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Global stock markets rise on expectations of monetary easing

Russian stock indices naturally rise in morning trading on Thursday, reflecting the situation on foreign markets, where, following new records on Wall Street, Asian benchmarks rose in price. Europe and the US are preparing to open in positive territory, suggesting that the buying trend in the segment of risky assets will continue throughout the day. Since the beginning of the session, the Moscow Exchange and the RTS have added more than 1% each, receiving additional support from high oil prices. The two-day speech by the head of the Federal Reserve helped reassure investors. Earlier, players expressed concern about the potential acceleration of inflation, which in turn could lead to premature tightening of monetary policy, and for this the world economy is not yet ready due to the echoes of the pandemic. Powell stressed that the target level of consumer prices will be reached no earlier than three years. Accordingly, there is no need to fear a rate hike in the United States until 2023. The adherence to soft monetary policy has traditionally supported stock markets and at the same time reduces the attractiveness of the protective dollar, which remains under moderate pressure in today’s trading. Against this background, the ruble continues to strengthen, having noted at the beginning of the session local highs around 73.20 rubles. Oil, meanwhile, is updating its early 2020 highs, approaching $ 67 a barrel. Thus, the level of $ 70 appears on the horizon, however, it seems that prices will be able to reach its prices only in case of a positive outcome of the upcoming OPEC + meeting, which implies maintaining production restrictions. Next, the attention of players will be attracted by statistics from the United States, where a number of reports are announced, including GDP. claims for unemployment benefits and orders for durable goods. The data can have a short-term impact on the dynamics of dollar pairs .________________ Mikhail Kogan, Head of Analytical Research, Graduate School of Financial Management

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