The results of the Fed meeting are neutral for the markets, investors continue to evaluate quarterly reports

The external background on Thursday morning can be described as moderately negative. Sentiment abroad has worsened somewhat, and Brent oil prices have moved lower after jumping up the day before. Gold quotes continue to fluctuate slightly above $4,000/oz.

Trading on the US stock exchanges ended yesterday with the growth of the three main stock indexes within 0.3%. Investors reacted with restrained optimism to the results of the Fed meeting, at which the interest rate was expected to remain at 4%. The head of the regulator, Warsh, stressed that inflation remains elevated, but pointed to the effectiveness of the Fed's current strategy and lower real rates with a strong economy. The reaction of gold and the dollar to the results of the Fed meeting turned out to be neutral. The Fed will make its next rate decision based on the data available by December, and in 2027 it intends to hold a meeting that will focus only on strategy.

Futures for the S&P 500 index are losing about 0.2% in the morning. Investors reacted negatively to Alphabet's quarterly results published after the close of major trading, with shares falling by almost 10%, including due to high AI costs. Microsoft's securities, on the contrary, are growing by 4.2% outside the main session. As the day progresses, the US will publish GDP data for the third quarter, as well as the Fed's preferred inflation indicator, the core consumer price index for September.

Trading on the European stock exchanges ended yesterday with no changes in the index. Euro Stoxx 50, which showed uncertainty at the short-term resistance of 6170 points. At the same time, the ECB is not expected to change interest rates at today's meeting.

There has been no consistent trend in trading in Asia since this morning. Japan's Nikkei 225 rose 1%. The Bank of Japan will hold its next meeting on Friday, where it is likely to keep the interest rate at 1.25% after raising it last time. The Australian ASX 200 increased by 0.5%. Chinese indices are losing within 2.5%, maintaining local weakness. Hong Kong The Hang Seng is declining by 0.4%, continuing to fluctuate in a narrow short-term range. South Korea's KOSPI is down 1.2% after a rally the day before. Samsung shares, in particular, despite record profits, are losing about 3.7% amid investor disappointment in the company's forecasts and uncertainty about additional returns to shareholders.

January Brent crude futures are down 1% in the morning after jumping up by about 2% the day before. Quotes continue to fluctuate at $110/bbl. with the prospect of returning to the March peak of $119.50/bbl, fearing new attacks on Iran and its oil production facilities. At the same time, investors are weighing attempts by a number of countries to hold peace talks with the Islamic Republic, which is holding back purchases. At the same time, the US Department of Energy on Wednesday reported a drop in oil reserves in the country last week by 1.89 million barrels, although gasoline stocks jumped by 3.87 million barrels.

The Moscow Exchange and RTS indices did not stay at their next peaks since June of 2,543 points and 994 points, respectively, and decreased by 0.1% and 0.46%. The indicators have retreated from the area of important resistances of 2,540 points and 1,010 points (the upper Bollinger bands of the weekly charts), stabilization above which may portend a new round of medium-term growth. The nearest supports are located at 2,510 points and 965 points.

The ruble against the yuan on the Moscow Stock Exchange strengthened by 0.5% the day before, to 12.02 rubles, remaining close to this month's maximum of 12 rubles. The official dollar and euro exchange rates of the Central Bank of the Russian Federation amounted to 80.86 rubles and 90.16 rubles, respectively (against 80.53 rubles and 90.09 rubles on the previous business day), reflecting a restrained decline in the ruble against both currencies.

At the beginning of the main trading session, the Russian stock market is set to retreat from the peaks reached the day before, and as the day progresses, it will evaluate corporate signals during the quarterly reporting season. For example, Yandex reported revenue growth of 12% YoY in the third quarter and the restoration of core functions after attacks on the company's infrastructure. Fix Price reported a 9.1% increase in revenue YoY. In addition to today's quarterly results, X5 Retail Group is also expected to recommend attractive interim dividends for 2026 in the near future, hopes for which contributed to the rally in X5 shares.