MOSCOW, Jan 21 (PRIME) – The Russian stocks are likely to edge up at opening on Thursday as investors hope for new economic stimulus in the U.S. following a smooth inauguration of U.S. President Joe Biden, analysts said.
“Today the RTS Index may grow at the start of trade following foreign indices, whose dynamics were fueled by expectations of new U.S. fiscal stimulation measures. At the same time, the sanction risks do not allow us to speak about final recovery of the Russian stock market’s upward trend,” investment company Olma senior analyst Anton Startsev said.
The U.S. stock indices grew by 0.8–2.0% and the European bourses also closed in the green zone on Wednesday, while futures for U.S. indices are rising on Thursday morning, as well as Asian stock floors, Startsev said.
“The global stock market euphoria will continue. Investors price in the inauguration of Joe Biden, which happened without any serious incidents. They are also satisfied with good financial reports of U.S. companies. The futures for the U.S. indices gain about 0.3% prior to the opening of our market, and all industrial and precious metals also rise. This is why we will start the day higher again,” Alor Broker senior analyst Alexei Antonov said.
The euro–U.S. dollar pair is again trying to get to the level of 1.24, which may boost prices of major commodities and support shares of metals companies, like Norilsk Nickel, and of gold producers, Anotnov said.
But the oil price is staying around U.S. $56 per barrel on Thursday morning, and will not support either the Russian shares or the ruble. There will be no drivers for oil to grow further until Europe starts lifting its coronavirus restrictions, while a weak U.S. dollar, which is losing positions against the basket of foreign currencies, will prevent oil prices from significant contraction, he said.
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