The mood on the world markets on Tuesday morning can be described as moderately positive. So, in Asia, in the absence of trading in Japan, the main sites add within 0.4%. Futures on major US indices, after rising a day earlier, are consolidating above yesterday's closing levels this morning. The nearest futures for Brent crude oil, having demonstrated a recovery on Monday, is under pressure again today, declining by 1% and trading just above $73 per barrel.
Among the macroeconomic events that can influence investor sentiment today, we will highlight the publication of data on the index of economic sentiment in Germany and housing sales in the secondary market in the United States, as well as the speech of ECB Chairman K. Lagarde. At the same time, the activity of investors during the session may be reduced – some of the bidders will take a pause in making investment decisions ahead of tomorrow's meeting of the US Federal Reserve.
By the end of Monday, the Moscow Stock Exchange index rose by 3.2%, coming close to the level of 2,400 points. This morning, Russian stocks may continue the upward trend, as a result of which our market will try to overcome this mark. However, the desire of some investors to fix profits on long positions accumulated as part of the growth wave that began in mid-February may, at least, restrain the further rise of our market, and with the deterioration of the external background, contribute to the transition of the Russian market into correction.
On the currency section of the Moscow Stock Exchange this morning, the main world currencies are showing multidirectional dynamics. So, by 9.10, the dollar and the euro lose 0.2% and 0.1%, trading around 77.1 and 82.6 rubles, respectively, the yuan, on the contrary, adds 0.1%, rising to 11.2 rubles. During the session, we expect attempts by the ruble to recoup some of the losses incurred during the past week. The reason for such dynamics may be both an improvement in the situation in oil prices and an increase in the supply of foreign currency from exporters who are preparing for the peak of tax payments. As a result, by the end of the day, the dollar/ruble pair may retreat below 77 rubles and gain a foothold under this mark.
Bogdan Zvarich, Chief Analyst of the Bank's financial platform.roo
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