Russian stocks may slip on falling US indices, oil price

MOSCOW, Feb 13 (PRIME) -- The Russian stock market may edge down on Thursday after a recent rally as the U.S. indices and prices of oil, the pillar of the country’s budget, also fell, analysts said.

“At the beginning of today’s trading we may see some downward correction. Despite an approval by the U.S.’ Senate to raise the state debt limit, world floors made a pause in purchases, which may affect investors’ mood on the Russian market,” Dmitry Lobanov, deputy director of Olma’s trading operations department, said.

The U.S.’ Dow Jones index fell 0.19% at the previous closure, and the S&P 500 index slipped 0.03%.

The U.S.’ increased oil reserves will suppress the Russian stock market, Investcafe analyst Timur Nigmatullin said in a note.

The U.S.’ Energy Information Administration said late on Wednesday that the country’s crude oil stock rose to 3.267 million barrels instead of the expected 2.500 million.

The Brent oil futures for April 14 went down 0.26% to U.S. $108.03 per barrel as of 9 a.m. Moscow time.

“During the day, the course of trading may be influenced by a huge flow of reports, as well as retail sales reading in the U.S.,” Olma’s Lobanov said.

The U.S. will release data on initial jobless claims as of February 7 and continuing jobless claims as of January 31. The U.S. Federal Reserve Chairwoman Janet Yellen will deliver a speech.

Germany will release its harmonized index of consumer prices for January, and the European Central Bank will publish its monthly report.

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