Russian stocks seen flat before US FOMC policy report release

MOSCOW, Jun 15 (PRIME) -- The Russian stock market will open with marginal changes on Wednesday because market participants will expect a release of a policy statement by the U.S. Federal Open Market Committee (FOMC), analysts said.

“A standstill is possible today during the day on expectations of a release of comments after a two-day meeting of the FOMC (the key rate decision will be announced at 9:00 p.m., Moscow time). At the same time, there are still risks due to uncertainty over E.U. integrity, so we should not expect a steady capital flow to developing markets,” Olma senior analyst Anton Startsev said.

A U.K. referendum on whether to stay in the E.U. will take place June 23.

Brent futures sagged to U.S. $49 per barrel on the back of the U.S. dollar strengthening, the U.S. stock market futures are little changed after a decline on Tuesday, the Asian markets are mostly demonstrating a positive dynamics, which makes for a neutral background for the start of the Russian trading session, Oleg Shagov, head of investment company Solid’s analytical department, said.

The MICEX can open at 1,800 and can try to recover after a three-day decline, Shagov said.

U.S. oil reserves figures will be an important Russian market trend driver on Wednesday, Shagov said. Expiration of futures on the FORTS trading floor can add some volatility on the Russian stock market, he said.

Meetings of shareholders of oil major Rosneft and German energy firm E.On’s Russian wing E. On Russia can affect quotations of some shares or even the entire market, Shagov said.

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