The Russian stock market is ready to continue the growth
Most major global equity indices finished the Tuesday growth. On a favorable background, rose and Russian indexes. At the end of the day the ruble Mosberg index added 0.11 percent, dollar-denominated RTS index on the background of strengthening of the ruble against the dollar rose slightly stronger by 0.17%. Among leaders of growth – “inter RAO” (+2,93%) and Magnit (+2.7 percent). The Dow 30 increased by 0.55%. But in the morning of environment the majority of indexes of Asia-Pacific countries decreased on 0,1-0,5%. The exception was the Australian ASX, which was up 0.9%.
Futures on the S&P 500 index traded in the morning at around 2935 p., 0.1% below the closing levels of the previous trading day. The adjustment of oil prices and most Asian markets specifies a moderately negative external background before opening the Russian stock market that can start trading with a slight decrease. Likely day the corridor index Mosberg is in the range of values 2560-2610 points, RTS index — 1265-1290 points. Today production results for the first quarter will release “TMK”.
Tuesday once again oil was able to update the local price highs, but was given it is clearly with great difficulty. Bidding started at $73,7 per barrel of Brent, during the day the price was reduced to $73,4, rose to $74,1 and finished the day near $73.8 per. The focus of the market remained the us embargo, which prohibits third countries to buy oil in Iran, and counter-threats by Iran to close the Strait of Hormuz. However, the sluggish dynamics of prices was evident that the theme exhausts itself, and for further growth we need new drivers.
Released late in the evening a report of the American petroleum Institute showed a weekly growth of oil reserves of 6.9 million barrels, after a decline of 3.1 million barrels a week earlier. In response to this, the price dropped slightly, and by Wednesday morning crude oil traded near $73,6 per barrel. Likely daily range for today’s trading, Brent crude is $72,9-74,4 per barrel. The medium range which is defined by the closest significant support levels and resistance remains between $70,4 is 77.9. Today, the change in oil inventories for the week will be published by the energy information Administration of the United States. Is expected to decline by 0.17 million barrels after falling by 1.4 million barrels a week earlier.
After oil and the stock market strengthened on the eve of the ruble. At the end of the day on Masuria, the dollar calculations “tomorrow” fell to 63,6875 RUB (-13,25 COP.), and the European currency declined to 71,4975 RUB (-33 COP.). The Euro has updated the lows against the ruble since the beginning of April last year. A more intensive decline of the European currency is connected with yesterday’s decline in EUR/USD with 1,1255 to 1,1255. This morning’s correction in oil prices, with local maxima may lead to the suspension of the strengthening of the ruble. The expected daily range for the dollar is to 63.1-64,3 RUB, for the European currency and 70.8-72.2 per RUB.______________
Senior analyst at information-analytical center “Alpari”