The external background on Tuesday morning can be called ambiguous. Sentiment abroad has worsened, and Brent oil prices are stable after rising the day before. Gold quotes dropped to the area of $4,150/oz.
Trading on the US stock exchanges ended yesterday with a predominant growth of the three main indexes within 1.1%, led by the high-tech Nasdaq, which, however, along with other indicators retreated from the highs of the day. At the same time, the Dow Jones Industrial Average closed down 0.1%, while the S&P 500 returned below 7,700 points. As early as Tuesday, investors will be able to evaluate the quarterly results of companies such as Netflix, SpaceX, 3M and General Motors and will mainly focus on potential positive drivers, despite inflationary risks both in the United States and around the world, as well as uncertain prospects for returns from AI technologies after large-scale investments in the sector.
Futures for the S&P 500 index are adding about 0.1% in the morning, trying to stabilize at important short-term technical values. In addition to quarterly reports, the day in the United States will be marked by data from the country's housing market for September.
Trading on European stock exchanges ended yesterday with a decrease in the index The Euro Stoxx 50 increased by 0.9%, which resumed its course to this month's low of 6090 points, although it regained some of its intraday losses. On Tuesday, regional markets are obviously waiting for new losses, provoked, among other things, by the unrest in France and political uncertainty in the context of high inflation and the country's debt level. The data released this morning showed an acceleration in the growth of the German producer price index in September from 4.6% to 6.7% yoy, higher than forecasts. At the same time, employment growth in the UK accelerated to 102 thousand in August, and the unemployment rate decreased from 4.9% to 4.7%, while the average growth rate of salaries, including bonuses, cooled from 3.9% to 3.7%.
Negative dynamics prevailed during the trading session in Asia in the morning, against the background of a deterioration in sentiment in the United States. Japan's Nikkei 225 fell 1.2%. The Australian ASX 200 declined by 0.33%. Chinese indices are losing within 1.5%. The People's Bank of China on Tuesday expectedly kept the interest rate for first-class borrowers at 3%. Hong Kong The Hang Seng is falling 1.1% after a long weekend, remaining close to this month's low of 23,737 points. South Korea's KOSPI plunged 3.7%, led by shares of chip manufacturers. Actions of a South Korean manufacturer of infrastructure for AI data centers Elice dropped by 32% after the IPO.
December Brent crude futures are changing by less than 0.5% in the morning after rising within 1.5% the day before, when quotes retreated from the day's lows and reached another peak since May of this year, exceeding $110/bbl. On Tuesday, amid continued Houthi attacks on Saudi Arabia and general tensions in the Middle East, futures rose to $111/bbl. Investors currently do not attach much importance to the prospect of easing US sanctions against Russia, as well as accelerating the release of strategic reserves of oil and petroleum products, focusing on the risks of geopolitical escalation and new supply disruptions.
The Moscow Exchange and RTS indices rose by 1% and 1.9%, respectively, yesterday, updating the highs since mid-June (2,465 points) and since early July (934 points). The dollar-denominated RTS also received support from the currency factor with a near-term resistance of 940 points. The stabilization of the Moscow Exchange index above 2,460 points, at the same time, may portend an early test of 2,500 points.
The ruble against the yuan on the Moscow Stock Exchange strengthened by 0.4% the day before, to 12.41 rubles, during the day coming close to the September maximum of 12.32 rubles. The official exchange rates of the dollar and euro of the Central Bank of the Russian Federation amounted to 82.85 rubles and 93.23 rubles, respectively (against 83.61 rubles and 93.71 rubles on the previous working day), reflecting the growth of the ruble against both currencies.
At the beginning of the main trading session, the Russian stock market is set to develop an upward movement in the context of the easing of US sanctions rhetoric against Russia, which is explained by the desire to hold more productive negotiations on the Ukrainian crisis. High energy prices also remain a positive factor for sentiment. As the day progresses, investors will evaluate corporate factors in the form of Severstal's financial results and the operational results of Europlan and Glorax. In the third quarter of 2026, we expect an improvement in the financial and operating results of steelworkers, which is likely to be reflected in Severstal's financial statements. Gazprom's Board of Directors will consider amendments to the budget and investment program for 2026.
Elena Kozhukhova, analyst at IC VELES Capital.
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