Market Buzz: Wave of positive momentum
Russian stocks are likely to open slightly higher Monday as investors digest the positive news of the previous week.
Russian markets closed in the black Friday on news of better-than-expected data on the US economy. The MICEX gained 1.7% and the RTS grew 3.25%.U.S. stocks surged Friday after the July jobs data beat investors’ expectations, improving a report on US service activity. Non-farm payrolls rose by 163,000 in July, topping analysts’ expectations of a 100,000 increase, according to the Labor Department. The ISM non-manufacturing index climbed to 52.6% in July from 52.1% in June. The Dow Jones rose 1.7%, the S&P 500 was up 1.9% and the Nasdaq added 2%.European stock markets also rose on Friday as investors awaited the US jobs data set to be released later in the day. The Stoxx Europe 600 rose 2.4%, the highest increase since early April. Spain’s IBEX 35 jumped 6% amid speculation that the country would soon make a formal request for aid. The German DAX 30 surged 3.9% amid stronger earnings report from Siemens, and banking shares pushed the French CAC 40 up by 4.4%.Asian shares climbed Monday, triggered by stronger U.S. economic data and optimism over progress in Europe. Japan’s Nikkei jumped 1.8%, supported by strong earnings from Toyota Motor Corp. South Korea’s Kospi climbed 2%, while Australia’s S&8P/ASX 200 surged 1.2%. In China, Hong Kong’s Hang Seng added 2% and the Shanghai Composite inched up 0.4%
