Russian stocks to decrease slightly before US Fed Chair speech

MOSCOW, Aug 26 (PRIME) -- The Russian stock market will edge down at opening on Friday as the oil price has eased and a downbeat mood dominating foreign markets ahead of a speech by U.S. Federal Reserve System (Fed) Chairwoman Janet Yellen, analysts said.

“Consolidation of the RTS is possible today during the day. A lot of movement is improbable because global investors are waiting for a speech of the head of the U.S. Fed starting on 5:00 p.m., Moscow time,” Anton Startsev, a senior analyst at investment company Olma, said.

“Global investors are demonstrating no appetite for risk at the end of the week, waiting for details from Yellen’s speech today, which can shed light on the chances of a further rate increase by the Fed,” Ilya Frolov, a senior capital markets and industries research and analysis manager at Promsvyazbank, said.

Brent fell 0.30% to U.S. $49.52 per barrel as of 9:23 a.m., Moscow time.

Russia has suddenly begun military operability tests, which is also a worrying sign for investors, Frolov said.

Investors will pay attention to a release of the U.S. gross domestic product data for April–June on Friday at 3:30 p.m., Moscow time, Startsev said.

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