Russian stocks can fall at opening on US–China trade war concerns

MOSCOW, Dec 10 (PRIME) -- The Russian stock market will likely open lower on Monday as concerns over a U.S.–China trade war outweigh oil output cut under an OPEC plus nonmember agreement, analysts said.

“Negative mood still prevails on the global markets… A week has passed since the G20 summit and we can see that the outcome of the meeting did not convince investors of normalization of trade relations between the U.S. and China,” Mikhail Poddubsky, senior analyst at Promsvyazbank, said.

The U.S. is ready to start a new round of duty toughening for Chinese goods in 90 days, according to the statements by U.S. Trade Representative Robert Lighthizer and White House trade adviser Peter Navarro, which creates new concerns for investors, Poddubsky said.

Olma senior analyst Anton Startsev said that pessimism concerning the trade war drags foreign markets down, and is stronger than a positive influence of high oil prices.

Finam analyst Sergei Drozdov said that the MOEX Russia Index support level stands at 2,410 and 2,390, and the resistance level at 2,450. The RTS index’ local support is 1,140, and resistance 1,160 and 1,177.

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