Market Buzz: Investors pin hopes on G20 summit

A participant attends the 3rd Russia Calling! investment forum at Moscow World Trade Center (RIA Novosti / Alexey Kudenko)
Russian trading is likely to open higher on Tuesday as investors watch for positive news from the Group of 20 summit of world leaders in Mexico.

Russian stocks closed in the black on Monday after a morning rally on Greek election results. The RTS was up 0.8%, while the MICEX added 1%, despite falling oil prices.

U.S. stocks on Monday showed a mixed performance amid concern the Greek election has not advanced the eurozone debt problems towards a solution. The Dow Jones ended down 0.2%, while the S&P 500 rose 0.1% and the Nasdaq Composite added 0.8%.

European stocks closed mostly lower erasing gains in morning trading as investors turned their eyes from the victory for a pro-austerity party in Greece to Spain’s debt problems. The Stoxx Europe 600 index ended flat. Spanish IBEX 35 declined 2.96% as Spanish bond yields hit a euro-era high of 7.14%. The Italian FTSI MIB lost 2.85%. Meanwhile Greece’s Athens General Index jumped 3.6% on the election results.

Asia stock markets traded lower Tuesday amid fresh concern about Spain’s financial problems Japan’s Nikkei Stock Average and Australia’s S&P/ASX 200 both declined 0.3%, and South Korea’s Kospi traded flat. In China, Hong Kong’s Hang Seng Index lost 0.3% and the Shanghai Composite dropped 0.47%.