Market Buzz: Russian markets ready to rise
3 Apr, 2012 05:59
Russian stocks are likely to open higher on Tuesday trying to win back losses of the previous week.
“The Russian market will probably manage to turn around the downtrend of previous weeks,” says Pavel Emelyantsev from Investcafe. “Also the oil prices contribute to [the performance of] Russian stocks.”Russian shares lost morning gains during the session, but closed in the black on Monday on the back of a report indicating an improvement in US manufacturing stats. The Institute for Supply Management’s factory index rose to 53.4% in March from 52.4% in February. The RTS added 0.73% and the MICEX closed 0.33% higher. US stocks rose Monday as the national manufacturing data improved in line with expectations. The Dow Jones gained 0.4% and the Nasdaq Composite climbed 0.9%, while the S&P 500 rose 0.8% with resource companies among the best performers.European bourses closed in the black on Monday as positive news on manufacturing from the US cheered investors after mixed reports on manufacturing in Europe. The Stoxx Europe 600 index closed up 1.5% while the French CAC 40 traded 1.1% higher and the German DAX 40 added 1.6%. Meanwhile Spanish, Greek and Italian banks performed weakly on Monday.Asian markets traded higher on Tuesday after stronger data from the US. The South Korean Kospi rose 0.9%, Hong Kong’s Hang Seng climbed 0.5% and the Australian S&P/ASX 200 added 0.3%. Meanwhile Japan’s Nikkei Stock Average fell 0.4% weighed by a stronger yen. Stock markets in Shanghai remained closed for a public holiday.