Russian stocks seen edging up on oil price gains

MOSCOW, Nov 2 (PRIME) -- The Russian stock market may firm on Wednesday morning supported by an oil price increase but restrained by an upcoming meeting of the U.S. Federal Reserve System (Fed), analysts said.  

"Speaking about the global market mood on Wednesday in the morning, it can be characterized as moderately positive," senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

"The leading Asian floors consolidate near Tuesday's closing. The Chinese market, rising 1.4%, is an exception. The key U.S. indices futures add up to 0.3%. The nearest Brent futures rise by 1.2% to U.S. $95.8 per barrel," he said.

BitRiver financial analyst Vladislav Antonov said that the market activity remains subdued, as investors are wary ahead of a meeting of the U.S. Fed and a speech by Chairman Jerome Powell.

According to Zvarich, an increase of the U.S. key rate by 75 basis points has already been priced in, but in case of a hawkish comments by the Fed officials, signaling readiness to continue raising the rate and to keep it in 2023, the global market pressure may strengthen at the end of the week, and risky assets will start to correct downwards.

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