Rising concerns about global economy to pressure Russian stocks

MOSCOW, Oct 3 (PRIME) -- The Russian stock market is likely to be pressured by a plenty of negative global factors on Thursday including investors’ concerns about the state of the global economy and falling crude prices, analysts said.

“The external background is moderately negative ahead of the Russian stock market opening. Western stock exchanges and crude finished the day with a significant fall yesterday due to a number of negative events,” Vadim Kravchuk, analyst at investment company Solid, said.

One of the negative events was the World Trade Organizations approval of U.S. duties against Europe’s plane maker Airbus, which U.S. President Donald Trump called his new victory, Kravchuk added.

Olma senior analyst Anton Startsev said that the downward correction of the RTS index may deepen in light of external factors. Investors’ concerns about the state of the global economy have increased after the U.S. published weak statistics, while crude prices have been pressured by a substantial growth of U.S. oil inventories.

The Brent crude price is trading in the negative territory at around U.S. $52 per barrel.

Russian traders will also follow news from the Russian Energy Week that continues in Moscow, where President Vladimir Putin is to meet with the leaders of Kazakhstan, Philippines, Azerbaijan, and Jordan.

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