Analysts expect the Russian market to get a boost from good U.S. data, outweighing Greek default concerns.
“On the back of American global trading floors opening Thursday in the black Russian indices can rally in the short-term”, believes Alexander Osin the chief economist at Finam Management.On Thursday the MICEX lost 0.57% while the RTS shed 1.21%.AvtoVAZ stocks climbed reacting to the news Rostekhnologii has increased its share in the company from 18.83% up to 28.98% and the news Renault got €49 million in 2011 from its investment in AvtoVAZ.Data on the U.S. jobless claims showed a drop of 13,000 down to 348,000 initial filings last week, and proved to be the least since 2008. The Philadelphia Fed's manufacturing index reached the highest level since October. Both sets of data beat analysts’ expectations and supported Western trading floors. U.S. stocks closed broadly higher Thursday on the welcome data. The Dow Jones rose 0.97% up to 12,904.08, while the S&P 500 added 1.13% settling at 1,358.05.European stock markets also pared losses. Thursday The Stoxx Europe 600 index was down only 0.1% at 263.98, after trading as low as 261.35 earlier in the session. Supporting the index, Capgemini and Renault SA rose 6.6% and 5.2% respectively after reporting earnings.Asian shares have been trading solidly higher Friday, on the back of economic data and earnings. Hong Kong’s Hang Seng Index advanced 1.1%, Japan’s Nikkeigained 1.6%, and South Korea’s Kospi climbed 1.4%.