Russian stocks can fall on disappointing US vaccine news - Financial Wire - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Russian stocks can fall on disappointing US vaccine news

MOSCOW, May 20 (PRIME) -- The overheated Russian stock market can decrease on Wednesday morning on disappointing reviews of a promising U.S. coronavirus vaccine, analysts said.

"Optimism about a promising vaccine for the COVID-19 by company Moderna gave way to disappointment after experts from STAT News doubted effectiveness of the pharmaceutical," Sergei Drozdov, analyst at investment company Finam, said.

He also said that the Nasdaq announced plans to publish new rules of initial public offering (IPO), including tougher accounting reporting standards, which will make it more difficult for Chinese companies to place shares, and this news coupled with deteriorating China–U.S. relations, also contributed to a downward correction on the Western markets on Tuesday.

Brent decreased 0.46% on Tuesday to U.S. $34.56. Drozdov said that volatility of the futures was caused by WTI expiration and the need to take a pause after an oil price rise. The American Petroleum Institute (API) said that the U.S. oil reserves decreased by a record 4.8 million barrels last week, which will support oil prices on Wednesday. But the U.S. Energy Department is yet to release more precise data, he said.

On Wednesday morning, Brent rose 0.29% to $34.75 as of 9:07 a.m., Moscow time.

Olma senior analyst Anton Startsev said that the RTS index may consolidate due to market uncertainty amid recession of developed economies and domestic factors, such as postponement of dividend payment by Sberbank.

Drozdov put the MOEX Russia Index local support level at 2,580 and 2,640, resistance at 2,720 and 2,740. The RTS local support level is 1,152 and 1,130, resistance at 1,175 and 1,192.

End %%mk/jst%%

20.05.2020 09:24
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 78.2611 +0.3542 29 may
USD 71.1012 +0.0377 29 may
Stock Market Indices
1D 1W 1M 1Y
MICEX
rtsi 1230.02 -0.95 10:08 29 may
micex 2761.78 -0.65 10:08 29 may
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 196.86 +1.09 18:49 28 may
lkoh 5392.00 +0.74 18:49 28 may
rosn 377.45 +0.68 18:49 28 may
sber 205.00 +3.27 18:49 28 may
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 77.8900 -0.4000 14:59 29 may
USDTD 70.6900 -0.5925 17:44 29 may