The ruble-traded MOEX index has updated an all-time high on Monday thanks to another jump in oil prices. This way the Moscow Exchange has seen the extension of the last week’s rally.
Brent oil prices are the highest since 2014 as Iran continues losing its crude exports ahead of US sanctions which come into force in November. Saudi Arabia has been unable to offset the lost Iranian crude exports despite the reported efforts to do so.
The Russian ruble has also strengthened in the last two weeks, rebounding after the sell-off triggered by the latest US sanctions. The Russian currency has found its balance around 65.6 against the dollar and 76.1 against the euro.
Good numbers in manufacturing are good news for the Russian stock market, too, according to analysts. “PMI index of manufacturing industries of Russia rose in September to 50 points, wiping away the series of decline, which lasted four months.
Sott.net / ABC Flash Point Economy News 2018.