The Russian stock market remains at the mercy of sellers and negativity

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In the face of pervasive negativity is difficult to maintain a cheerful mood. By Tuesday night the Russian stock market finally slipped into the autumn Blues, which is quite natural. Index Mosberg successfully tested the support at the level of 2345 points and went down below. Now the interesting “bear” level of support will be the turn of 2310 points. Underneath – 2275 points. The RTS index is still traded within the corridor 1110-1135 points, and while it remains relevant.
Europe is watching the development of the history of the Italian budget, the Kingdom’s nervous about Brexit, USA published weak statistics, and oil is again knocked out. In such circumstances, the only positive driver that is relevant for the domestic exchanges, is postponement stringent package of anti-Russian sanctions. I must admit that this catalyst does not look the most impressive way.
The ruble is remarkably stable amid the sell-off in oil and the ubiquity of the minor. The U.S. dollar balances of about 65,71 RUB, though could easily break the mark 66,10 RUB and return to more or less equilibrium value. The Russian currency feels the support of the next tax period, but if oil prices will continue to fall, the ruble will not stand. The U.S. dollar closed the session on Tuesday in the range 65,65-66,30 RUB, the auction environment will start in these borders. The Euro will go on vacation within 74,80-75,35 RUB.
For tomorrow, by the way, the planned auction of the Ministry of Finance on placement of OFZ. For sale finished two issues of OFZ bonds for 10 billion rubles each. Is not even surprising that the Agency boldly goes to the debt market in the face of such a grim situation. If external background will remain the same minor, the required amount of Finance the Ministry of Finance to bring no way.
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Anna Bodrova,
Senior analyst,
Alpari