- Fed stance dampens market optimism
- The ruble traded drifted lower (-0.3% @ 75.17) while oil prices tried to eke out an advance (Brent +0.6% @ 43.58)
- Russian stocks stuck in sideways pattern
Fed stance dampens market optimism: Markets were in a downward spiral yesterday after Fed Chief Jerome Powell failed to meet market expectations at the FOMC meeting on Wednesday evening. Russian equities followed global peers lower on Thursday – RTSI (-0.7% @ 1,243) and IMOEX (-0.1% @ 2,971) – albeit with some demand for steel names, MOEX and retailers. The ruble traded drifted lower (-0.3% @ 75.17) while oil prices tried to eke out an advance (Brent +0.6% @ 43.58). European market slid lower (StoxxEuro600 -0.4%).
Russian stocks stuck in sideways pattern: Russian stocks can be expected to remain in a sideways pattern due to fragile market sentiment and a lack of catalysts. The focus of attention today will be in the Bank of Russia’s policy rate meeting.
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