- Russia eked out gains on Tuesday led by local success stories
- Russian stocks are likely to open higher
- On the external front on Tuesday, European indexes rose for a 4th consecutive session
Russia eked out gains on Tuesday led by local success stories: RTSI (+0.21% @ 1,656) and IMOEX (-0.39% @ 3,807). The ruble paired back recent losses (+0.73% @ 72.29) which along with higher than expected domestic inflation raises the chances of a key rate hike on Friday. The oil prices drifted lower yesterday, losing 1.1% intraday before finding a second breath in the evening trading. That said, Brent edged up 1.0% upon the market close, piercing through the psychological resistance level at $72/bbl above its 2019 highs. The latter gained momentum during the Asian session, climbing $72.6/bbl amid visible setbacks in the Iranian talks, US dollar weakening and Covid-19 easing in India, which sets a clear path for further gains.
Russian stocks are likely to open higher in the absence of negative drivers supported a rally in the oil price which suggests a positive backdrop for oil&gas sector and a stronger ruble.
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The contents of this document have been prepared by Joint Stock Company “Alfa-Bank” ("Alfa Bank") as Investment Research within the meaning of Article 36 of Commission Delegated Regulation (EU) 2017/5...