Market Buzz: Russian floors still hoping for growth
A positive international outlook will likely drive Russian markets upwards at the start of Friday’s trading session.
Thursday trading closed in the black, though for most of the day
Russian floors demonstrated weak dynamics. The MICEX rose 0.17% to
1498.97, while the RTS climbed 0.3% to 1535.7.
Russian stocks were buoyed by a rise in oil prices: Brent has added
0.40% to $109.40 per barrel, while WTI grew to $93.03 per barrel.
The continuing growth in oil prices is expected to strengthen the
Russian ruble and positively affect Russian stocks.
European stocks will likely see little action on Friday, Investcafe
analysts predicted. Investors are expecting an update on eurozone
inflation for February. Markets are also expecting 0.4% growth in
consumer prices, compared to a 1% decrease the month earlier.
Should the negative news continue, European stocks could see
losses, but will otherwise likely continue to see slight
growth.
US floors are also expecting key data on Friday: The US CPI for
February, Empire Manufacturing for March, net long TIC flows for
January, Industrial production for February and the University of
Michigan's consumer confidence for March are expected during the
North American session.
Asian floors are trading in the black Friday on yesterday’s data
from the US labor market – the North American market is a key
factor for many Asian companies. Japanese floors have seen gains
after the upper house approved new central bank governor Haruhiko
Kuroda, as well as nominees for two deputy governor posts. Optimism
in the Asia-Pacific region will likely support Russian markets as
well.
Some corporate news is expected in Russian on Friday: Gazprom will
hold a board of directors meeting to consider the approval of
purchasing of Rosneftegas and its 72 gas-distributing
organizations. Yakutskenergo and Mechel will also hold board
meetings. And by the end of trading at the London Stock Exchange,
GDR Fosagro and Poluys Gold International will be included in the
FTSE Global.
