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Reports Russia

Russian stock market daily morning report (February 03, 2014, Monday)

February 3, 2014, Monday, 11:34 GMT | 06:34 EST | 16:04 IST | 18:34 SGT
Contributed by Veles Capital


As expected, the American exchange indices once again underperformed 0.65-0.95%. Data on PMI Manufacturing for January came out in China despite the trade grounds being closed due to celebration of Chinese New Year. Posted stats did match the targets, but indicated reduction of business activity for January (50.5 points vs 51). We expect the market to open at the level of Friday close with further consolidation within the range of 1,450-1,465 points.
 
 
Main events
 
World bank posted commodity markets’ review – raw materials will continue losing in prices.
 
Oil prices will stay at the current level for the nearest two years according to WB.
 
Norilsk Nickel posted neutral operation results for 4Q 2013.
 
Norilsk Nickel posted neutral operation results for 4Q 2013: the volume of metal production appeared to fit the expectations of the company’s management. Management’s targets for the current year are neutr5al: the company expects preservation of output volumes in 2014.

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