The Russian stock market supported the oil and external optimism
The Russian market began the trading environment on a positive note. European markets mostly higher, reacting to reports on the latest progress in trade negotiations, the U.S. and China and strong data on retail sales in the Eurozone, which significantly exceeded the forecast. In February, sales rose by 2.8% y/y, vs forecast of 2.3% and the previous value of 2.2%.
But more tangible support to the domestic paper receives from the oil market, where Brent quotes almost reached the level of $ 70, from where they subsequently retreated a little. Afternoon index Mosberg and the RTS rising 0.6% and 1.2% respectively.
The ruble is trading mixed. Euro rally in Forex after the release of positive European statistics led to a small rise of the Euro/ruble, though in General the rates continue to run around RUB 73 Dollar/ruble is trading down 0.2%, while testing the level of 65 rubles. on the combination of higher oil prices and decline in demand for “American” in times of positive investor sentiment.
On the market of black gold is observed by several factors. These are signs of slowing activity in the shale deposits of the United States, the prospect of tougher us sanctions against Iran, the energy crisis in Venezuela, and the fulfillment of the plan of OPEC, and Beijing and Washington in the direction of bargain. But for sure the breakdown of the psychological level of $ 70 Brent will likely require additional impetus, without which the players can move to lock in profits at attractive levels.
_____________________ Gennady Nikolaev
Academy of management Finance and investment