Indices in Moscow were left mostly unchanged after a two-week slump spurred by a potash price scare by Uralkali. The MICEX dropped 0.04 percent and the dollar-based RTS dipped 0.22 percent.
China’s strong PMI results drove equities up in the early
morning, but didn’t continue throughout the day. A continued
economic Chinese slowdown would hit Russia especially hard, as
they currently export many of their commodities to China.
WTI crude has gained 0.39 percent and is trading up at $107.36
per barrel and Brent has reached $109.26 per barrel. Brent will
look to cross, and remain above the $109-mark, but may be
susceptible to implications stemming from renewed US-Iran nuclear
dialogue.
The US will announce their weekly data supplies today, and an
excessive output could drive prices down further.
The Russian ruble declined on lower oil prices and is trading at
30.04 rubles against the dollar.
At market close, American indices were lower. The Dow Jones
finished down 0.30 percent the S&P fell 0.15 percent, and but
the NASDAQ Composite finished up 0.09 percent
A decision to dismantle the $85 million-per-month bond buying
program would hit stocks hard and lower prices, but would
strengthen them long-term.
Amsterdam’s Euro Stoxx 50 fell 0.7 percent to 2,809.08, Germany’s
DAX is down .10 percent to 8,393.38, France’s CAC 40 climbed 0.11
percent to 4,049.97, and London’s FTSE is down 0.43 percent.
Asian stocks had a slow start on Tuesday, and equities haven’t
dramatically risen. The Nikkei index continues its rollercoaster
trading streak, and this time is up 0.17 percent at 15,282.49, a
nearly 2.5 point gain from Monday.
Australia’s central bank cut its lending interest rate to a
record-low of 2.5 percent. Manufacturing and unemployment are
affecting the rate, as well as – like Russia - being dependent on
Chinese resource consumption.
Australia’s ASX 200 benchmark is down 0.27 percent to 5,097.60.