Market buzz: Russian stocks expect trading in the black
Thursday trading on the Russian markets was extremely volatile. At the beginning, indices lowered as the participants tried to claw their way back after negative trades in the USA and Asia, but later grew. The indices’ growth slowed during the annual address by PM Putin. Large volume buying went on Gazprom (+3.58%), AFK Sistema (+2.19%) and Raspadskaya (+2.22%). However, some energy shares remained in the red: OGK-3 (-5%), TGK-1 (-2.7%) and TGK-9 (-10.7%).
US stocks gained after investors took heart from stronger domestic economic data, but finished off session highs after another warning about Europe’s debt crisis. The Dow Jones Index rose 45.33 points. The S&P 500 tacked on 3.94 points. Later, financial stocks pared gains Thursday after S&P’s grim 2012 outlook for US banks.
The euro gained slightly versus the dollar, reclaiming the $1.30 level. European markets finished higher, with the Stoxx Europe 600 up 1%. Later on Friday a trade balance for eurozone for October will be published.
Asian markets rose in thin trading Friday: The Nikkei and South Korea’s Kospi +0.77% each gained 0.4%, while China’s Shanghai Composite added 0.2%.