Investing.com – Several of the world's stock markets have rebounded slightly after yesterday's crash, up 1% by 7pm ET. But “the degree to which this cat is dead” remains to be clarified.
Futures on the S&P 500 Futures Index, which reached 3430 p at the end of last week, opened with a gap down and declined 3271 p during the day. By the evening, there was a slight increase, but it was not possible to gain a foothold above 3290 p by 20.00 Moscow time.
There was no significant economic statistics today – sales in the secondary housing market in the US in August turned out to be exactly what was expected. The rest of the situation is nervous, but without much drama. The skirmish between the United States and China does not subside: this time, US President Donald Trump, speaking at the UN General Assembly, called for bringing China to justice for the coronavirus pandemic.
Deutsche Bank (DE: DBKGn) announced that in connection with the changing habits of customers during the pandemic, as well as to reduce costs, it will close every fifth branch in Germany – that is, only about a hundred. Banks generally have a difficult time these days – the recent publication of an investigative journalism on money laundering, which mentions HSBC, Deutsche Bank, Barclays (LON: BARC), Bank of New York Mellon, JPMorgan, Commerzbank (DE: CBKG) and a number of others, was superimposed on the general market depression. …
“Nothing is over. The main reasons for the fall have not disappeared. The growth of coronavirus continues, investors' attitude to risk is deteriorating. Profit taking on speculative short positions took place today: tomorrow PMIs for many countries will come out, and they can determine the mood in many markets by the end of the week, and speculators have reduced the risks. But the second wave of the pandemic in Europe is growing, quarantines can affect both the European and global economies. All this is superimposed on the rhetoric of the FRS leadership, which is not entirely satisfying for investors – the markets did not receive words that could push them further up, ”says chief analyst of Promsvyazbank Bogdan Zvarych.
Oil prices are jumping strongly today, but the result is also generally neutral – a futures on a barrel of Brent by the evening cost about $ 41.5. Everything is fine in Russia today. The Moscow Exchange index added 0.73%, the RTS index – clearly 1%. True, he in some way shared the fate of his American colleague: an attempt to storm the level of 1200 p. Failed, by mid-day enthusiasm dried up, and from 1209 p. The index went to 1193 p. The ruble is at least relatively stable – the dollar rate by 20.00 MSC grew by only 7 kopecks. up to 76.2 rubles, and in the middle of the day even dropped to 75.72 rubles.
“Oil prices are being pressed by a decrease in the impact of hurricanes in the Gulf of Mexico, and the resumption of Libyan exports is also playing out – in connection with which we expect them to go below $ 40, into the $ 38-42 corridor,” continues Bogdan Zvarich. – In Russia today there was a rebound, but the ruble grew only against the euro, and the dollar recovered by the end of the day and went into plus. While we expect the rate to move in the lower half of the range of 75-80 rubles, reasons for exiting above 77.5 rubles. We can not see. For the Mosbirzh index, the support level remains at 2850 p., Below it we expect consolidation. In the first half of September, a recovery began from this level, but now there is a risk of breaking it – and then, in addition to the conjuncture, a technical factor with a guideline of 2700-2750 points may put pressure on the shares ”.
(Text prepared by Daniil Zhelobanov)