Russian stocks seen easing ahead of central banks' meetings

MOSCOW, Jun 7 (PRIME) -- The stock market will likely open slightly lower on Wednesday amid uncertainty about the U.S. state budget and, to some extent, Russia's key rate, ahead of the meetings of the respective financial authorities, analysts said.

“The support level (of the MOEX Russia Index) of 2,685 did not hold on Tuesday. The MOEX Russia Index was lower. The increased geopolitical risks mean that the level of 2,630 will be tested," BitRiver financial analyst Vladislav Antonov said.

He said that the market will focus on the upcoming meetings of the U.S. Federal Reserve System and Russia's central bank. Uncertainty about the U.S. budget keeps the global markets on edge, he said.

The central bank will likely keep the key rate at 7.5% annually, although inflation expectations of the population increased creating risks of higher inflationary pressure, he said.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said that the global markets’ mood can be characterized as positive, as the leading Asian floors added up to 0.3%, except the Japanese market that declined by 1.2%. The key U.S. futures consolidated above Tuesday's closure.

The Brent price lost 0.7% to U.S. $75.8 per barrel, as fears of recession in several economies, including in the U.S., limit the buyers' activity, he said.

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