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The Russian stock market today falls within 1%

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At the beginning of the Wednesday session, Russian stock indices dropped within 1%, which looks quite natural, given the frankly negative external background. The sell-off in the segment of risky assets was triggered by yesterday’s data from the US, which reflected the maximum jump in US inflation since 2008. Investors had hoped that consumer price growth would slow in June, but the indicator again exceeded forecasts, bringing back fears of a premature tightening of the Fed’s monetary policy to the scene. In this context, Powell’s performance (today and tomorrow) will attract the special attention of the players. The hawkish note in the rhetoric of the head of the Central Bank will only exacerbate the attitude to risk in the coming days. If Powell chooses to soften the effect of the inflation report, a rebound can be expected. American statistics are also playing out in the foreign exchange market. After a widespread rally, the dollar stabilized in trading on Wednesday and is even showing a slight bearish bias amid partial profit-taking. It is noteworthy that the ruble does not react to the movements of the USD – the pair stuck around the level of 74 rubles, without showing sharp movements. The dollar negative part is offset by yesterday’s rise in oil prices, which took place despite the growth of the USD. Traders received the IEA’s monthly report positively, which came with no surprises. Meanwhile, API announced another drop in oil reserves, which made the players happy. At the beginning of the European session, Brent declines slightly, trying to grab the $ 76 mark ._____________________ Mikhail Kogan, Head of Analytical Research, Graduate School of Financial Management

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