The Russian stock market: the growth Attempts were not successful
The attempts of the bullish momentum in the Russian market was not successful, which is not surprising considering the renewal of evasion from risks on foreign stock markets, where European indices went into the red zone, and the US futures fell back and traded in the red, reacting to the recent inversion of the yield curve, the 2 – and 10-year bonds of the United States. A new wave of falling yields was triggered by the fed minutes, which was not enough soft and did not give the markets confidence in the aggressive monetary policy of the Central Bank.
Against this background, Russian indices, which initially tried to settle in the area, growth turned negative, and then moved in a consolidative mode, sitting close to the opening levels waiting for signals from Jackson hole, where today kicked off the annual Symposium.
In the framework of this event the focus of attention of investors will be tomorrow’s speech by Jerome Powell, who could give the markets more clarity in the context of further rate cuts. But if the rhetoric of the fed will be as ambiguous and “fresh” as the recently released Protocol, risk assets, including domestic indices will be disappointed and the dollar will strengthen across the entire spectrum of the market.
On Thursday, the dollar/ruble continues to retreat from recent highs, although the pace of decline has slowed as you move to the 200-day moving average, which now runs in the area of 65,27 RUB For the breakdown of the support at the level of 65 rubles. need a catalyst of the widespread pressure on the American currency. Otherwise, the pair may move in a consolidative mode near the current values.
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