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Reports Russia

Russian stock market daily morning report (July 09, 2014, Wednesday)

July 9, 2014, Wednesday, 08:49 GMT | 03:49 EST | 12:19 IST | 14:49 SGT
Contributed by Veles Capital

The American exchange market closed another trade session in the red zone with no significant reasons, which might indicate that the market is overbought. Despite the fact that the season of corporate reports started rather positively, Wednesday trade in the Asian region proceeds in the red zone. Today evening the Fed’s minutes are to be posted and might affect the market. We assume that after a significant growth, the Russian market will be following the dynamics of the West, where we see a hint of correction.

Main events

Bashneft asked Central Bank RF a permission to place stocks outside Russia.

Bashneft applied to CBR for a permission to allow up to 45 mn shares of the company to circulate at London exchange. Only a rapid worsening of the conjuncture might be an obstacle to SPO of the company.

Selling volume of new automobiles in Russia is dropping by all-time high rates.

Within the first six months, selling volume of new light and light commercial vehicles formed 1.23 mn pieces, which is 7.6% underperforming the estimates of the similar period of 2013. Likely, the data for June showed that the drop of automobiles selling is just getting worse. According to automobile makers, market weakening was not over yet: selling volume for 2H 2014 would be 16% less than within the similar period of 2013.