The stock market is in the power of aggressive sales

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On Tuesday on world markets continues to gain momentum and escape from risks. After a long drawdown of American indices, where the Nasdaq has lost about 3%, Asian sites are also well dipped, as concerns over the health of the global economy and the background of the scandal with the head of the automobile Alliance Renault-Nissan-Mitsubishi. Carlos Ghosn was arrested in Japan on suspicion of tax evasion. The stocks of the automobile sector naturally fell. Not surprisingly, in this nervous situation the European futures traded under pressure, the more tension around the Brekzita and Italian budget is maintained.
The Russian stock market also started in negative territory, reflecting the adverse external environment. Negativity adds a renewed decline in oil prices on the background of the doubts of the players in the upcoming production cuts by OPEC. Index Mosberg and RTS losing 0.48 percent and 0.12 percent. Ruble slightly lower against the currency basket. The dollar/ruble at the opening of the updated the lows of the 2nd of November in the area of 65.50 RUB, where he received local support, but also may test this zone in the event of a further weakening of the USD on Forex.
Today will be a meeting of the monitoring Committee of OPEC and the oil market is waiting for support from this front. Producers can speak out in favor of reducing production to support prices, and Brent ready to respond with gratitude, if only the recommendations will be unanimous, and the potential volume is not less than 1.5 million barrels per day.
The dollar continues to fall on the Forex, thereby opening the way to growth of commodities. Gold, after some hesitation, continues strengthening, which lasts for the sixth day in a row. After the breakout of the level of 1225, the metal target at 1230. It will happen, provided that in the near future the dollar will not unfold to the North.
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Nathan Lambert
Head of research,
Global FX