Analysts say the Russian market is likely to continue its bullish trend today due to positive news from Europe.
“Two most important events today: [the first is] statistics on fund flows, Russian dedicated funds and emerging markets’ funds. If we see a continuation of the trend, if we see inflow in Russian funds and GEM [Global emerging market] funds, that will support the market definitely,” believes Igor Prokhaev, Vice President at Troika Dialog. “The second event – this is more external – today we will see the meeting in Rome of German, French and Italian leaders and they will discuss the creation of regional rescue fund for problem countries. I think both events will be positive and the market will continue growth,” explains Prokhaev.Statistics are expected today on the Russian December housing aftermarket. According to analysts’ forecasts, sales have increased from 4.42 million to 4.55 million. In China, analysts will watch HSBC Flash Manufacturing PMI and MNI Flash Business Sentiment Surveys which are business confidence indexes in the country.Russian stocks closed higher on Thursday with the RTS up 0,99% (1503,04 points) and MICEX gaining 0,67%, trading at 1 503,70 points.World markets are also showing a positive trend.Yesterday, European stocks reached their highest level since last August, as successful debt sales in Spain and France encouraged investor confidence. The pan-European Stoxx 600 index rose 1.2% to 256.57, gaining for a fourth consecutive session. US stocks extended their advance this year, closing higher yesterday. The Dow Jones rose by 0.4%, settling at 12,623 points, showinga gain for the third day straight and the highest close since July. NASDAQ gained 0.67%, trading at 2788.33 points. The S&P 500 added 0.49%, trading at 1314.50 points. Asian markets are trading mostly higher on Friday, with exporters and banks advancing. Japan’s Nikkei Stock Average ended the morning session up 1.3%, while and South Korea’s Kospi rose 0.8%, and Australia’s S&P/ASX 200 index put on 0.3%.