• Russian stock market daily morning report (September 23, 2015, Wednesday)

    Western grounds closed trade sessions with a new selloff. European indices lost 2.5-3%. US was feeling a bit better having lost just 1%. Stats came out from China this morning showing purchasing managers’ index at a new lowest and below targets: 47 vs 47.5. At the back of the given stats and a selloff at the western grounds yesterday, the Asian grounds are losing 2 to 3%. However, the oil has bounced from 48 to 49 USD per bbl. We assume that local correction might occur at the Russian market with respect to yesterday’s dip; however selloff rates at the western grounds look alarming.

    Main events

    A variant of freezing export duty in 2016 is considered as an alternative to changing the formula of calculating MET.

    As announced, a variant of freezing export duty for one year is considered as an alternative to changing the formula of calculating MET – according to the tax maneuver; it has been supposed earlier that next year the duty reduces 42% to 36%. Freezing export fees for a year seems to be a more significant alternative to changing the MET formula calculation from the viewpoint of investment appeal of the Russian oil companies. Despite that the reduction of financial results for 2016 that way become equivalent to the change of MET, freezing the fee for one year in a long-term prospect would cost the oil companies significantly less, than introduction of a new MET formula, effect of which would not be limited in time.

    Contributed by Veles Capital
About us
StockMarketsReview.com provides news coverage, analysis and researches for world stock markets, commodities and currencies. We publish articles provided by experts of leading brokerage and investment companies. At our website investors can find daily, weekly and monthly reports, news, recommendations on the IPOs and fundamental analysis for stocks which are currently traded at the stock exchange.