynamics, but the U.S. market managed to interrupt a sheer drop to get a plus. The Russian market played the fall in world markets Monday, but yesterday closed in the red zone. At the end of the day the ruble Mosberg index lost 0.74%, the dollar-denominated RTS index declined modestly, by 0.65%. Among leaders of decrease – Safmar (-3,59%) and NOVATEK (-3,37%). The Dow 30 increased by 1.77%.
In the morning of Wednesday the indices of the Asia-Pacific region together grew by 0.4% to 2.0%. Futures on the S&P 500 index was trading in the morning about 2695 points, 0.35% above levels of closing of the previous trading day. Morning growth of oil prices and Asian sites sets a very favorable external background before opening the Russian market, which has all chances to start trading growth. Likely day the corridor index Mosberg is in the range of values 2280-2325 points, the RTS index is within the boundaries of 1095-1115 points. Today, the financial statements for the nine months publish “Aeroflot”, “Norilsk Nickel” – its production results for the same period.
Amid declining oil and stocks managed ruble on Tuesday strengthened. At the end of the day on the Moscow exchange, the dollar calculations “tomorrow” fell to 65,5600 RUB (-29 COP.), and the European currency declined to 74,3950 RUB (-49,25 COP.). This occurred against the background of continuing growth of the dollar on world markets. The dollar index DXY has overcome the highs of mid-August, and returned at the end of June 2017. Given morning recovery of oil prices, we expect a continued moderate strengthening of the ruble. The expected daily range for the dollar is 64,9-66,2 RUB, for the European currency, i.e. 73.7-75.1 per RUB.
On the morning of Wednesday quotes of the black gold showed a moderate growth to $76,4 per barrel. Likely daily range for today’s trading, Brent crude oil is $75,6-$77,2 per barrel.
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Vadim Iosub,
Senior analyst,
Alpari