Stocks seen easing at opening on worries about US stimuli cut

MOSCOW, Aug 6 (PRIME) -- The Russian stock market will likely ease on Friday at the start of the session as investors are concerned with the forecasts of an upcoming reduction of the U.S. economic stimuli, analysts said.  

"Senator Joe Manchin (Democrat) called on Chairman (of the Federal Reserve System (Fed) Jerome Powell to cut the monthly purchases of the Fed bonds by U.S. $120 billion. He thinks that the U.S. economy is under a threat of overheating and is burdening the Americans with high inflation,” Andrei Vernikov, head of investment analysis department of Investment Group Univer, said.

“The situation with the coronavirus is pressuring the shares in Asia. This is why I expect opening of our market a bit lower."

Georgy Vashchenko, head of investment company Freedom Finance department for trade operations on the Russian stock market, said that the market will avoid purchases ahead of the weekend.

He put the MOEX Russia Index opening range guidance at 3,800–3,850.

Vernikov said that investors will focus on the U.S. unemployment data to be published at 3:30 p.m., Moscow time to see the hints of when the Fed will start curtailing the stimuli.

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