Russian stock indices up on Thursday following positive mood on world markets

TASS Russian News Agency | Jul 2, 2020 at 8:07 PM

MOSCOW, July 2. /TASS/. The Russian stock market on Thursday rose steadily and made up for Tuesday's losses amid positive dynamics on global stock markets.

The MOEX index grew by 1.66% to 2,788.79, the RTS index rose by 2.94%, up to 1,248.28 points. Brent crude oil rose 1.48% to $42.56 per barrel.

These factors supported the Russian currency. As of 7:33 p.m. Moscow time, the dollar fell by 1.14% to 70.46 rubles, the euro dropped by 1.7%, to 79.14 rubles.

On Thursday, Russian indices showed an upward trend from the very start of trading following the accelerated growth of global stock indicators and oil prices.

"By the evening, in Europe, the main indexes added within 3%, and in the USA after the first hours of trading, the Dow Jones and S&P 500 tightened by 0.8% and 0.7%, respectively," said Bogdan Zvarich, chief analyst of Promsvyazbank.

The statement by BioNTech and Pfizer about the successful preliminary trials of the coronavirus vaccine was one of the positive factors. In addition, the statistics published the day before turned out to be above forecasts and gave hope for a faster recovery of the global economy.

"Firs of all this is the index of business activity in the industry of the USA, China, the eurozone, and stronger than expected data on the American labor market for June," says BKS Premier investment strategist Alexander Bakhtin.

Local support for oil prices was provided by a decrease in stocks of raw materials in the United States over the past week (-7.2 million barrels with a forecast of -0.71 million barrels).

At the same time, markets ignored significant risk factors: the lack of a steady decline in the COVID-19 pandemic, the resumption of protests in Hong Kong due to the recently adopted Chinese national security law, and the intensification of sanctions rhetoric from Washington, Bakhtin stressed.