The Russian stock market: the Oil increases the risk of falling

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Russian stock market closes trading mid-week mixed. Index Mosberg konsolidiruyutsya near 2370 points, new support shifts to 2355 points. The RST index looks stable at about 1110 points, the likely short-term trade corridor – 1105-1120 points.
Oil today is trying to win back some of yesterday’s losses, then again falls down. A barrel of Brent by evening, trading at $66,22 (+1,2%), but doesn’t look that hot in the raw materials is completed.
Euro/dollar’s day was under pressure because of the heterogeneous European statistics, but later the market has leveled off. While the GBP / USD is teetering close to 1.13 and saved close to a year and a half lows, solid chances for recovery, however. The dollar remains in a long-term strong position on the background absorption by Fed liquidity from the market, and while it remains in force, there is little that could have on the dollar the current pressure. The “cleaner” the fed will leave enabled at least until the beginning of January, we will continue to monitor the comments of the regulator.
The ruble continues to trade as if the world is no more oil or the external environment. The domestic currency are completely indifferent to commodity fluctuations, and it is at least unusual. The market knows that the Treasury buys a currency, but he does it through an agent – the Central Bank – and the site comes out. The question is, what does the Central Bank.
United States dollar the evening went down in the area 67,20 RUB, but with the big share of probability will return to trading sideways 67,50-68,50 as soon as the bidders will play their local history. The Ministry of Finance today posted both planned OFZ – 29012, where demand was 12 billion rubles, with the limit of RUB 5 billion, 25083 demand in the amount of 17 billion rubles, the limit of 5 billion rubles and revenues from the placement of 4.9 billion rubles, the Agency has chosen for today’s auction, the most interesting market issues and made the right decision, but the Ministry of Finance required amount of money much larger than it was drawn today, and to the medium-term and long editions of the buyers are very cautious.
The U.S. dollar will close today’s session within 67,15-67,75 RUB, in the same corridor will start trading Thursday. Euro/ruble will remain within the range of 75,80-76,50.
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Anna Bodrova,
Senior analyst,
Alpari