Market buzz: Slippery spring reflected in continued slide
Russian stocks ended April 1 down. The RTS slipped by 0.89% and the MICEX lost 0.7%.
RusHydro looked least impressive having lost 2.62%. The company presented its financial statement, having revealed that the company’s proceeds dropped by 18%. Gazprom lost 0.92% and is approaching its lowest marks.
Cyprus still worries investors. The dangerous precedent with deposit-shaving in the country boosts fears of bank clients in other EU states, also burdened with crisis. The government has introduces rough austerity measures, raising taxes and slashing pay to state employees. Yesterday Cypriot President Anastasiades announced that he is ready to lift a ban on gambling in the country to boost tourism and help improve the economy. The state will also grant special terms to those who reinvest in Cyprus, freeing these companies’ profits of taxes.
US floors also ended Monday lower. The Dow dropped by 0.04%, the S&P 500 slipped by 0.45%, while the NASDAQ lost 0.87%.
European stock exchanges reopen Tuesday after the four-day Easter holidays. Investors are looking at UK house prices and Manufacturing PMIs in several EU states for March on Tuesday. The overall eurozone indicator for private sector is expected to stay at last month’s level and make 46.6.
The eurozone will also release unemployment update for February in the 17-state bloc. The indicator isn’t expected to have changed and believed to make 12%, slightly higher than the previous month.
Germany will publish consumer prices for March. Investors expect to see a 0.4% inflation compared to February.
Asia is mostly in trading lower on Tuesday. The Shanghai Composite has slipped by 0.38%, ans the Nikkei is down 0.81%.
Japanese Prime Minister Shinzo Abe said that the central bank shouldn't pursue a 2% inflation target “at all costs” and may fail to achieve it.
Oil is also trading lower. Brent has lost 0.25% to $110.5 and WTI is down by 0.37% to $97.02.