The mood on the world markets on Friday morning can be described as contradictory. In Asia, leading sites lose within 0.5%. Futures on major US indices. after some growth on Thursday, they are pulling up by 0.2%. The nearest futures for Brent crude oil is down 0.1%, trading around $75.8 per barrel. Among the macroeconomic factors that can influence investor sentiment today, we can single out the publication of preliminary data on business activity indices in industry and services in European countries and the United States, which will show changes in business sentiment in developed economies against the backdrop of rising rates and problems in the banking sector.
By the end of Thursday, the Moscow Stock Exchange index fell by 0.2%, retreating to 2,388 points. Today, the corrective dynamics in our stocks may continue. The main factor here is the desire of some investors to fix profits on long positions accumulated as part of the wave of growth of the Russian market, which began in the second decade of February. As a result, by the end of the day, the Moscow Stock Exchange index may retreat into the range 2 350 – 2 380 points. Improving the situation on the energy market can change this trend. So, if Brent crude oil reaches $77 per barrel, the demand for Russian stocks may grow, which will give the market a chance to win back yesterday's losses.
On the currency section of the Moscow Stock Exchange this morning, the main world currencies are growing against the ruble. So, by 9.00 Moscow time, the dollar and yuan are adding 0.4% and 0.1%, rising to 76.3 and 11.12 rubles, respectively, the euro holds positions at the closing levels of the previous day, trading around 82.6 rubles. During the session, we expect attempts by the ruble to recoup morning losses and continue yesterday's wave of strengthening. At the same time, the main support for the national currency is provided by the approach of the peak of tax payments due at the beginning of next week, which leads to an increase in the supply of foreign currency from exporters. Under the circumstances, during the session, the dollar/ ruble pair can make a significant step towards the nearest support, located at the level of 75 rubles.
Bogdan Zvarich, Chief Analyst of the <url> financial platform
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